SAFA’s Environmental and Social Commitments
SAFA understands the requirement for its investors to be able to assess its sustainable credentials, and the extent that SAFA’s borrowing program funds sustainable outcomes within the State of South Australia.
SAFA is a government authority, established under the Government Financing Authority Act 1982, as the central borrowing authority for the State of South Australia. It is with pleasure that I am able to highlight some of the State’s initiatives to address climate change and improve socio-economic outcomes for its community. SAFA’s annual borrowing program supports these initiatives.
The State is well positioned to respond to climate change and is systematically identifying and managing climate-related risk across its assets, operations and activities. The State has also positioned itself to harness the opportunities that its geography, coupled with climate change, brings.
The information presented here represents the beginning of SAFA’s journey toward adopting best practice management and disclosure of material climate-related risk and opportunities.
Chair, SAFA Advisory Board
South Australia is well positioned to respond to climate change. Legislation supports the transition toward a net zero emissions economy, and various policies and programs are in place to mitigate the worst impacts of climate change. The State has also positioned itself to harness the opportunities that its geography coupled with climate change brings. The State is a world leader in renewable energy and is systematically identifying and managing climate risk and opportunity across its assets, operations and activities.
The Climate Change and Greenhouse Emissions Reduction Act 2007 made South Australia the first Australian state to legislate targets to reduce greenhouse emissions.
The State reports progress against the legislated targets biennially. Net emissions in South Australia declined by 33% between 2005 and 2018-19.
South Australia has a statewide goal to reduce greenhouse gas emissions by more than 50% by 2030 and achieve net zero emissions by 2050.
The South Australian Government has set five policy Directions for a Climate Smart South Australia:
- unlock innovation and economic opportunity
- reduce net emissions
- build resilience and adapt
- provide accessible information
- government leading by example
The State’s Climate Change Action Plan supports the delivery of the South Australia Government’s policy directions under seven focus areas with 68 government led actions.
South Australia has set an average annual economic growth target rate of 3%.
The South Australian Government is committed to achieving its ongoing economic growth agenda, with targeted investment in key growth sectors and major export industries such as energy and mining, education, health, defence, space, agri-business and hi-tech creative industries.
The State is also continuing to build on a long and proud history of supporting socioeconomic advancement and empowerment of its citizens through continued significant investments to reform social housing, education, skills and training, health and well-being.