Warming to prayer | The Saturday Paper

This government is not serious about climate change. It treats the science as a punchline. Its policies are a joke. It will fail to meet its Paris commitments. On the latest United Nations models, climate change will be worse than was predicted even a few years ago. Whole ecosystems will collapse. Natural disaster will ravage half of Australia.

The Third Degree | Breakthrough


Following Breakthrough’s widely-reported policy brief on Existential Climate-related Security Risk, this latest discussion paper provides supporting evidence for the contentious 3°C scenario. A 3°C scenario, developed in 2007 by US national security analysts, is reproduced in this paper highlighting a proven prescient in foreseeing some of the major socio-political events that have emerged in the last decade.

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Climate risk and sustainability: ASIC guidance developments | MinterEllison

The Australian Securities & Investments Commission (ASIC) has released revised guidance on climate change-related financial disclosures.

ASIC has released revised guidance on climate change-related financial disclosures made in both offer documents and Annual Report Operating & Financial Reviews:

ASIC has updated its guidance to, amongst other things:

  • incorporate the types of climate change risk developed by the G20 Financial Stability Board’s Taskforce on Climate Related Financial Disclosures (TCFD) into the list of examples of common risks that may need to be disclosed in a prospectus appearing in Table 7 of RG 228; and

  • in RG 247.66, highlight climate change as a systemic risk that could impact an entity’s financial prospects for future years and that may need to be disclosed in an operating and financial review.

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Climate Change: Evolution and Impact on Financial Risk Management | GARP

The presidential nominee of the European Commission recently endorsed the idea of creating a European bank focused on climate change, and the European Union is trying to figure out how to eliminate greenhouse gas emissions by 2050. What's more, as part of a green finance push, the U.K. is considering rules that force companies to disclose their climate-related risks.

All of this follows on the heels of comprehensive climate risk regulatory guidance issued by both the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) and the Prudential Regulation Authority. Clearly, the transition to a low-carbon economy is coming, but how are financial institutions responding to these significant developments?

In a recent interview with Mike Barber (see full video, below), a partner in Deloitte's U.K. sustainability services group, GRI co-president Jo Paisley said the survey clearly showed that firms have different levels of maturity. “Some firms were doing an awful lot and had really thought about [climate risk] and had embedded it in their day-to-day operations,” she said. “Others, frankly, had not started and were really looking for help.” This video interview was first published on Deloitte U.K.'s dedicated climate change website.

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Australia is third largest exporter of fossil fuels behind Russia and Saudi Arabia | The Guardian

And more on that topic: “On any reasonable assessment of the data, the climate impact of Australia’s fossil fuel industry are immense,” said Richie Merzian, Climate & Energy Program Director at the Australia Institute.

“Many argue Australia’s emissions are small on a global scale, but this research shows the complete opposite: our domestic emissions are large and our exported emissions are even larger.”


ASIC updates guidance on climate change related disclosure

‘While disclosure is critical, it is but one aspect of prudent corporate governance practices in connection with the mitigation of legal risks. Directors should be able to demonstrate that they have met their legal obligations in considering, managing and disclosing all material risks that may affect their companies. This includes any risks arising from climate change, be they physical or transitional risks.’ Mr Price said.

Download and read the update here.

Kenneth Hayne says trust in politics and institutions 'damaged or destroyed' | The Guardian

"These ideas of independence, neutrality, publicity and reasoned reports may be contrasted with what some, perhaps many, would see as the characteristics of modern political practice with its emphasis on party difference, and with decision-making processes that not only are opaque but also, too often, are seen as skewed, if not captured, by the interests of those large and powerful enough to lobby governments behind closed doors. "

Climate change made Europe’s 2019 record heatwave up to ‘100 times more likely’ | Carbon Brief

The hot weather seen in the Netherlands and France was made up to “100 times more likely” by climate change, the study finds.

And the heat in Cambridge in the UK – which saw a new country-wide record of 38.7C in July – was made around “20 times more likely” by human-caused warming

Evolving our approach to climate change | BHP

“The evidence is abundant: global warming is indisputable.The planet will survive. Many species may not.

Use of emissions-intensive products from the resources industry have contributed significantly to global warming. Those emissions related to BHP’s business come from three sources. Scope 1 and 2 emissions from electricity consumption and diesel use at our operations, and scope 3 emissions from our value chain.”