Australian news, and some related international items

Australia way behind on low carbon action – UN investor expert warns

Australia cops UN investor slap on climate policy as ‘green paradox’ looms, The Age , Peter Hannam, 1 Feb 18 

Australia’s climate policies are “a decade behind” other rich nations, according to a United Nations investment official, leaving the country exposed to risks of a so-called “green paradox” when carbon emissions will have to make a precipitous retreat.

A phasing out of coal and other fossil fuels is the centrepiece of four recommended investor goals to be unveiled by the UN’s Principles for Responsible Investment unit in New York on Thursday morning, eastern Australian time.

Fiona Reynolds, UNPRI’s managing director, said investors needed to take the lead in forcing companies to reveal their exposure to fossil fuels and to step up pressure on governments to meet their Paris climate commitments.

“Investors have a huge, huge role to play on climate change,” Ms Reynolds told Fairfax Media, citing their ability to influence the companies they own, including steering them away from fossil fuels to renewable energy. “This a really urgent issue.”

While countries in Europe of all political persuasions were tackling the need to switch to a low-carbon future, the debate in Australia 10 years behind, she said.

 “Australia keeps battling about the downsides and not the opportunities that could be available to the country in this transition,” Ms Reynolds said.

Carbon price

The Abbott government’s scrapping of a carbon price in 2014 – and the kryptonite reaction to another policy since – went against the global trend.  Some 40 nations had introduced some form of carbon pricing and major international investors were generally supportive, Ms Reynolds said…….


February 1, 2018 - Posted by | General News

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