Leading international climate change lawyer, Anthony Hobley, has named climate change as the “biggest business opportunity of the 21st century”.

The global head of climate change at Norton Rose is shocked by the lack of consensus on the issue of climate change in Australia. “There is a consensus in Europe that climate change is an issue that needs to be addressed across political parties,” said Hobley. “I’m shocked sometimes by the lack of knowledge about what is happening in the rest of the world amongst the Australians, even the business community.”

Hobley relocated to the Sydney office of Norton Rose in April this year, having been actively involved in climate change law since 1998. “Those businesses which adapted well in Europe were those engaged in the debate with the government, and understood their own carbon footprint,” he added. “Those are the ones that made money out of it.”

In recent weeks a number of high profile Australian corporations have come out in favour of a carbon price, or carbon tax, such as Qantas Airways chief executive Alan Joyce who announced his support this week. Qantas has joined a growing list of Australian corporate giants who are siding with the carbon tax, including Westpac Banking Corp, Origin Energy and Shell Australia.

“The uncertainty around the carbon tax is holding back investment,” said Hobley. “Everyone knows it’s going to be legislated at some point.” The political debate around climate change is preventing companies form working with the government to create a market-based approach according to Hobley. “It’s been hard for companies to be engaged in the debate in a way that it never was in Europe,” he said.
Those companies moving towards a low-carbon economy stand to reap the benefits according to Hobley. “I think it’s going to create a lot of opportunities for the business community here,” he said.