Regulatory Briefing: Australia’s new climate policy

Australia’s election of a Labor prime minister, Anthony Albanese, promises a major shift in its position on ESG matters such as climate change after the departure of the previous government, which openly opposed action on coal. However, the new government is likely to take a moderate stance, seeking rather to dial down controversy on global warming. 

Some are suggesting that the new government will reject demands for aggressive decarbonisation. The Australian Financial Review reported that, ahead of the elections, the Labor party had assured the resources industry that it understood the importance of fossil fuels like coal and gas to the economy and that it would consult on changes.