Local businesses feel connected, incentivised and rewarded to become climate ready
Objectives to achieve goal:
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.
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
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Disincentives can include higher insurance premiums on new technologies or outdated building regulations hindering new innovative building designs.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.
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
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.