ASFI welcomes 2024-25 Federal Budget

Government and Policy
Written By Isobella Halcrow

The Australian Sustainable Finance Institute (ASFI), has today welcomed the strong steps on sustainable finance and investment in the 2024-25 Federal Budget.

The key measures include:

  • Development of a sustainability product labelling scheme and transition plan guidance in 2024 – important steps to support transparency and tackle greenwashing.

  • Funding for ASFI to expand coverage of the Australian taxonomy to include agriculture and land use. This means Australia will have a full 6 sector taxonomy for climate mitigation by the end of the year.

  • The $27.7b Future Made in Australia package provides important incentives for investment to support Australia’s Green Export Superpower vision for critical minerals, renewable hydrogen and batteries.

  • A new Investment Front Door promises a single point of contact for investors and companies to streamline major project proposals and connect investors with the Government’s specialist investment vehicles (such as EFA, CEFC, and NRF).

  • Signs that the Government is getting more serious about international engagement on sustainable finance, with funding for participation in key fora such as the G20 and UNFCCC, as well as to support Australia’s COP31 bid, and work with our bilateral trade partners on ESG standards for critical minerals.

ASFI CEO, Kristy Graham said:

“These measures will help accelerate the growth and credibility of sustainable finance markets in Australia, and drive investment for Australia to play a major role in global decarbonisation efforts.

“The standout announcement in the Budget was the Government’s $27.7bn package to make Australia a green export superpower.

“The package responds to major industrial policies in key overseas markets (notably the US and EU).

“It also seeks to address to many of the concerns ASFI members have identified in policy engagement over the past year, such as the need for faster permitting and approvals, better coordination between the Federal and State and Territory governments, continued progress on Australia’s sustainable finance agenda, and streamlining how investors interact with Government.

“ASFI looks forward to working with the Government and our members on these important reforms.”

ENDS

Media contact

ranya@impactgroupinterational.com | 0434 664 589

Isobella Halcrow
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