Australia’s government is as far from a plan of action as it’s ever been.
Farmer Leeanne Oldfield and her dog Jett at her farm in Wandandian, New South Wales, Australia.
Photographer: Brendon Thorne/Bloomberg
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In the world’s driest inhabited continent, enduring a devastating drought that arrived in mid-winter, private action to prepare for climate change contrasts with years of division on energy and environmental policies. Australia’s latest climate casualties are its farmers, who are being forced to slaughter livestock and watch crops wither amid one of the worst droughts on record.
Leeanne Oldfield has abandoned expansion plans and the few dozen malnourished sheep that remain of her 300-strong flock can’t even drink from the dam anymore, as it has gone dry.
“In good years, this is usually full to the brim with water,” says Oldfield on her farm three hours’ drive from Sydney, pointing to the muddy pit where the dam should be. Frustrated by a lack of government action, she’s helped organize donations of truckloads of hay and grain to other farms.
Oldfield at the dried up freshwater dam on her farm.
Photographer: Brendon Thorne/Bloomberg
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Dry conditions are set to continue with eastern states including New South Wales — the most populous and the powerhouse of the economy — the worst affected. Economists estimate the drought could cut as much as 0.75 percent from gross domestic product growth.
Dry Nation
Australia receives less rain
than any other inhabited continent
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Source: Department of Atmospheric Science, University of Wyoming |
“The staggering thing is we aren’t leading the world,” said John Hewson, former leader of the now ruling Liberal Party who has worked as an economist for the Reserve Bank and the International Monetary Fund. “We should be showing them what can be done and the business opportunities from that in terms of investment, in terms of jobs, in terms of growth, are very significant. And they’ve just been cast aside like they don’t matter."
The road block: politics. Morrison came to the prime ministership after months of toxic infighting over energy policy saw Malcolm Turnbull lose a leadership vote that resulted in the nation’s sixth change of leader in 11 years. The new prime minister — who once brandished a chunk of coal in parliament as a show of allegiance to that sector — quickly ditched Turnbull’s contentious plan to lock in carbon emission reductions, leaving the government with no settled energy policy ahead of an election that must be called by May.
Coral bleaching at the Great Barrier Reef.
Source: Kyodo News via Getty Images
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Poisonous politics is also hitting business. Australia’s total investment in clean energy soared to a record $9 billion last year, largely driven by a rush to fulfill a government target that winds down in 2020. Investment will fall off a cliff over the coming years unless there is a major change in government policy, according to Bloomberg New Energy Finance.
Under the Glare Australia is one of the most vulnerable developed countries to climate change - yet also has the financial muscle to respond |
Note: Ranking among developed economies. Source: HSBC |
For Australia’s pension funds, the lack of certainty surrounding climate policy is a problem because they often need to plan decades ahead. With infrastructure assets in particular, which investors may wish to hold indefinitely, ensuring they’ll still be operational and profitable in a changed climate is vital.
“Climate change is here and the impacts are being felt,” said Emma Herd, chief executive officer of the Investor Group on Climate Change, whose members control about A$2 trillion in investments. “Large sections of the private sector are moving in concert with global change and not being driven by domestic regulatory pressures.”
Meantime, Australian firms are developing cutting-edge tools that allow investors to model how climate change will impact precise areas where they have an asset, says Herd. Nick Wood, director of consultancy Climate Policy Research, says the private sector’s attitude has “definitely changed.”
Forget Paris Australia is projected to miss its global commitments on current policies |
Note: Y axis = carbon emissions (MtCO2e) Source: Climate Analytics, Ecofys and NewClimate Institute |
Construction & Building Unions Superannuation, a A$46 billion Australian fund, has committed to making all of its properties have net zero emissions by 2030.
A sheep drinks from what remains at the freshwater dam at Oldfield's farm. Photographer: Brendon Thorne/Bloomberg |
On her dairy farm 700 kilometers inland from Sydney, Ruth Kydd says there is only one answer: prepare now. To prevent dairy production dropping as cows become heat stressed, she’s installed sprinklers for them to cool off under, and stored at least six months supply of feed. That's put her in a stronger position than many to fight the drought.
“All our decisions have a long-term aspect to them, otherwise it’s not worth investing the money,” she says. How the climate will look in a decade or more “is always in the back of your mind.”
Links
- Energy Policy Captive To Lobbyists And 'Mad Ideologues', Tim Flannery Says
- Why Australia Is Heading For Epic Failure On Carbon Emissions
- Morrison Now Officially Worse Than Abbott On Climate Change
- Australia's Rank On Global Development Index Hurt By Climate Change Inaction
- Australia Has No Climate-Change Policy — Again
- The Global Fight Against Climate Change Just Stalled. The Clock To Restart It Is Ticking
- Australia On Track To Miss Paris Climate Targets As Emissions Hit Record Highs
- Australia Tried To Water Down Climate Change Resolution At Pacific Islands Forum: Leader
- Global Warming Tops The Agenda As Climate Brings Down A Third Australian Prime Minister
- Is Climate Change Supercharging Drought In Australia?
- Australia Wilts From Climate Change. Why Can’t Its Politicians Act?
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