Older Australians want the Morrison government to create special green infrastructure bonds so they can direct their growing concern about climate change into a financial investment.
As a widespread poll of National Seniors’ members shows more than 82 per cent believe climate change is real, the organisation has petitioned Treasurer Josh Frydenberg to use the government’s growing debt burden to give older people a green investment option.
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Older Australians would be able to invest directly in
renewable energy projects under a proposal put to the Morrison
government by National Seniors. Credit: Jo Buchanan |
In its submission for the upcoming federal budget, National Seniors says some of that debt should be sold as “green infrastructure bonds” and offered directly to those of retirement age.
Instead of buying these bonds through a broker, as government debt is currently purchased, people could buy them directly over the counter through Australia Post or a registered bank.
The National Seniors want the bonds limited to people over the age pension eligibility age which is slated to rise to 66 years and 6 months on July 1. Bonds would be sold in $5000 lots with people limited to a maximum $50,000 purchase.
Like other types of bonds, such as those for funerals, the green bonds would be exempt from the age pension assets test.
National Seniors said it is clear older people want an investment option that was low-risk, offered a return but which also did something for the environment.
“It is clear the transition to clean energy requires investment in renewable energy generation and storage infrastructure,” it said. “This creates a unique opportunity to combine older Australians’ need for safe investments and their desire to act on climate change.”
The organisation has also revealed a survey of more than 3600 members showing strong support among older people for action on climate change, even if it increases their cost of living.
Its survey showed 82.2 per cent of respondents believed climate change was occurring. There was no difference between people living in rural and remote areas and those in urban centres.
Of those surveyed, 58.6 per cent said action should be taken to deal with climate change even if that increased the cost of living. Another 23.7 per cent said climate change was happening but Australia should not act if it pushed up everyday costs.
Fewer than 10 per cent said climate change was not occurring.
In its submission, National Seniors said there was obvious interest among older people in dealing with climate change. Offering green infrastructure bonds gave people an opportunity to do that while improving the management of their own finances.
Links
- Australia’s first dedicated green bond fund
- Green bonds: part of super industry’s decarbonising tool set
- Australia's first green bond fund earns CEFC backing
- Green Bonds: Department of Treasury and Finance Victoria
- Australia’s green bond issuance tops $15 billion
- Grey and green: how older people are the perfect climate allies
- The forgotten generation: The elderly are most at risk of suffering from climate change
- A legacy for future generations
- Climate change and an ageing population create perfect storm
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