Three studies published in Nature and Nature Geoscience use extensive historical data to show there has never been a period in the last 2,000 years when temperature changes have been as fast and extensive as in recent decades.
“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.”
“Ladies and gentlemen, I am firmly of the view that the next 18 months will decide our ability to keep climate change to survivable levels and to restore nature to the equilibrium we need for our survival.”
This paper is a primer for business leaders who wish to begin the process of designing and implementing a framework that will allow for the establishment of resilient businesses while also protecting directors from potential liability with respect to their duties under Australian companies law.
Climate change is increasingly being understood as an issue of financial risk to corporates. This has brought the issue to the attention of corporate lawyers like Sarah Barker, Special Counsel and Head of Climate Risk Governance at MinterEllison, the largest commercial law firm in the Asia Pacific. For over six years, Sarah has been a leading voice in the field of climate risk governance for business.
As climate change is now widely accepted as a financial risk issue, it necessarily enlivens established legal frameworks around corporate management and disclosure of climate risk. In this Acclimatise Conversation on Climate Change Adaptation, Sarah Barker talks us through why it is so important, from a legal perspective, for businesses to govern for the financial risks associated with climate change.
Climate change is likely to drive some of the most profound changes to businesses in our lifetimes. Impacts on products and services, supply chains, loss of asset values and market dislocation are already being caused by more frequent and severe climate-related events. These effects are now compounded by the accelerating pace of policy and regulatory change as humanity recognises the challenge we face and the drastic and rapid actions we all must take in order to protect our planet and our own livelihoods.
In a world without climate change, Utrecht in the Netherlands would expect temperatures like these only once every 20 years. Now, though, they will occur every five years. The same, they claim, is likely true of many German cities.
He said the pressure was also being felt within the families of Opec officials because their own children “are asking us about their future …. they see their peers on the streets campaigning against this industry.”
The government’s new green finance strategy, to be published on Tuesday, will “set expectations” for listed companies and large asset owners to report climate risks by 2022, said the Treasury, adding that work with regulators “will explore the most effective way of doing this, including whether mandatory disclosures are necessary”
In short, without changing the size of our homes, or our cars, or fundamentally changing the fabric of our lives, these discounts mean that a fully electrified energy economy using non-carbon fuel sources would require less than half of the total amount of energy we use today.
“The delegates remained deadlocked on accounting rules and governance for the system, pushing the debate to their next meeting in Chile in December. They also failed to agree a statement on a scientific report about the risks of rising temperatures, with a group of countries trying to water it down, even as Berlin and Paris were facing highs near 40 degrees Celsius (104 Fahrenheit).”
Natural gas is at times described as a transition fuel in the response to the climate crisis as it has about half the carbon dioxide emissions of black coal when burned to generate electricity. That argument has been rejected by the head of the International Energy Agency and science bodies warning the world needs to rapidly move to clean energy and industries.
"They give the impression of broad-based financial support from thousands of individuals, of an organisation not beholden to corporate supporters."
This is the first time a superfund has been sued for not doing enough on climate change. Who will be next?
Joint Statement calls on the finance sector to support the development of Sustainable Finance Roadmaps for Australia and New Zealand
The Responsible Investment Association Australasia (RIAA) has today joined with the Investor Group on Climate Change, the Principles for Responsible Investment (PRI), the UN Environment’s Principles for Sustainable Insurance, and the UN Environment Programme Finance Initiative (UNEP FI) – collectively representing over 300 institutions with $10 trillion in assets – to sign a joint statement that commits to starting the development of Sustainable Finance Roadmaps for Australia and New Zealand.
We are now encouraging RIAA members and the wider finance sector in Australia and New Zealand to join with us in support of this commitment to develop Sustainable Finance Roadmaps by signing the Joint Statement in support of a Sustainable Financial System, released at the UNEP FI Conference on Financing a Resilient and Sustainable Economy in Sydney today.
Get in touch to express your interest in supporting the Joint Statement here
The organisations that have convened this statement commit to convene finance, government, civil society and consumer bodies to kick-start the process to develop Sustainable Finance Roadmaps for Australia and New Zealand.
We will now open this statement up to other organisations to sign on to show their support of this commitment to develop Sustainable Finance Roadmaps and to participate in the process.
A Sustainable Finance Roadmap is a set of recommendations across policy, regulation and finance practices that helps the finance sector contribute systematically to a more resilient and sustainable economy. From the European Union to China, a growing number of regions and countries globally have developed Sustainable Finance Roadmaps to help achieve national, regional and global sustainable development goals.
You can read the RIAA’s briefing paper on Sustainable Finance Roadmaps produced for the conference here.
The Sustainable Finance Roadmaps build on RIAA’s work to date identifying key priorities for shaping more sustainable finance markets in Australasia, as outlined in our paper: Driving Long-term Investment and Delivering Responsible Financial Markets.
"If Jaguar’s forecasts are correct, this means Australian car dealers could be selling an average of 1.2 million EV or PHEV cars per year over the next 10 years, around double what is anticipated by AEMO."
Earlier this week, one of the biggest re-insurance companies in the world started implementing a policy reflecting the growing risk around new coal projects. Swiss Re announced on Monday it would no longer insure companies that get 30 percent of their revenue or generate 30 percent of their power from coal burned for energy (known in energy parlance as ‘thermal coal’).