March

A New Horizon - speech by Mark Carney, Governor Bank of England

“Once climate change becomes a clear and present danger to financial stability it could already be too late to stabilise the atmosphere at two degrees.

The paradox is that risks will ultimately be minimised if the transition to a low-carbon economy begins early and follows a predictable path. But for markets to anticipate and smooth the transition to a 2-degree world, they need the right information, proper risk management, and coherent, credible public policy frameworks.”

Here's why Australia needs to keep subsidising renewables | The Guardian

If Australia wants to reduce its greenhouse gas emissions, we have the technologies and the policies to do so at our finger tips. And of course if we don’t want to, we don’t have to, but the polls suggest we do. Time will tell whether our democratic structures are capable of responding to a problem like climate change — what we do know is that subsidies, regulation and taxes work.

Weather insurance: Insurers ‘don’t fully understand climate change risk’ | Compelo

“Munich Re said in December that the wildfires caused $24bn in losses, $18bn of which were uninsured. 

The California Department of Forestry and Fire Protection reported there were a total of 8,527 fires burning an area of 1,893,913 acres, which is the the largest amount of burned acreage recorded in a fire season.”

Role of disclosure in addressing climate data deficiency | Geoff Summerhayes, Sustainable Insurance Forum

On the 22nd February 2019, Geoff Summerhayes gave this speech in London at the Sustainable Insurance Forum.

“The weight of money, through consumer demand, investor decisions and regulatory responses, is pushing the transition to a low carbon economy relentlessly forward. This shift has consequences for us all, but to make good decisions, governments, regulators, businesses and investors need access to timely, reliable and sufficiently granular information.”

The worst-case scenario for global warming just got 14°F worse | Think Progress

And halfway through the book he says, in all caps, “If you have made it this far, you are a brave reader.” He admits that any of those chapters contains, “enough horror to induce a panic attack in even the most optimistic of those considering it.”

Climate and Growth: An OECD perspective on the future we need | Melbourne Sustainability Society

The University of Melbourne is hosting this free lecture, organised by the Melbourne Sustainability Society. The lecture will be given by OECD Environment Directorate Acting Director, Anthony Cox, and will focus on what governments can do to boost economic growth and enhance productivity without locking the world into a high-emissions future.

Mind The Gap: the $1.6 trillion energy transition risk | Carbon Tracker Initiative

Fossil fuel companies risk wasting $1.6 trillion of expenditure by 2025 if they base their business on emissions policies already announced by governments instead of international climate goals, Carbon Tracker warns in a report released today, that models the IEA’s 1.75C scenario for the first time.

Financing Sustainable Growth | European Commission

Visualisation of the actions

Visualisation of the actions

Download the report here

The action plan on sustainable finance adopted by the European Commission in March 2018 has 3 main objectives:

  • reorient capital flows towards sustainable investment, in order to achieve sustainable and inclusive growth
  • manage financial risks stemming from climate change, environmental degradation and social issues
  • foster transparency and long-termism in financial and economic activity

Keeping lights on can't be guaranteed | AFR

There is no sense in spending billions of dollars trying to guarantee the impossible – that the lights will always stay on. But this has not stopped government ministers, corporate executives and numerous commentators from pretending a particular source of power will always keep the lights on. Nor has it stopped journalists from repeatedly asking ministers to guarantee "the lights will stay on" in future. It might be tempting to claim that everyone understands it is impossible to deliver these promises, but much of the current debate is conducted on the premise that they don't.
 

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The gas industry's power play | The Saturday Paper

Long-term mismanagement of Australia’s gas industry has seen price gouging by cartels and the possible need for imports. Even if the government can put things to right, natural gas will never again be a cheap alternative fossil fuel. By Mike Seccombe.

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Scientists made a detailed "roadmap" for meeting the Paris climate goals. | Vox

In a new paper for Science, a group of European researchers try to layout a roadmap, in vivid detail, what would have to happen in each of the next three decades if we want to stay well below 2°C and it’s unsettling.

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