Invest
Will Morrison commit to net zero by 2050?
Prime Minister Scott Morrison has yet again played down the impacts of climate change, referring to net zero as an aggressive and frustrating target.
Will Morrison commit to net zero by 2050?
Prime Minister Scott Morrison has yet again played down the impacts of climate change, referring to net zero as an aggressive and frustrating target.
Australia’s PM was grilled in Washington on whether Australia would join the US and other Western peers in pledging to reduce global warming and build resilience to climate change by 2050. But, resolute in his resistance to the pledge, Scott Morrison termed the net zero goal as “aggressive”.
Asked whether Australia had decided to go net zero by 2050, the PM told reporters: “If Australia had made such a decision, I would have announced it.
“Australia has not made a final decision on that matter. I will consider it further when I return to Australia.”
Seemingly diverting the attention away from Australia, Mr Morrison added: “If we want to make a difference on climate change, we’ve got to make a difference everywhere, not just in advanced economies.”
Mr Morrison is due to attend the UN climate summit in Glasgow in November, where he is expected to, in fact, commit to net zero by 2050.
Last year, Mr Morrison received a very cool reception by the UN after it decided to block the PM from speaking at the summit, having deemed his climate change policies too weak.
Following the snub, the PM attended the Pacific Island Forum and used this platform to send a message to the UN — instead of committing to net zero by 2050, Australia would chase its own, unspecified, targets.
But with the federal election just around the corner, the PM is now likely to change his tune, with a recent survey conducted for The Sydney Morning Herald revealing as many as 60 per cent of Aussies support the adoption of a 2050 “net zero” target.
Moreover, just this month, the Reserve Bank of Australia released a report warning that physical and transitional risks stemming from the climate crisis could have a systemic impact on the Australian financial system.
The paper, which outlines preliminary estimates of the possible scale of climate exposure facing Australian banks, the RBA estimated that if left unmanaged, climate change could spell real trouble for the local financial system.
About the author
About the author
Economy
Growing optimism as lockdowns wind down and the NSW economy revs up
Consumer confidence has gone up for the sixth week in a row. ...Read more
Economy
Hiring practices are only the start for businesses looking to build diversity
The hiring process is becoming more diverse, but many Australian businesses remain mixed on internal inclusion efforts. ...Read more
Economy
NSW residents to receive $50 ‘stay and rediscover’ voucher
NSW residents will receive a $50 accommodation voucher to spend on accommodation anywhere in the state as the NSW government moves towards kick-starting the economy back into gear. ...Read more
Economy
Barbers weren’t the only big winners as NSW leaves lockdown
NSW’s hairdressers, luggage stores and massage parlours are said to be the biggest beneficiaries of pent-up demand so far. ...Read more
Economy
What do ‘inevitable’ cyber threats mean for investors and consumers?
Saying a major cyber attack on Australia’s financial system will happen is easy, but calculating the costs is hard. ...Read more
Economy
NSW to commence quarantine-free international travel on 1 November
New South Wales will open its gates to the world on 1 November. ...Read more
Economy
‘Skilled migrants are key for future economic growth’: Frydenberg
Projections about the size of the Australian economy are set to be redrafted, with the country now very unlikely to meet population growth targets tailored prior to the pandemic. ...Read more
Economy
Jobless rate rises to 4.6%
Employment fell by 138,000 during September following large drops in Victoria and NSW. ...Read more
How the post-lockdown period will influence property, what the soaring NFT market means, and defining financial wellness
Listen now
APRA’s mortgage crackdown, the power of DeFi and last-minute tax tips
Listen now
What to expect as the end of lockdown looms? Will the Stage 2 tax cuts boost your tax return? Where should investors be looking as the economy reopens?
Listen now
Could property prices inflate by another 20%? What’s happening in recent dividend announcements? Did your fund fail the YFYS test?
Listen now
RBA says BNPL 'no surcharge' rules distort competition
Read more
Australia’s banks may be more vulnerable to cyber attacks than you think
Read more
Investors are more open to net zero but less savvy on the risks
Read more
The more time I spend looking at my money, the further I feel from financial freedom
Read more
Economy
Growing optimism as lockdowns wind down and the NSW economy revs up
Consumer confidence has gone up for the sixth week in a row. ...Read more
Economy
Hiring practices are only the start for businesses looking to build diversity
The hiring process is becoming more diverse, but many Australian businesses remain mixed on internal inclusion efforts. ...Read more
Economy
NSW residents to receive $50 ‘stay and rediscover’ voucher
NSW residents will receive a $50 accommodation voucher to spend on accommodation anywhere in the state as the NSW government moves towards kick-starting the economy back into gear. ...Read more
Economy
Barbers weren’t the only big winners as NSW leaves lockdown
NSW’s hairdressers, luggage stores and massage parlours are said to be the biggest beneficiaries of pent-up demand so far. ...Read more
Economy
What do ‘inevitable’ cyber threats mean for investors and consumers?
Saying a major cyber attack on Australia’s financial system will happen is easy, but calculating the costs is hard. ...Read more
Economy
NSW to commence quarantine-free international travel on 1 November
New South Wales will open its gates to the world on 1 November. ...Read more
Economy
‘Skilled migrants are key for future economic growth’: Frydenberg
Projections about the size of the Australian economy are set to be redrafted, with the country now very unlikely to meet population growth targets tailored prior to the pandemic. ...Read more
Economy
Jobless rate rises to 4.6%
Employment fell by 138,000 during September following large drops in Victoria and NSW. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
