23/07/2020

Greta Thunberg Gives €1m Award Money To Climate Groups

The Guardian - AFP

Influential climate campaigner says Gulbenkian rights award gave her ‘more money than I can begin to imagine’

Climate campaigner Greta Thunberg won the Gulbenkian prize for humanity on Monday. Photograph: Mattias Osterlund/AP

Greta Thunberg has been awarded a Portuguese rights award and promptly pledged the €1m ($US1.15m) prize to groups working to protect the environment and halt climate change.

“That is more money than I can begin to imagine, but all the prize money will be donated, through my foundation, to different organisations and projects who are working to help people on the front line, affected by the climate crisis and ecological crisis,” the Swedish teenager said in a video posted online on Monday.


She was awarded the Gulbenkian prize for humanity for the way she “has been able to mobilise younger generations for the cause of climate change and her tenacious struggle to alter a status quo that persists”, Jorge Sampaio, chair of the prize jury, said earlier.

The first €100,000 of the prize money will go to the “SOS Amazonia” campaign led by Fridays For Future Brazil to tackle the coronavirus outbreak in the Amazon.

Another €100,000 will go to the Stop Ecocide Foundation “to support their work to make ecocide an international crime”, Thunberg said on Twitter.



The €1m is the largest prize won by the 17-year-old environmental campaigner who has also won Amnesty International’s top human rights prize and the Swedish Right Livelihood Award, often presented as an alternative Nobel.

She said on Monday she was “extremely honoured” to receive the annual Gulbenkian prize.

Thunberg and three other young climate activists on Thursday launched an appeal to EU leaders to “face up to the climate emergency”, in an open letter signed by 150 scientists and a host of celebrities.

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(AU) 'World-First' Legal Case: Student Accuses Australia Of Misleading Investors On Climate Risk

The Guardian

Katta O’Donnell, 23, says her claim will put government ‘on trial for misconduct’ for failing to address climate change

Katta O’Donnell, a law student who has filed a legal claim against the Australian government over its failure to disclose the risks posed by climate change. Photograph: Molly Townsend

A Melbourne university student has launched what has been described as a world-first legal case against the Australian government, accusing it of misleading investors in sovereign bonds by failing to disclose the financial risk caused by the climate crisis.

In a claim filed in the federal court on Tuesday, Katta O’Donnell, a fifth-year law student at La Trobe University, said the government was breaching a legal duty and deceiving investors by not informing them upfront of the climate risk they face.

Climate risk refers to assessments of the expected impact of the climate crisis on investments, including the likelihood that fossil fuel investments will lose value and potentially become stranded as the world reduces greenhouse gas emissions.

The Reserve Bank of Australia and the country’s corporate and financial regulators have warned that climate change exposes the economy and financial system to risks that will get worse if action is not taken.

O’Donnell’s case, backed by David Barnden of Equity Generation Lawyers, argues that the government and its officials have failed in their duty of care by not taking climate change into account when doing their job.

The student said the case had been developed after she introduced herself to Barnden when he gave a lecture at La Trobe on climate risk last year. She said it would put the government “on trial for misconduct” for failing to deal responsibly with the climate crisis.

“I’m 23, I look to the future and I can definitely see that climate change is here and is going to get worse,” O’Donnell said. “It’s time the government told the public about the impact climate change will have on our future and the economy.”

She said young Australians owned bonds through their superannuation funds but were in the dark about government assessments of the climate risk their investment faced. Sovereign bonds are issued by governments to fund spending. Australia’s are worth more than $700bn, mostly held by central banks and pension funds.

“While the current government will be long out of power by the time we can access this money, our financial security … will bear the brunt of its climate legacy,” O’Donnell said.

Barnden said he believed it was the first case that dealt with climate change as a material risk to the global sovereign bond market. 

He said the risk was increasingly being recognised by institutional investors, pointing to the Swedish central bank last year selling bonds from Western Australia, Queensland and the oil-rich Canadian province of Alberta due to their failure to do more to address climate change.

“Australia is on the frontline of sovereign climate risk,” Barnden said. “We confront the harrowing physical impacts of drought and bushfires and we also face the financial risks of an economy over-exposed to fossil fuels being left behind as the world shifts to clean energy.”

He said the legal claim had been filed after he wrote to the government on O’Donnell’s behalf asking for it to change its disclosure policy. O’Donnell is also represented by the barrister and former federal court judge Ron Merkel QC.

The government had not responded publicly at the time of publication.

Rob Henderson, a former National Australia Bank markets chief economist, now an economics and financial consultant, said it was a “really interesting claim”.

He said there had been a significant shift in thinking over the past decade that had accelerated after the Australian Prudential Regulation Authority warned in 2017 that it was not safe for companies to ignore climate risks. He said Australia’s major banks now all published annual climate reports and issued green bonds.

“In some ways I’m surprised this claim hasn’t been brought earlier, and the commonwealth hasn’t taken the initiative in laying out how it would do this properly,” Henderson said. “It’s an anomaly in our current financial system.”

Apra is developing a climate risk variability assessment for investors based on scenarios published by the Network for Greening the Financial System, a collection of 66 central banks, including the Reserve Bank of Australia. The assessment was expected to be finished by September but has been delayed by the Covid-19 shutdown.

The scenarios included an estimate that global GDP could fall by 25% this century if the world did not act to reduce emissions.

The Morrison government has set a 2030 climate target of a 26% to 28% cut in emissions by 2030 – less than scientists say is necessary to play its part under the Paris agreement. It is resisting a global push to set a goal of net zero emissions by mid-century.

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(AU) Review Of Australia’s Hopeless Environmental Laws Completely Ignores Climate Change

RenewEconomy - 



A review of Australia’s primary environmental law has delivered a well reported and damning assessment of its effectiveness, or lack of it. But perhaps its greatest failure is that it completely ignores the impacts of climate change on the Australian environment.

The interim findings of a review of the federal Environmental Protection and Biodiversity Conservation Act (EPBC Act), being undertaken by former ACCC chair and professorial fellow at the Monash Business School Graeme Samuel, were published on Monday, detailing how Australia’s environment is on an “unsustainable” trajectory.

The review found Australia’s environmental laws are ineffective, and “do not enable the Commonwealth to play its role in protecting and conserving environmental matters that are important for the nation.”

“It is not fit to address current or future environmental challenges,” the report says.

However, while the report has flagged a range of possible reforms to Australia’s environmental laws, it has stopped short of recommending that climate change considerations are incorporated as part of Australia’s environmental laws.

Climate change was ignored by the review, and it appears the EPBC Act will continue to lack any consideration of the contributions that projects like coal and gas developments can have on global warming, nor will the environmental laws consider the need to address climate adaptation measures.

Greenpeace Australia campaigner Jonathan Moylan told RenewEconomy that climate change was already causing damage vulnerable part’s of Australia’s ecosystems and that it was imperative that Australia’s core environmental law was responsive to the impacts of global warming.

Moylan added that it was disappointing to see climate change ignored, given the clear impacts it has had on the Australian environment in recent times.

“Species extinction, habitat destruction, and the repeat mass bleachings of the Great Barrier Reef are monuments to the failure of the Environment Protection Biodiversity and Conservation Act,” Moylan said.

“However, as it stands the government’s response to the review will fail to stem and indeed exacerbate the tide of threats to biodiversity, air, water and the climate. It is extraordinary that after a summer of deadly bushfires we still have no mention of the biggest threat to biodiversity – climate change – in our main national environmental law.”

“We need a new generation of environmental laws that are effective in protecting nature, governed by an independent, transparent and accountable regulator and access to justice,” Moylan added.

The review of the EPBC Act was commissioned by federal environment minister Sussan Ley, who expressed a desire to see the obligations imposed by the EPBC Act wound back in an effort to reduce “green tape”.

In launching the review, Ley indicated the Morrison government wants to see the EPBC Act amended to reduce the opportunity for environmental groups to use the Act as the basis for legal challenges, with a range of project developers, particularly those in the fossil fuel industries, complaining of “environmental lawfare”.

“This is our chance to ensure the right protection for our environment while also unlocking job-creating projects to strengthen our economy and improve the livelihoods of every-day Australians. We can do both as part of the Australian Government’s COVID recovery plan,” Ley said.

While the review did not seek to expand the scope of the environmental protections provided by the EPBC Act, it found the laws were ineffective and inefficient, and that they failed to deliver meaningful protections of Australia’s vulnerable environmental systems.

“Australia’s natural environment and iconic places are in an overall state of decline and are under increasing threat. The current environmental trajectory is unsustainable,” the report says.

“The EPBC Act is ineffective. It does not enable the Commonwealth to protect and conserve environmental matters that are important for the nation. It is not fit to address current or future environmental challenges,” Samuel added.

In many ways, the findings of the review are perplexing, as they identify many of the shortcomings of the existing EPBC Act, but mostly offers recommendations for how the scope of protections established by the act can be narrowed.

One notable example is the approach the review has taken to consideration of groundwater protections that apply to proposals for new coal and gas projects.

There had been calls to loosen the environmental laws for coal and gas projects, particularly concerning the “water trigger” which requires the federal government to consider the impacts of coal and gas projects on water resources before awarding approval for a project.

The review has resisted the calls to abolish the “water trigger” altogether, but said that its application should be limited to situations where impacts of coal and gas projects on water resources present a risk to threatened species, world heritage sites and wetlands of international significance, or where there are issues that cross state borders.

The regulation of more general impacts on water resources should be handed back to state governments, the review recommended.

Such suggestions have been deeply criticised by environmental groups, which say state governments lack the ability to consider environmental issues of national concern.

“The review outlines the catastrophic impact of twenty years of failure in Australia’s environment laws, impacts that have been in plain sight throughout the operation of the EPBC Act. This is a law that was introduced by a Coalition Government and administered by Coalition governments for 14 of those 20 years,” The Wilderness Society’s Suzanne Milthorpe said

“Now this Coalition Government is asking us to trust them on immediately handing environmental safeguards to the states while promising at some time in the future to make changes of an ill-defined nature to improve environmental standards.”

The EPBC review will continue to receive submissions on the interim findings and is expected to be delivered in October.

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