“Today, I am calling on all governments, private companies and local authorities to take three steps. First, cancel all global coal projects in the pipeline and end the deadly addiction to coal. I urge all OECD countries to commit to phasing out coal by 2030, and for non-OECD countries to do so by 2040,” Mr Guterres told a conference of the Powering Past Coal diplomatic grouping on Tuesday.
World ‘walking blindfolded into a minefield’ | Sydney Morning Herald
“Today’s interim report from the UNFCCC is a red alert for our planet. It shows governments are nowhere close to the level of ambition needed,” said United Nations Secretary-General Antonio Guterres.
America 2021: Renewing the nation’s commitment to climate action | McKinsey & Company
The new federal administration has arrived in Washington with ambitious plans to address the climate crisis—and in so doing, revitalize the US economy and reclaim a leadership position on the international stage. During their campaign, President Joe Biden and Vice President Kamala Harris highlighted “the opportunity to build a more resilient, sustainable economy—one that will put the United States on an irreversible path to achieve net-zero emissions, economy-wide by no later than 2050 […] and, in the process, create millions of good-paying jobs.”
Companies Are Rushing to Pinpoint Climate Risks, But It’s Often Impossible | Bloomberg
To meet this demand, new firms have emerged offering to analyze “financial climate risk.” The idea is to show where climate-related hazards might hurt a company’s bottom line, or a fund’s returns, often using exact coordinates to pinpoint which assets are exposed. Sometimes, these companies use the climate models that academics have spent years developing to understand how we are heating our planet.
Carbon tariffs: what are they and what could they mean for Australia? | The Guardian
We know the minister responsible for emissions reduction, Angus Taylor, is “dead against” them. The trade minister, Dan Tehan, is concerned they may be a “new form of protectionism”.
But some experts say it is a matter of when, not if, they are introduced – and the Australian government and business community should be prepared.
Alan Kohler: Australia’s solar tsunami to trigger coal collapse | The New daily
The coal-fired power generation industry is on the brink of collapse.
Although coal generation must end eventually if we’re to have zero carbon emissions by 2050, the transition to renewables is happening a lot faster than expected, and neither the national grid nor the coal industry is ready for it.
The main reason the industry and government have been caught out is clear: The lack of clear policy leadership from Canberra has led to confusion, under-investment and complacency.
IEA to produce world’s first comprehensive roadmap to net-zero emissions by 2050
The new special report, The World’s Roadmap to Net Zero by 2050, will set out in detail what is needed from governments, companies, investors and citizens to fully decarbonise the energy sector and put emissions on a path in line with a temperature rise of 1.5 degrees Celsius. It is part of a series of new IEA projects to support efforts to reach global energy and climate goals.
Atlantic Ocean circulation at weakest in a millennium, say scientists | The Guardian
The Atlantic Ocean circulation that underpins the Gulf Stream, the weather system that brings warm and mild weather to Europe, is at its weakest in more than a millennium, and climate breakdown is the probable cause, according to new data.
Further weakening of the Atlantic Meridional Overturning Circulation (AMOC) could result in more storms battering the UK, more intense winters and an increase in damaging heatwaves and droughts across Europe.
Scientists predict that the AMOC will weaken further if global heating continues, and could reduce by about 34% to 45% by the end of this century, which could bring us close to a “tipping point” at which the system could become irrevocably unstable. A weakened Gulf Stream would also raise sea levels on the Atlantic coast of the US, with potentially disastrous consequences.
Big-emitting Australian businesses could soon face costly carbon levy in Europe | The Guardian
If the Morrison government does not impose emissions reduction policies, exporters may need to buy carbon permits in the EU.
Will Australia face carbon tariffs under the Biden regime? | Spectator Australia
Incoming US Secretary of the Treasury, Janet Yellen, a firm believer in restraining carbon emissions, has been working with the Republican-Democrat group, the Climate Leadership Council, on means of implementing such policies. She has suggested countries that introduced carbon adjustment fees could form “carbon customs unions” compliant with World Trade Organization rules. This is similar to EU thinking under which countries will be able to avoid punitive carbon tariffs only if their climate policies match that of Europe.
BHP cuts Mount Arthur coalmine valuation by $1.5bn after thermal coal price plunges | The Guardian
BHP will slash its valuation of its Mount Arthur coalmine in New South Wales by at least $1.5bn after a dramatic fall in the price of thermal coal, which is burned to produce electricity.
The move will wipe out most of the book value of the Hunter Valley mine, leaving it worth between $325m and $455m, BHP said in a quarterly update on Wednesday.
Australia Takes Massive Financial Hit From Climate Change | Climate Council
“No developed country has more to lose from climate change-fuelled extreme weather, or more to gain as the world transforms to a zero-carbon economy, than Australia does,” said Professor Will Steffen.
Policy Forum on Climate Related Disclosures | Kings Business School
Climate-related corporate disclosures are the next big thing in fostering the transition to a net-zero carbon economy. The Qatar Centre of Global Banking & Finance convened a policy forum of experts to debate the issues involved in designing a set of coherent standards.
Catch up on the Virtual Seminar Series
The next virtual seminar series will begin on Monday 15 February 2021 with the full details being announced soon. These seminars aim to provide a forum for researchers at central banks and academics working on central banking issues to present their research. Seminars take place fortnightly every Monday each term and last one hour, including time for questions from the attendees.
Annual Conference 2021: Challenges facing central banks in the 2020s
The conference to be held on 17th & 18th of May 2021 will focus on new directions in central bank research and policymaking. Areas of interest include but are not confined to:
Central bank mandates, policy frameworks and governance arrangements,
Understanding the interaction of fiscal, monetary and macroprudential policies,
Understanding new and emerging threats to economic stability, including COVID, climate change and new financial technologies,
Conducting monetary and macroprudential policies in times of uncertainty, and
Data analytics for central banking.
99 Good News Stories From 2020 You Probably Didn't Hear About | Future Crunch
If we want more people to devote their energy to making progress against large global problems, we should make sure that more people know that it is possible to make progress against such problems.
@MaxCRoser
Investors place Australian bets on compulsory emissions reductions | Sydney Morning Herald
Companies are buying up Australian carbon credits at an increasing rate even though they're not required to offset their emissions under local laws, in what experts say is a bet on future international regulations.
Market Advisory Group managing director Raphael Wood said investment in Australian carbon credits was doubling every year, albeit off a low base.
Scientists Warn Humanity in Denial of Looming 'Collapse of Civilization as We Know It' | Ecowatch
"Ours is not a call to surrender — we aim to provide leaders with a realistic 'cold shower' of the state of the planet that is essential for planning to avoid a ghastly future," according to the perspective paper, co-authored by experts across Australia, Mexico, and the United States, and published in the journal Frontiers in Conservation Science.
Business Council of Australia backs Zali Steggall's climate change bill for 2050 net zero target | The Guardian
A business group representing mining, retail, manufacturing, banking and energy bosses has formally backed climate change legislation proposed by the independent MP Zali Steggall, saying Australia needs to set a net zero emissions target for 2050 and lay out a path to get there.
QBE hikes catastrophe allowance by 24% after extreme weather | Sydney Morning Herald
QBE told investors on Monday it would set aside $US685 million ($890 million) for claims related to extreme weather for calendar year 2021, after breaching its $US550 million cap last year due to Australia's horror bushfires and the northern hemisphere's worst hurricane season on record.
The legacy of a godawful year | Alan Pears for Renew Magazine
Like all of us, Alan Pears is glad to show 2020 the door. But what does 2021 hold? A better approach to CO2 accounting, a warning from the IEA, and... learning from ants?
What a year!
2020 will be memorable for many reasons. It is a year that will reframe priorities, lives and economies as we face economic and social recovery from a global pandemic, and confront the early stages of global heating, and an increasingly uncertain global political context.
There have been tragedies, pain and economic challenges—and still we face much more. However, we have also seen staggering progress, much of which could underpin transition—if our leaders act in the public interest and rise above ideology and petty politics. Our multi-layered “competitive democracy” model does seem to be mobilising with some worthwhile initiatives from states, communities and business, despite fragmentation and limited coordination.
In writing this column, I read over my 2020 Renew columns, which address many relevant issues and suggest paths forward: there is some worthwhile summer reading in them!
Worried about Earth's future? Well, the outlook is worse than even scientists can grasp | The Conversation
The problems, all tied to human consumption and population growth, will almost certainly worsen over coming decades. The damage will be felt for centuries and threatens the survival of all species, including our own.