Local councils, consumers, energy companies lead the way to clean energy
Fossil fuel divestment is worth $7tn globally yet Australia still clings to coal, Guardian,
Blair Palese, 13 Dec 16 While the Australian government lags behind on climate change action, consumers, local councils and energy companies lead the way to clean energy. The Turnbull government has been an utter disappointment on so many things but nowhere as much as on the biggest issue of our time: climate change.
Unable to shrug off the legacy of the climate-denying Abbott government, it has been bullied out of any climate change ambition by science-denying fringe elements on the right.
The list of dishonourable mentions are long. Despite signing the Paris agreement last year, the Australian government has consistently undermined any efforts to keep the world below the safe level of 2C. Last week’s backflip on the idea of a carbon-intensity emissions trading scheme – supported by most of the banks and the energy sector as the best way to reduce emissions and provide a level-playing field – is just the latest in a long line.
But the biggest worry is seeing Turnbull’s coal-loving ministers push through the Adani mega coalmine in Queensland, replete with the offer of a $1bn taxpayer-funded loan to build a railway line through rich farmland to a coal terminal on the Great Barrier Reef. If constructed, the Adani mine will almost certainly condemn the Great Barrier Reef to the annals of history, not to mention blowing almost any chance of us living in a safe climate future.
But while climate change is mired in partisanship and cheap political point-scoring on a federal level, Australian organisations, driven by a strong market shift away from polluting fossil fuels, particularly coal, are leading the way towards the clean economy.
On Tuesday a report by global financial outfit Arabella shows that fossil fuel divestment is now worth an astounding A$7tn globally. It spans almost 700 organisations as diverse as the Norwegian Sovereign Wealth Fund, the City of Newcastle and the Australian National University.
This $7tn that is not invested in coal, oil and gas provides a significant financial indicator to back up what we already know: fossil fuels are on the nose.
While Australia may be lagging on a government level, many of our businesses are leading the world in waking up to the risks posed by fossil fuels and the opportunities of the new clean economy.
The Arabella report highlights that Australia has the most divestments per capita of any developed nation. And these organisations that have divested are by no means radical. It is groups such as the Australian Capital Territory’s government, Australian Academy of Science, the Royal Australasian College of Physicians and the National Tertiary Education Union. Add to the mix almost 30 local government councils, 10 super funds, a handful of our top universities and you get the picture.
There is even a chance you live in a fossil-free council considering that more than one in 10 Australians now live in a council area that has sworn off fossil fuels…….https://www.theguardian.com/sustainable-business/2016/dec/13/fossil-fuel-divestment-is-worth-7tn-globally-yet-australia-still-clings-to-coal
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