Local businesses feel connected, incentivised and rewarded to become climate ready

Objectives to achieve goal:

Increase positive incentives for business to become climate ready

Incentivising adaptation by businesses is essential for economic sustainability.

Businesses can and are positioning themselves to make the most of a changing climate and net-zero emission future. Adapting to climate change can offer opportunities to many businesses. These opportunities include identifying new markets or products through to cost savings from the efficient use of resources.

We also need creative incentives to cater to our region’s diverse range of businesses and business structures. The majority of business (60%) in the Loddon Mallee are sole-traders. They often don’t have the same competitive advantages to access incentives as large businesses.

Priority Actions

Establish programs that assist business access to alternative low emission technologies
Establish local programs that assist sole-traders and start up enterprises in circular economy industries
Remove or reduce disincentives preventing business enterprises acting on climate

Even if options to adapt to climate risks are available, regulatory requirements or justifying high costs are significant barriers to their uptake.

Disincentives can include higher insurance premiums on new technologies or outdated building regulations hindering new innovative building designs. There can also be a lack of clear policies from governments and private institutions. This type of disincentive may hinder investment in more sustainable and environmentally conscious businesses models such as First Nations’, new migrant or circular economy businesses.

Priority Actions

Promote new insurance products and planning policies to replace current ones that penalise circular economy approaches technologies and products
Targeted funding mechanisms for First Nations’ businesses to provide carbon offset and healing Country services such as revegetation, plant nurseries or other agribusiness ventures
Build opportunities to reward/recognise businesses adapting and acting on climate change

Demonstrating leadership in adapting to climate change takes a lot of investment yet creates significant value for other businesses.

We must recognise those efforts, acts of leadership and intellectual contribution that will help others in our region adapt to a changing climate.

Bringing business together to acknowledge leadership and actions also promotes partnerships, innovation and collaboration. This will be important for the uptake of climate solutions and tackling some of the more significant challenges outside any one business’s influence.

Priority Actions

Fund a regional climate action business festival
Collaborate with local innovation competition or recognition programs to incorporate climate action contributions

We acknowledge and respect Victorian Traditional Owners as the original custodians of Victoria’s land and waters, their unique ability to care for Country and deep spiritual connection to it. We honour Elders past and present whose knowledge and wisdom has ensured the continuation of culture and traditional practices. We are committed to enabling self-determination for all Aboriginal people and aim to work closely with the Aboriginal community to drive action and improve outcomes especially in the context of a changing climate.

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