9 June 2016, Renew Economy, Victorian government targets net zero emissions by 2050. The Victorian Labor government has pledged to get the state – host to the country’s remaining brown coal generators – to net zero greenhouse gas emissions by 2050, with the release of a series of five-year interim climate change policies and programs. The yet to be legislated, long-term emissions reduction target comes in response to the recommendations of the 2015 Independent Review of the Climate Change Act 2010, most of which have been accepted by the Andrews government. The supporting policies, released by Premier Daniel Andrews and climate and energy minister Lily D’Ambrosio on Thursday, include a wide-ranging emissions reduction pledge program for the private, government and community sectors. The government said the pledge program – called TAKE2 – would give those businesses and organisations already acting on climate change the opportunity to showcase their efforts and to build on it; while also inspiring others to take action. Participation in the program will also give businesses and organisations a say on the development of a 2020 interim emissions reduction target for the state, which the government plans to have in place by the end of the year. Further to the review’s recommendations, the government has also committed to amend the Climate Change Act (CCA) to require a Victorian Climate Change Strategy every five years, incorporating mitigation and adaptation; require integrated Adaptation Action Plans for key climate exposed sectors; and embed climate mitigation and adaptation as a key consideration in government decision making. Read more here
30 May 2016, The Guardian, Homeowners kept in dark about climate change risk to houses, says report. Climate Institute says risk data held by regulators, state and local governments, insurers and banks, but homebuyers and developers do not have access to it. The risk that houses in some areas of Australia are likely to become uninsurable, dilapidated and uninhabitable due to climate change is kept hidden from those building and buying property along Australia’s coasts and in bushfire zones, a Climate Institute report says. The report says there is untapped and unshared data held by regulators, state and local governments, insurers and banks on the level of risk, but that most homebuyers and developers are not told about the data and do not have access to it. The full scale of risk may only be recognised through disaster or damage, or when insurance premiums become unaffordable Climate Institute report. “Even when public authorities, financial institutions and other stakeholders possess information about current and future risk levels, they are sometimes unwilling, and sometimes unable, to share it with all affected parties,” the report released on Monday says. “Thus, foreseeable risks are allowed to perpetuate, and even to grow via new housing builds. The full scale of the risk may only be recognised either through disaster or damage, or when insurance premiums become unaffordable. Any of these events can in turn affect housing values.” The economic costs are high and could ultimately represent a real risk to the financial sector itself, the report says. While insurers, regulators and governments have started to recognise this risk, banks who approve the mortgages for at-risk properties have not yet begun working towards a solution. For example, the report says, banks could integrate the impact of climate into their risk assessment processes, work with other stakeholders in the public, private and civil society sectors to research and develop ways to minimise climate impact risk to housing, and address losses that will occur in an equitable way. Read More here