illuminem summarizes for you the essential news of the day. Read the full piece on Mirage or enjoy below:

🗞️ Driving the news: The Albanese Government in Australia has released a consultation paper on its Sustainable Finance Strategy, aiming to guide companies, investors, and the community in the energy and net zero transformation
• However, the strategy has been criticized for not emphasizing the investment benefits of nature-based solutions, such as sustainable forestry and forest products, in reducing Australia's emission footprint and building resilient ecosystems

🔭 The context: The forest products sector is a significant contributor to Australia's economy, providing $24 billion annually and supporting 180,000 jobs
• It plays a crucial role in carbon sequestration through photosynthesis, a natural process that removes carbon from the atmosphere

🌍 Why it matters for the planet: Investing in sustainable and renewable forestry and forest products is vital for addressing climate change and reducing carbon emissions
• The construction sector, responsible for almost 40% of global emissions, needs to transition to sustainable building materials like timber to mitigate its carbon footprint
• The Australian Government's focus on these nature-based solutions can lead to a more sustainable future

⏭️ What's next: The consultation paper opens a dialogue on how Australia can position itself as a global leader in sustainable finance and climate mitigation
• The forest products sector stands ready to contribute more with the right policy support, urging the government to recognize and leverage the potential of sustainable forestry for climate action

💬 One quote: "The forest products sector is already making a major contribution as a nature-based solution and can do more with the right policy," (Natasa Sikman, Acting Chief Executive Officer of the Australian Forest Products Association)

📈 One stat: The World Bank predicts a fourfold increase in demand for timber and fiber products by 2050 as the world shifts to a low-carbon bioeconomy, highlighting the need for more production trees

Click for more news covering the latest on Green Tech