In the news

How Climate Finance Flows Around The World | Carbon Brief

This diagram shows the average yearly amount of climate finance given by each OECD country on average in 2015 and 2016, and where that money went.

Donor countries are listed down the left-hand side of the diagram. The right-hand side shows the amounts which flowed to recipient countries or regions.

Will a 1.5 degrees target trigger a death spiral for oil and gas companies? | Renew Economy

“It is therefore important to think realistically about how such transitions occur and how society and the market will manage this one. Separately – and it is a quite separate issue – we also need to ask if there is a realistic likelihood of today’s oil and gas companies transitioning as corporate entities. Do they have a future? Or will they just fail – as incumbents most often do when faced with such dramatic market change?”

APRA names panel, deadline for enforcement strategy review | The Australian

The Australian Prudential Regulation Authority has advised that deputy chairman John Lonsdale will head an advisory panel that will review its enforcement strategy. The members of the advisory panel are former judge Robert Austin, the ACCC’s Sarah Court and University of New South Wales professor Dimity Kingsford Smith. The review has been commissioned in response to criticism of APRA in the financial services royal commission’s interim report, which noted the regulator’s reluctance to prosecute banks and insurers for misconduct.


SBA relaunched as the Business Council for Sustainable Development Australia

Sustainable Business Australia has been relaunched as the Business Council for Sustainable Development Australia (BCSD Australia). The new BCSD Australia can be found at here.

Established in 1991, Sustainable Business Australia (SBA) has been the peak body for Australian businesses committed to sustainability and acting on climate change. It is a CEO-led coalition of leading corporate names and organisations. It was recently announced that Dr John Hewson from the Australian National University had joined the SBA Board of Directors and Dr Hewson is the Chair-elect for the newly named BCSD Australia.

“The Sustainable Development Goals and the Paris Agreement signal the need for a deep change in the way our economies work, and in the way our energy, mobility, urbanisation, food and social systems contribute to planetary and societal well-being. We advocate that business has a leading role to play as the world embarks upon this vital journey,” said Mr Bakker, President and CEO of the World Business Council for Sustainable Development.

Below is Mr Bakker’s excellent presentation: Fiona Wain Oration 2018

AICD Director Sentiment Index Survey H2 2018 | Minter Ellison

Directors want action on climate change and renewable energy: For the first time directors nominated climate change as the number one issue the federal government needs to address in the long-term.

Download the full report  here

Download the full report here

Read Minter Ellison’s post which covers the key points identified in the survey and contains links to related media.

You can also download the summary report from AICD’s website.

Key takeouts

Directors want action on climate change and renewable energy: For the first time directors nominated climate change as the number one issue the federal government needs to address in the long-term. 

In agreement on the need for stronger governance: Directors across all industries are focused on governance practices and acknowledge the need for changes to deal with current governance issues.  There is strong support (52%) for an increase in penalties for misconduct and for an increase in funding for regulators (57% support). 

Less optimistic overall: Director sentiment has declined for the first time in 18 months (and was down 8.5 points on the last survey) although it remains positive at +4.2.  The AICD attributes the decline largely to directors feeling more pessimistic around regulation, legal issues and directorship conditions more broadly.

PRA ‘expects’ banks and insurers to report climate risks | Gibson Media

"Insurers and banks are to be expected to manage and report their climate-related risks, according to a draft supervisory statement from the UK’s Prudential Regulation Authority (PRA).

The consultation paper, which was described as “a major step for a regulator of a global financial centre”, says the risks from climate change are far-reaching and foreseeable and require a strategic approach." Read More