30 November 2017, The Conversation, It’s 30 years since scientists first warned of climate threats to Australia. Keen students of climate politics might recognise November 30 as the anniversary of the opening of the historic Paris climate summit two years ago. But you might not know that today also marks 30 years since Australian scientists first officially sounded the alarm over climate change, at a conference hailed as the dawn of the ongoing effort to forecast and monitor the future climate of our continent. November 30, 1987, marked the start of the inaugural GREENHOUSE conference hosted by Monash University and attended by 260 delegates. The five-day meeting was convened as part of a new federal government plan in response to the burgeoning global awareness of the impending danger of global warming. The conference’s convenor, the then CSIRO senior research scientist Graeme Pearman, had approached some 100 researchers in the months leading up to the conference. He gave them a scenario of likely climate change for Australia for the next 30 to 50 years, developed with his CSIRO colleague Barrie Pittock, and asked them to forecast the implications for agriculture, farming and other sectors. As a result, the conference gave rise to a book called Greenhouse: Planning for Climate Change, which outlined rainfall changes, sea-level rise and other physical changes that are now, three decades on, all too familiar. As the contents page reveals, it also tackled impacts on society – everything from insurance to water planning, mosquito-borne diseases, and even ski fields. Internationally, awareness of global warming had already been building for a couple of decades, and intensifying for a couple of years. While the ozone hole was hogging global headlines, a United Nations scientific meeting in Villach, Austria, in 1985 had issued a statement warning of the dangers posed by carbon dioxide and other greenhouse gases. Read More here
Monthly Archives: November 2017
30 November 2017, Renew Economy, Finkel’s frustration: Everyone else has a strategy, but not Australia. One senses that Chief scientist Alan Finkel is just a little frustrated. The center-piece of his land-mark Finkel Review, the clean energy target, has been left in the gutter by weak-kneed politicians, and his attempts to bring perspective to the issue of storage has been branded as “eco-evangelism” by the same forces that make policy makers tremble in their bed at night. Little surprise, then, that Finkel chose to focus his last energy speech of the year on the “Myths and Legends of the Australian electricity market”, delivered to the ANU on Wednesday afternoon. And in doing so, he delivers some major brick-bats to both the country’s policy makers (politicians) and its regulators. Finkel argues that Australia has managed a unique trifecta – high prices, high emissions, and high uncertainty – and fallen behind the rest of the world. And he has no doubt who is to blame. “Everyone else has a strategy,” says one of the key points of his presentation (see above). The next line is equally damming: “Regulatory system suffering 10 years of policy paralysis.” Energy insiders and observers know exactly what Finkel is referring to: the first is clear, the political impasse caused by the Far Right and its opposition to basic economics and science. The second offender would be interpreted as the Australian Energy Market Commission – the rule maker that has stood in the way of blindingly obvious reforms such as introducing environmental considerations into the National Electricity Objective, and which has resisted and delayed nearly every proposed change that would nudge Australia’s ageing, creaking energy infrastructure into the 21st Century. Read More here
29 November 2017, The Guardian, banks warned of ‘regulatory action’ as climate change bites global economy Australian Prudential Regulation Authority says it is quizzing companies about their actions to assess climate risks. Australia’s financial regulator has stepped-up its warning to banks, lenders and insurers, saying climate change is already impacting the global economy, and flagged the possibility of “regulatory action”. Geoff Summerhayes from the Australian Prudential Regulation Authority (Apra) revealed it had begun quizzing companies about their actions to assess climate risks, noting it would be demanding more in the future. Apra also revealed it has established an internal working group to assess the financial risk from climate change and was coordinating an interagency initiative with the corporate watchdog Asic, the Reserve Bank of Australia (RBA) and federal Treasury to examine what risks climate change was posing to Australia’s economy. In February, Summerhayes put banks, lenders and insurance companies on notice, urging them to start adapting to climate change and warning that the regulator would be “on the front foot on climate risk”. Now, in the first significant update to Apra’s thinking on the topic since that speech, Summerhayes said Apra’s view was that climate change and society’s response to it “are starting to affect the global economy”. In an extended version of a speech to the progressive Centre for Policy Development, and circulated to journalists ahead of its delivery, Summerhayes said a shift occurring in the global economy was increasingly being driven by commercial imperatives – investments, innovation and reputational factors – rather than what scientists or policymakers are saying or doing. Read More here
29 November 2017, Geoff Summerhayes, Executive Board Member, Australian Prudential Regulation Authority. The Weight of money: A business case for climate risk resilience. Tonight will be the first time I’ve substantially addressed APRA’s thinking around climate risk since a speech I delivered to the … Continue reading →