15/08/2019

New Zealand Caught In The Middle Of Australia's Climate Change Tussle With The Pacific

ABC News - Melissa Clarke

New Zealand Prime Minister Jacinda Ardern speaks to journalists in Tuvalu. (Pool)
Key points:
  • Jacinda Ardern said every country must commit to greater cuts in carbon emissions
  • The world leaders are expected to come to a consensus on a statement on climate change
  • Mr Morrison has committed to talk about the future of the environment
New Zealand has become caught in the middle of the stoush brewing between Australia and Pacific leaders in Tuvalu over climate change.
Pacific countries want Australia to take stronger action on climate change domestically, a demand Australia's Prime Minister Scott Morrison has so far rebuffed.
As the leaders meet for the Pacific Islands Forum (PIF) in Tuvalu's capital, Funafuti, New Zealand Prime Minister Jacinda Ardern's position will be crucial to determining what the group of leaders can agree upon.
Mr Morrison yesterday announced a $500 million package of funding, redirected from aid spending, to help Pacific countries invest in renewable energy and become more resilient to climate and weather events.
But Tuvalu's Prime Minister, Enele Sopoaga, warned that the climate money should not be used by Australia as an excuse to avoid reducing emissions and phasing out coal-fired power generation.
Today, Ms Ardern has backed calls by the leaders of Tuvalu and Fiji that every country must commit to greater cuts in carbon emissions.
"Like our Pacific Island neighbours, we will continue that international call," she said.
"We will continue to say that New Zealand will do its bit and we have an expectation that everyone else will as well — we have to.
"New Zealand, relative to other nations, has a relatively small emissions profile, however, if we all took the perspective that if you're small it doesn't matter, we wouldn't see change.
"Every single little bit matters."
Ms Ardern would not give a direct answer when pressed on whether Australia's commitment under the Paris Agreement to cut emissions by 26 to 28 per cent was adequate, as other Pacific leaders have said.
"Australia has to answer to the Pacific [and] that's a matter for them," she said.
The 50th Pacific Islands Forum is being held in Tuvalu, a small Pacific country north-east of Australia. (ABC News: Melissa Clarke)
The leaders at the PIF meeting in Funafuti are expected to come to a consensus on a statement on climate change, which is being negotiated over the course of the week.
Australia is pushing back against plans to include in the statement a timeframe for phasing out the use of coal-fired power generation and committing more funding to the UN-backed Green Climate Fund that supports developing countries.
The Carteret Islands were the first place in the world to require population relocations due to climate change, with predictions they would be submerged by 2015.
Ms Ardern did not rule out New Zealand making future contributions to the Green Climate Fund, but echoed concerns Australia has raised about its efficacy.
"Some of our Pacific neighbours haven't been able to access climate finance," she said.
"That some of the direct funding that we're able to put in around protecting water supply, around costal hazards, that's equally important too.
"So you'll see from some our aid and development support, we've gone directly while also acknowledging the multilateral institutions and funds."
At a function with the leaders of Tuvalu and Nauru, Mr Morrison committed to "talk[ing] about the future of the environment".
"When families come together, they talk about the stuff that matters, what's most important to them," he said.
The 50th Pacific Islands Forum is being held in Tuvalu, a small Pacific country north-east of Australia. (ABC News: Melissa Clarke)
Mr Morrison is yet to directly address the Pacific leaders' climate change concerns, but has promised to talk about it.
"To step up, you have to show up and Australia is going to show up," he said.
"We're going to show up for the hard conversations, the good conversations, the family conversations."

Links
at No comments:

ASIC Issues Updated Guidance For Directors Seeking To Avoid Climate Lawsuits

RenewEconomy - 


Australia’s corporate regulator has released updated guidance reminding directors that they need to assess and disclose the risks of climate change to their businesses, or they could be found to be legally liable for a failure to act.
The Australian Securities and Investment Commission’s move follows a Senate inquiry on carbon risk disclosure, and it explains to companies  the type of information that should be included in company prospectus’ and regular reporting of company operations.
There are growing calls from various investor groups for companies to undertake comprehensive assessments of the risks posed by climate change to their operations, and for the development of plans for how those risks will be mitigated.
In particular, company directors have been spurred into action as a result of a growing body of legal advice that suggests directors face the risk of being sued by investors and the wider community if they fail to address the risks of climate change to their companies.
A survey of large banks, insurers and superannuation managers completed by the Australian Prudential Regulation Authority (APRA) found that just one third of respondents believed climate change was a material risk to the operations.
This includes notable advice from the former president of the NSW and Australian Bar Associations, Noel Hutley SC, who suggested that the risk of climate change related litigation is accelerating unless directors start proactively considering climate change risks.
Globally, recommendations to companies are being driven by the Taskforce on Climate-Related Financial Disclosures (TCFD), established by the G20’s Financial Security Board, and chaired by Bloomberg founder and former New York mayor Michael Bloomberg.
Companies have scrambled to understand the recommendations of the TCFD, and those of financial regulators, to mitigate the legal risks of ignoring climate change.
Financial regulators, including ASIC, have pointed to the different kinds of risks that may impact companies, including the physical risks to assets and property, as well as the transitional risks that are created through a shift away from activities that contribute to climate change, such as fossil fuel extraction.
While ASIC updated its guidance on the types of risks that companies should assess and disclose, it believes there are minimal risks that directors will face litigation, provided they follow the advice.
For example, ASIC has now provided updated guidance to companies about the kinds of climate change related financial risks that should be disclosed.
ASIC, along with other regulators, has pointed to two key kinds of risks that may impact companies, including the physical risks to assets and property through flooding and severe weather events, as well as the transitional risks that are created through a shift away from activities that contribute to climate change, such as policies seeking to reduce fossil fuel use.
“Transitioning to a lower-carbon economy may entail extensive policy, legal, technology and market changes to address mitigation and adaption requirements related to climate change,”  the ASIC guidance on prospectus disclosure now says.
“Depending on the nature, speed and focus of these changes, transition risks may pose varying levels of financial and reputational risk to companies (transitional risks of climate change).
“Physical risks resulting from climate change can be event driven (acute) or longer term shifts (chronic) in climate patterns. Physical risks may have financial implications for companies, such as direct damage to assets and indirect impacts from supply chain disruption.”
ASIC has also updated its guidance on ongoing risk disclosures for company directors, recommendation that companies continue to undertake assessments of climate change related risks, and such assessments should feature within regular operational reports for companies.
ASIC believes that provided directors are making such disclosure and that these disclosures are in line with the best available evidence at the time, directors can mitigate the risk of legal liability for making ‘misleading or deceptive’ forward-looking statements.
“While disclosure is critical, it is but one aspect of prudent corporate governance practices in connection with the mitigation of legal risks,” it says.
“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.”
ASIC will undertake active assessment of the climate change risk disclosures by companies, to ensure they are complying with the disclosure expectations.
The announcement was welcomed by the Australian Greens, who were the original instigators of the Carbon Risk Disclosure enquiry that recommended ASIC update its guidance, but said the government needed to do more to ensure the reporting obligations were enforced.
“We’re pleased to see additional work from ASIC providing guidance to companies on carbon risk, following on from the Greens work in establishing a senate inquiry,” Greens spokesperson Adam Bandt told RenewEconomy.
“We’re also calling on ASIC and the government to go further to ensure Australian companies are adequately protected against carbon risk.  The Greens are calling for mandatory carbon risk disclosure requirements for large companies, climate-exposed companies and the financial sector. We also want to see explicit responsibilities introduced for company directors to manage climate risk.”
Alongside regulators, there are growing calls from various investor groups for companies to undertake comprehensive assessments of the risks posed by climate change to their operations, and for the development of plans for how those risks will be mitigated.
Major Australian companies have faced multiple calls from groups representing investors to better assess their contributions to climate change, and the risk it poses to the future of the company.
This has included shareholder resolutions put forward on behalf of shareholders by groups like Market Forces and the Australian Centre for Corporate Responsibility, targeting companies like BHP, AGL, Rio Tinto, Woodside and Santos which all have direct exposures to the fossil fuel industry.

Links
at No comments:

Wollongong Council Declares 'Climate Emergency'

Sydney Morning Herald - Desiree Savage

Environmental organisation Greenpeace has applauded Wollongong City Council's decision to declare a climate emergency, calling it "huge stuff".
Wollongong City Council's declaration brings the total number of NSW councils declaring or recognising climate emergencies to 16. The total was 17, with Wagga Wagga City Council also backing a motion, but this was later recinded amid community backlash against councillors.
Wollongong is the 32nd Australian council to declare climate emergency. Credit: Peter Rae
The City of Sydney council backed a similar motion in June to declare such an "emergency".
Wollongong Councillor Ann Martin moved the motion, which was debated for more than an hour at the council meeting on Monday evening, calling on the council to recognise the community is in a state of climate emergency.
The end result was a vote in favour to support the motion, and also called for a report to look at the best ways Wollongong can combat climate change.
Wollongong Mayor Gordon Bradbery. Credit: AAP
Councillor Leigh Colacino opposed the motion, arguing council was already doing a significant amount in the space.
Lord Mayor Gordon Bradbery offered his support over an issue he believed needed action.
"We can't change the world but we can do out bit," he said.
Wollongong is the 32nd Australian council to declare climate emergency, a move which is more to "stand in solidarity", Cr Bradbery said.
Cr Bradbery said the declaration identifies with "the concerns of people in the community".
"[The declaration] was to identity that there is a need for action, but it gave us a platform to highlight basically what we're achieving already," he said.
"We need to work with other agencies and groups in the city and to do our bit ameliorating global gas emissions."
Cr Bradbery said council would continue to improve and look at ways in which they could improve how the city affects climate change.
Environmentalist Susie Crick has also applauded the move, stating "one pebble dropped in the water creates many ripples".
The Australian councils are part of around 800 across the globe to have declared climate emergencies, encompassing more than 140 million people worldwide.

Links
at No comments: