3 February 2016, Renew Economy, Senate to inquire into carbon risk, despite Coalition objection. The Australian Senate is to begin an inquiry into carbon risk disclosure in Australia, following a proposal by the Greens after the ground-breaking Paris climate agreement reached late last year. The inquiry is due to report in June and will study carbon risk disclosure practices among Australian companies, regulatory oversight, international practice, and Australia’s involvement in the G20 Financial Stability Board discussions on carbon risk impacts. “The Paris Agreement finalised in December 2015 has fundamentally changed the investment landscape,” said Emma Herd, the head of The Investor Group on Climate Change (IGCC), which represents most major investment houses and superannuation funds. “When 195 nations agreed to a goal of limiting global warming to 2°C moving towards 1.5°C, it immediately became clear that all companies will need to stress test their commercial strategy for a two degree scenario and disclose to the market the risks and opportunities for their business.” The inquiry will focus on corporate disclosure, although given the decisions at state and federal level in recent weeks, it might also want to focus on the carbon risk for the Australian economy as a whole. New data this week revealed that Australia was increasing its emissions at a faster rate than any other developed economy, and was not likely to peak its emissions before 2030. The lack of new funding for Direct Action means that there is now no policy in place to reduce emissions. Investment in renewables remains at a standstill. Read More here
Tag Archives: Fed Govt
15 January 2016, Renew Economy, Australia snubs 1st major post-Paris summit after killing renewables target. ABU DHABI: Australia has chosen not to send any government representatives to the first major post Paris climate change conference, as new data confirms how the Coalition government has effectively killed the renewable energy target as an effective policy mechanism. In 2015, the world invested a record $US329 billion in renewable energy. But in Australia, the RET – the country’s primary policy mechanism – has attracted just $15 million in investment in nearly two years. The data, from Bloomberg New Energy Finance, confirms that since the Abbott government announced its review into the RET in early 2014, the scheme has been at a standstill. That remains the case – even though renewable energy certificates have jumped to record levels of $74/MWh – because utilities and financiers refuse to sign contracts, due to the lack of policy certainty and because they believe that the Coalition could change the target again. Indeed, more than half Australia’s investment in renewable energy in 2015 (of $A4.1 billion) comes from households and businesses, who spent $2.2 billion in 2015 adding rooftop solar PV to their home and commercial premises. Read More here
14 January 2016, The Conversation, Hopes of a new urban age survive minister’s fall. The resignation of Australia’s first minister for cities and the built environment after just 99 days is a setback for federal leadership in these areas. Yet enough momentum and goodwill have been generated to keep the flag flying. The greatest hope is that an urban consciousness in national public policy will be lodged permanently. Even before state planning ministers assemble within months to hammer out the ground rules for federal engagement, the mutual understanding will be that the states are Australia’s primary urban governments. In August 1945, a conference of Commonwealth and state ministers in Canberra confirmed that arrangement. The states rejected a generous proposal for a central planning bureau to provide advice, training and information resources plus cover half the costs of employing technical experts to assist local authorities. Prime Minister Ben Chifley’s summation sealed the fate of the bold reconstruction initiative hatched by Nugget Coombs:… the matter ought to be left to the states. How cities became ‘orphans of public policy’ Regardless, the federal government has retained a periodic interest in cities, with mixed outcomes. Historically, most initiatives have been linked to Labor. Gough Whitlam’s Department of Urban and Regional Development (DURD, 1972-75) injected valuable locational and equity perspectives into policy. However, a big-spending command, control and co-ordinate mission proved problematic. Bob Hawke delivered AMCORD and Green Street as best-practice guidelines for residential development. This helped change the culture of the development industry. But the Hawke government’s main legacy, driven by Deputy Prime Minister Brian Howe, was Building Better Cities, centred on strategic housing, environmental and infrastructure projects. Read More here
22 December 2015, BBC, Australia approves Abbot Point coal port expansion. Australia has approved the expansion of an existing coal port at Abbot Point near Bowen in north Queensland. The controversial project will see Abbot Point become one of the world’s biggest coal ports. The expansion will involve dredging one million cubic metres of spoil near the Great Barrier Reef which will then be dumped on land. Conservationists have said the project will have a significant impact on the area’s wildlife and surrounds. The expansion project is key to the success of a coal mine to be built by India’s Adani Mining – the Carmichael project. Adani expects to export coal from the expanded port. Australian Environment Minister Greg Hunt approved the expansion of the project on Thursday. ‘Damaging dredge’ Environmental group WWF said 61 hectares of seabed would be “ripped up”, creating the dredge spoil. “It’s disappointing that the minister has approved this project within the [Barrier Reef area], despite the damage it will do,” spokeswoman Louise Matthiesson said. “Damaging dredge plumes will be created harming sea grass and potentially reaching nearby coral reefs,” she added. In an original proposal for the port expansion, the dredge spoil was to be dumped at sea. However, in response to public pressure, that proposal was not approved. Read More here