Following the Statement launched by the UNEP FI Climate Change Working Group, IGCC and Partners on 16 November 2010, Australian Senator Milne on 17 November proposed a related motion in the Australian Senate. In a Press Release the Green Party Senator announced that “The Australian Greens today welcomed the statement from a group of the world’s largest investors, representing US$15 trillion, calling for both a carbon price and regulatory measures to drive investment towards renewable energy and other solutions to the climate crisis”. Senator Milne’s communique announced that she would propose that Australian Senate noted “that a statement from a group of the world’s largest investors, representing US$15 trillion calls for domestic and international policies to unlock the vast benefits of lowcarbon markets and avoid economic devastation caused by climate change, cites potentially 20% losses to GDP by 2050 if climate change goes unabated, notes the benefits of both a carbon price and regulation in driving investment into renewable energy and other clean technologies; and calls for emissions targets, strong and sustained price signals, energy and transportation policies, the phase out of fossil fuel subsidies, adaptation measures and corporate disclosure of climate risk to be implemented”. The Milne motion further included a proposal to applaud the moves by elements of Australian business to embrace the opportunities provided by ambitious climate action, calling on the Australian government to consider the increasing benefits of swiftly transforming the economy for low to zero emissions.