19 December 2017, Renew Economy, Turnbull’s big climate fail, and no positive change in policy. The Turnbull government has declared its climate policies a success, in a self-generated review released alongside data revealing yet another rise in the nation’s greenhouse gas emissions – and no plans to do anything to reverse the “shameful and embarrassing” trend. In a statement on Tuesday accompanying the federal government’s 2017 Review of Climate Change Policies, environment minister Josh Frydenberg said the report showed the Coalition’s “economically responsible” approach to meeting its international climate commitments was working as planned. “The climate review found that …Australia is playing its part on the world stage through bilateral and multi‑lateral initiatives and the ratification of the Paris Agreement to reduce our emissions by 26 to 28 per cent on 2005 levels by 2030,” he said. And indeed it does; declaring on page 6 that “we will meet our 2030 target and we will do so without compromising economic growth or jobs. Our current policy suite can deliver this outcome.” Read More here
Tag Archives: Emissions
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
27 November 2017, Climate Home News. Cleaner coolants fund gets $540m – and US backing. Rich countries will pay $540 million over three years into a fund to support a shift to cleaner coolants, under a deal agreed in Montreal on Saturday. Notably, the US is set to contribute $37m, despite the Trump administration’s hostility to multilateral environmental agreements. It comes as the 1987 Montreal Protocol pivots from its initial focus on the ozone layer to addressing the climate impact of chemicals used in fridges and air conditioners. State department official Judith Garber said the US was starting the process to ratify the Kigali Amendment to the protocol, which sets a phasedown path for HFCs, a group of potent warming gases produced by these appliances. In a speech on Thursday that did not mention climate change, she hailed the Kigali Amendment’s “pragmatic and balanced approach” to reducing HFCs’ “environmental impact”. US chemical companies like Honeywell and Dow support the deal, seeing an opportunity to sell climate-friendly alternatives. The Kigali Amendment will enter into force on 1 January 2019, after Sweden became the twentieth country to ratify it on 17 November. Developing countries like India made clear their backing for an HFC phasedown depended on finance to help their chemical manufacturers switch to substitutes. Gaby Drinkwater of Christian Aid said in a statement: “Developing nations are where the demand growth in air conditioning systems will come from as the planet gets hotter. No one wants to see this demand creating a vicious cycle of rising greenhouse gas emissions.” David Doniger of the Natural Resources Defense Council wrote in a blog that developing countries appeared “optimistic” the funds were adequate. Read More here
13 November 2017, Carbon Brief, Analysis: Global CO2 emissions set to rise 2% in 2017 after three-year ‘plateau’. Over the past three years, global CO2 emissions from fossil fuels have remained relatively flat. However, early estimates from the Global Carbon Project (GCP) using preliminary data suggest that this is likely to change in 2017 with global emissions set to grow by around 2%, albeit with some uncertainties. Hopes that global emissions had peaked during the past three years were likely premature. However, GCP researchers say that global emissions are unlikely to return to the high growth rates seen during the 2000s. They argue that it is more likely that emissions over the next few years will plateau or only grow slightly, as countries implement their commitments under the Paris Agreement. 2017 emissions likely to increase The GCP is a group of international researchers who assess both sources and sinks of carbon. It has published an annual global carbon budget report since 2006. Its newly released global carbon budget for 2017 provides estimates of emissions by country, global emissions from land-use changes, atmospheric accumulation of CO2, and absorption of carbon from the atmosphere by the land and oceans. Read More here