“In a nutshell, the findings suggest that emissions drive climate changes that trigger abrupt changes to Earth systems when they cross certain thresholds. Ten of these feedback loops are identified in the report, including the release of methane trapped in Siberian permafrost and the impact of melting ice in Greenland on the Antarctic.”
IAIS calls on insurers to intensify climate risk scrutiny | Property Casualty
“Climate change is now recognized as a critical emerged risk facing the insurance sector."
By 2030, Renewable Energy Costs Could Be "Effectively Zero" | Inverse
The Battery Boom Could End Up Burning Some Investors | Bloomberg
Investors call for ambition shortfall to be addressed in the NEG | IGCC
Insurance firms could face fines over climate reporting failure | ClientEarth
“We think the law is quite clear on this and by omitting financially material climate risks from their annual reports, these companies are not giving the full picture. Without this information, how can investors make a fully-formed investment decision?”
‘Peak coal’ is getting closer, latest figures show | Carbon Brief
"The amount of coal power capacity in pre-construction stages has declined every year since 2015."
Rhinehart's secret millions to the IPA | The Saturday Paper
"They give the impression of broad-based financial support from thousands of individuals, of an organisation not beholden to corporate supporters."
Super fund REST being sued for not having a plan for climate change | The ABC
This is the first time a superfund has been sued for not doing enough on climate change. Who will be next?
Climate Change Strengthens Earth's 'Heartbeat' — and That's Bad News | Space.com
Financing a resilient and sustainable economy | RIAA, IGCC, PRI, UNEP SI and UNEP FI
Joint Statement calls on the finance sector to support the development of Sustainable Finance Roadmaps for Australia and New Zealand
The Responsible Investment Association Australasia (RIAA) has today joined with the Investor Group on Climate Change, the Principles for Responsible Investment (PRI), the UN Environment’s Principles for Sustainable Insurance, and the UN Environment Programme Finance Initiative (UNEP FI) – collectively representing over 300 institutions with $10 trillion in assets – to sign a joint statement that commits to starting the development of Sustainable Finance Roadmaps for Australia and New Zealand.
We are now encouraging RIAA members and the wider finance sector in Australia and New Zealand to join with us in support of this commitment to develop Sustainable Finance Roadmaps by signing the Joint Statement in support of a Sustainable Financial System, released at the UNEP FI Conference on Financing a Resilient and Sustainable Economy in Sydney today.
Get in touch to express your interest in supporting the Joint Statement here
The organisations that have convened this statement commit to convene finance, government, civil society and consumer bodies to kick-start the process to develop Sustainable Finance Roadmaps for Australia and New Zealand.
We will now open this statement up to other organisations to sign on to show their support of this commitment to develop Sustainable Finance Roadmaps and to participate in the process.
A Sustainable Finance Roadmap is a set of recommendations across policy, regulation and finance practices that helps the finance sector contribute systematically to a more resilient and sustainable economy. From the European Union to China, a growing number of regions and countries globally have developed Sustainable Finance Roadmaps to help achieve national, regional and global sustainable development goals.
You can read the RIAA’s briefing paper on Sustainable Finance Roadmaps produced for the conference here.
The Sustainable Finance Roadmaps build on RIAA’s work to date identifying key priorities for shaping more sustainable finance markets in Australasia, as outlined in our paper: Driving Long-term Investment and Delivering Responsible Financial Markets.
Two-thirds of Aussie drivers will own an EV by 2028, Jaguar says | Renew Economy
"If Jaguar’s forecasts are correct, this means Australian car dealers could be selling an average of 1.2 million EV or PHEV cars per year over the next 10 years, around double what is anticipated by AEMO."
Ireland votes to divest from fossil fuels within 5 years | Renew Economy
Curb new nuclear plants and back renewables, government advisers say | Reuters
One of the World's Biggest Insurers Is Ditching Coal | Earther
Earlier this week, one of the biggest re-insurance companies in the world started implementing a policy reflecting the growing risk around new coal projects. Swiss Re announced on Monday it would no longer insure companies that get 30 percent of their revenue or generate 30 percent of their power from coal burned for energy (known in energy parlance as ‘thermal coal’).
Munich Re sticks with coal underwriting despite investor pressure | Reuters
Yes, your energy bills are too high. Here's how the ACCC thinks prices can be slashed | The ABC
The consumer watchdog believes Australians are paying too much for their electricity. A lack of competition in the energy market and policy mistakes by successive state and federal governments has added significant costs to power bills, according to the Australian Competition and Consumer Commission (ACCC).
"We've got a lot of costs imposed into the system, the market's too concentrated and we've had some unfortunate behaviour by retailers."
Here's a link to the ACCC media release and you can find the ACCC report here.
Ex-IPCC Vice-Chair: EU contribution to Paris goals is ‘unambitious and outdated’ | Euractiv
The European Union needs to “significantly improve its policy package” for 2030 in order to align itself with the emission trajectories of the Paris Agreement, according to renowned Belgian climate scientist Jean-Pascal van Ypersele.
Screws tighten on thermal coal as Swiss Re pulls plug | Financial Review
Swiss Re, the world's second largest reinsurer, has pulled the plug on underwriting policies for companies with more than 30 per cent of thermal coal in their mining or power-generation portfolios, further tightening the screws on a fuel which is paradoxically enjoying buoyant demand in Asia