Matt Canavan, quite rightly, has issued a warning to big business:
Federal Resources Minister Matt Canavan has warned big business not to form its own policy on greenhouse gas emissions in the wake of the dumping of the National Energy Guarantee, telling it to leave policy to the democratic process.
Responding to an unsourced Fairfax Media report that the nation’s biggest energy companies had begun talks on a self-regulated package to reduce greenhouse gases through the Business Council of Australia, Senator Canavan advised the big corporates to have “a bit of humility.”
But … I suspect many big businesses are being driven to do so by a government agency:
The corporate regulator has encouraged companies to go beyond meeting strict legal requirements and voluntarily disclose climate change risks and opportunities to the market.
Australian Securities and Investments Commission commissioner John Price told a Centre for Policy Development forum on Monday night that in addition to the strict legal requirements, companies should also “carefully consider the general information needs of investors” when it comes to disclosing climate risks.
So what is Business to do? Respect the democratic process, or respect the undemocratic regulatory agencies that will drag them through the courts?