Invest
In the naughty corner: UN snubs Australia for dragging its feet on climate change
Invest
In the naughty corner: UN snubs Australia for dragging its feet on climate change
Scott Morrison wasn’t among the 70 world leaders speaking at the UN’s Climate Ambition Summit over the weekend due to Australia's “stubborn refusal” to up its climate ambitions – an attitude that is expected to pose significant costs to the Aussie economy.
In the naughty corner: UN snubs Australia for dragging its feet on climate change
Scott Morrison wasn’t among the 70 world leaders speaking at the UN’s Climate Ambition Summit over the weekend due to Australia's “stubborn refusal” to up its climate ambitions – an attitude that is expected to pose significant costs to the Aussie economy.
The Morrison government failed to secure a speaking spot at the the UN’s virtual Climate Action Summit, which took place over the weekend, just days after the PM said he would be there to “correct the record”.
It is believed that Mr Morrison’s plans to unveil Australia’s intention to ditch the use of Kyoto carryover credits to meet its Paris Agreement commitments were not deemed significant enough to warrant a speaking spot.
“I wish them well for the summit. I’m sure it’ll be very nice,” the PM said on Friday, after it was revealed he would not be among the 70 world leaders to speak at the summit.
After being booted from the UN summit, the PM attended the Pacific Islands Forum on Friday, where he refused to formally commit to cutting emissions by 26 to 28 per cent on 2005 levels by 2030. Mr Morrison also refused to agree to aim for net zero emissions by 2050, instead telling the forum Australia is "committed to achieving net zero emissions as soon as possible".
Commenting on Australia’s UN snub, Professor Tim Flannery, Chief Climate Councillor, scientist and former Australian of the Year said: “With all our major trading partners and strategic allies now stepping up their commitments to climate action, Australia faces a diplomatic firestorm, not to mention decades of economic fallout, if it fails to act.”
Similarly, Professor Lesley Hughes, Climate Councillor and climate scientist, opined that the PM’s expectations were ill founded.
“The Morrison government announcing it will not use dodgy Kyoto ‘carryover credits’ to meet its Paris target is like your child looking for praise after coming home from school and telling you they decided not to cheat in their exams. This is not enough to convince the international community we are serious.”
Nicki Hutley, Climate Councillor, economist and partner at Deloitte, said that while Australia has clearly been banished to the “naughty corner”, the country’s climate inaction carries a significant cost.
“Australia has a long way to go. This summit needs to bring about more action. If we don’t do something now, we will have huge economic disruptions.
“By acting on climate change, we can create new jobs, set up clean export industries for the future, and a prosperous economy,” said Mr Hutley.
Last month, Deloitte Access Economics warned that the Australian economy could lose $3 trillion and 880,000 workers over the next 50 years if climate change is not addressed.
“If you think COVID is awful, then you should be prepared to fight against an even bigger threat. COVID shows the cost of overlooking catastrophic risks. So, it’s an urgent wake-up call for us to get ahead of that other big risk – climate change,” Deloitte’s chief economist, Chris Richardson, said.
RELATED ARTICLES
About the author
About the author
Economy
Inflation concerns grow as consumer price index rises, prompting potential interest rate hikes
The latest Consumer Price Index (CPI) data has sparked fresh concerns about inflation in Australia, with experts suggesting that further interest rate hikes may be on the horizon. The CPI, a key ...Read more
Economy
State Street economist comments on latest labour force data amid market anticipation
The latest labour force data, released today, has prompted a measured response from financial experts, with insights provided by Krishna Bhimavarapu, APAC Economist at State Street Investment ...Read more
Economy
RBA's interest rate hike impacts Australian employment landscape
The Reserve Bank of Australia (RBA) has decided to increase interest rates by 25 basis points, raising the cash rate to 3.85%. This move, aimed at controlling inflation, has elicited responses from ...Read more
Economy
RBA’s latest rate hike sparks debate over economic impact
In a surprising move, the Reserve Bank of Australia (RBA) has increased the cash rate, signalling a significant shift in its monetary policy approach. This decision comes amid a backdrop of unexpected ...Read more
Economy
When inflation reopens the rate door: A broker-sector case study in defending margins, clients and share
Australia’s latest trimmed-mean inflation reading at 3.3% has revived the prospect of another Reserve Bank move and put lenders, brokers and borrowers back on a tightening footing. This case study ...Read more
Economy
Inflation rise dampens hopes for interest rate cuts as employment dynamics shift
In a development that has dashed hopes for an interest rate cut, Australia's Consumer Price Index (CPI) has surged back to 3.8%, erasing the progress made since October. This unexpected rise in ...Read more
Economy
Inflation surge poses challenges for small businesses and consumers
The latest inflation figures have sparked concern among Australian businesses and consumers alike, with the rising costs expected to influence the Reserve Bank of Australia's (RBA) upcoming interest ...Read more
Economy
Australia’s spending surprise raises the odds of a February rate move — here’s how to protect margin and momentum
Household outlays are running hotter than economists expected, with the latest ABS readings showing broad-based gains across services and goods. That resilience is exactly the kind of demand impulse ...Read more
Economy
Inflation concerns grow as consumer price index rises, prompting potential interest rate hikes
The latest Consumer Price Index (CPI) data has sparked fresh concerns about inflation in Australia, with experts suggesting that further interest rate hikes may be on the horizon. The CPI, a key ...Read more
Economy
State Street economist comments on latest labour force data amid market anticipation
The latest labour force data, released today, has prompted a measured response from financial experts, with insights provided by Krishna Bhimavarapu, APAC Economist at State Street Investment ...Read more
Economy
RBA's interest rate hike impacts Australian employment landscape
The Reserve Bank of Australia (RBA) has decided to increase interest rates by 25 basis points, raising the cash rate to 3.85%. This move, aimed at controlling inflation, has elicited responses from ...Read more
Economy
RBA’s latest rate hike sparks debate over economic impact
In a surprising move, the Reserve Bank of Australia (RBA) has increased the cash rate, signalling a significant shift in its monetary policy approach. This decision comes amid a backdrop of unexpected ...Read more
Economy
When inflation reopens the rate door: A broker-sector case study in defending margins, clients and share
Australia’s latest trimmed-mean inflation reading at 3.3% has revived the prospect of another Reserve Bank move and put lenders, brokers and borrowers back on a tightening footing. This case study ...Read more
Economy
Inflation rise dampens hopes for interest rate cuts as employment dynamics shift
In a development that has dashed hopes for an interest rate cut, Australia's Consumer Price Index (CPI) has surged back to 3.8%, erasing the progress made since October. This unexpected rise in ...Read more
Economy
Inflation surge poses challenges for small businesses and consumers
The latest inflation figures have sparked concern among Australian businesses and consumers alike, with the rising costs expected to influence the Reserve Bank of Australia's (RBA) upcoming interest ...Read more
Economy
Australia’s spending surprise raises the odds of a February rate move — here’s how to protect margin and momentum
Household outlays are running hotter than economists expected, with the latest ABS readings showing broad-based gains across services and goods. That resilience is exactly the kind of demand impulse ...Read more
