
Most read
Pros and cons: Working in the gig economy...
Pros and cons: Working in the gig economy...

Latest Podcast
Is the market overheating; should ETFs take your fancy, and what’s happening t...
Is the market overheating; should ETFs take your fancy, and what’s happening t...

Resources
There is $17.5 billion in lost and unclaimed super across ...
There is $17.5 billion in lost and unclaimed super across ...
Invest
Rich Aussies produce more emissions than Pacific islands combined
Australia’s top 5 per cent of people are responsible for more carbon emissions than the entire Pacific islands combined, new research has found.

Rich Aussies produce more emissions than Pacific islands combined
Australia’s top 5 per cent of people are responsible for more carbon emissions than the entire Pacific islands combined, new research has found.

Days after Australia was kicked out of the UN due to Australia’s “stubborn refusal” to uphold its climate ambitions, Oxfam has revealed the extent of Australia’s climate problem.
The research showed that the 1.2 million people that make up Australia’s top 5 per cent are responsible for more carbon emissions annually than all 11 million citizens of Pacific islands combined.
This is partially due to Australia’s energy consumption being eight times as much carbon emissions each year as Pacific islanders.
Oxfam chief executive Lyn Morgain said Australia owed it to Pacific island nations, which are already bearing the brunt of the impacts of climate change, to do better and make stronger commitments at the upcoming meetings.
“There’s still time to take meaningful action and step into line with the rest of the world by making more significant commitments and setting more ambitious targets.
“While cancelling the Kyoto ‘carryover credits’ would be a welcome first step, Australia must stand with our Pacific neighbours by matching our climate action ambition to the scale of the threat that faces these communities. At a minimum, Australia must cancel the credits and commit to net-zero emissions targets as soon as possible.”
Australia refutes UN’s claims
UN Secretary-General Antonio Guterres made the claims that it is time to declare a state of climate emergency, with nations following through on previous promises.
So far, 38 countries have declared a climate change emergency even though the UN pointed out that countries are unlikely to reach their agreed-upon targets set out during the Paris Agreement.
“Five years after the Paris Agreement, we are still not going in the right direction,” Mr Guterres said.
“Paris promised to limit temperature rises to as close to 1.5 degrees as possible. But the commitments made in Paris were far from enough to get there, and even those commits are not being met.”
“If we don’t change course, we may be headed for a catastrophic temperature rise of 3 degrees this century,” he explained.
Despite Australia’s carbon emission levels, and calls from the UN to declare a national climate emergency, Resources Minister Keith Pitt highlighted that these are grand statements without action.
“Grand statements are quite simple to make,” he told ABC radio on Monday.
“It’s about outcomes, it’s about a plan, it’s about knowing where we’re going and what it will cost, and it’s about delivery.”
Mr Pitt refused to offer a view on achieving a climate target by 2050, instead jokingly stating he might not be alive in 30 years.
“In 30 years, I’m hopeful I’m still breathing, but we’ll maintain our focus on the commitments we’ve made, that the Australian people have agreed to,” he said.
“In regional Australia in particular, we want to make sure that those big industries that continue to drive employment for us are sustainable into the long term.”
About the author

About the author


Economy
Morrison says net zero won’t be achieved in wine bars, but fails to provide national plan
Prime Minister Scott Morrison has pledged to spend an extra $540 million on clean energy projects, as Australia prepares for the climate summit. ...Read more

Economy
Next step of COVID recovery begins with the budget, PM says
Prime Minister Scott Morrison has his sights set on a business-led economic recovery from the COVID-19 pandemic, relying on deregulation to help grow Australian businesses. ...Read more

Economy
Frydenberg promises jobs and services budget
The federal Treasurer has announced the budget will put jobs at the forefront, with fiscal repair likely to be put on the backburner, as the country looks to recover from the first economic downturn i...Read more

Economy
6 reasons not to worry about inflation
Despite consumer expectation of strong inflation, a leading expert has noted six reasons why the world economy will not experience strong inflation growth, even with large government spending and reco...Read more

Economy
Labour market bounceback sees consumer confidence reach decade high
The end of JobKeeper and a botched vaccine rollout have not dented consumer sentiment, with strong labour market data leading to consumer confidence rising to levels not seen since the GFC recovery, a...Read more

Economy
Vaccine rollout delay could set back herd immunity by 12 months, costing billions
Australia’s delay in the vaccine rollout is tipped to cost the nation over $1.4 billion and see residents locked down for an additional 11.1 days, an industry expert has said. ...Read more

Economy
Economy may have just hit pre-COVID levels
The Australian economy is tipped to bounce back to its pre-pandemic level within weeks, according to the IMF. ...Read more

Economy
New Zealand reveals travel bubble arrangement with Australia
New Zealand Prime Minister Jacinda Ardern has announced that the country will begin a quarantine-free travel bubble with Australia within a fortnight. ...Read more

Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now

Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now

Raging floods, the tech stock bubble and the ongoing SG debate
Listen now

Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now

Economy
Morrison says net zero won’t be achieved in wine bars, but fails to provide national plan
Prime Minister Scott Morrison has pledged to spend an extra $540 million on clean energy projects, as Australia prepares for the climate summit. ...Read more

Economy
Next step of COVID recovery begins with the budget, PM says
Prime Minister Scott Morrison has his sights set on a business-led economic recovery from the COVID-19 pandemic, relying on deregulation to help grow Australian businesses. ...Read more

Economy
Frydenberg promises jobs and services budget
The federal Treasurer has announced the budget will put jobs at the forefront, with fiscal repair likely to be put on the backburner, as the country looks to recover from the first economic downturn i...Read more

Economy
6 reasons not to worry about inflation
Despite consumer expectation of strong inflation, a leading expert has noted six reasons why the world economy will not experience strong inflation growth, even with large government spending and reco...Read more

Economy
Labour market bounceback sees consumer confidence reach decade high
The end of JobKeeper and a botched vaccine rollout have not dented consumer sentiment, with strong labour market data leading to consumer confidence rising to levels not seen since the GFC recovery, a...Read more

Economy
Vaccine rollout delay could set back herd immunity by 12 months, costing billions
Australia’s delay in the vaccine rollout is tipped to cost the nation over $1.4 billion and see residents locked down for an additional 11.1 days, an industry expert has said. ...Read more

Economy
Economy may have just hit pre-COVID levels
The Australian economy is tipped to bounce back to its pre-pandemic level within weeks, according to the IMF. ...Read more

Economy
New Zealand reveals travel bubble arrangement with Australia
New Zealand Prime Minister Jacinda Ardern has announced that the country will begin a quarantine-free travel bubble with Australia within a fortnight. ...Read more