“Recognising that coal power generation is the single biggest cause of greenhouse gas emissions, and consistent with this overall approach and our strengthened NDCs, domestically we have committed to rapidly scale-up technologies and policies that further accelerate the transition away from unabated coal capacity, consistent with our 2030 NDCs and net zero commitments. This transition must go hand in hand with policies and support for a just transition for affected workers, and sectors so that no person, group or geographic region is left behind. To accelerate the international transition away from coal, recognising that continued global investment in unabated coal power generation is incompatible with keeping 1.5°C within reach we stress that international investments in unabated coal must stop now and we commit now to an end to new direct government support for unabated international thermal coal power generation by the end of 2021, including through Official Development Assistance, export finance, 14 investment, and financial and trade promotion support. This transition must also be complemented by support to deliver this, including coordinating through the Energy Transition Council. We welcome the work by the Climate Investment Funds (CIFs) and donors plan to commit up to $2 billion in the coming year to its Accelerating the Coal Transition and Integrating Renewable Energy programs. These concessional resources are expected to mobilize up to $10 billion in co-financing, including from the private sector, to support renewable energy deployment in developing and emerging economies. We call on other major economies to adopt such commitments and join us in phasing out the most polluting energy sources, and scaling up investment in the technology and infrastructure to facilitate the clean, green transition. More broadly, we reaffirm our existing commitment to eliminating inefficient fossil fuel subsidies by 2025, and call on all countries to join us, recognising the substantial financial resource this could unlock globally to support the transition and the need to commit to a clear timeline.” [CARBIS BAY G7 SUMMIT COMMUNIQUÉ, Our Shared Agenda for Global Action to Build Back Better , 13 June 2021, excerpt]
Thursday 17 June 2021
Tuesday 27 April 2021
Big super funds have threatened to vote against company directors who do not make sure their businesses are committed to action on global heating that includes hitting net zero by 2050
The Guardian, 26 April 2021:
Big super funds have threatened to vote against company directors who do not make sure their businesses are committed to action on global heating that includes hitting net zero by 2050.
The Australian Council of Superannuation Investors (Acsi), which represents investors that manage more than $1tn in retirement savings and hold about 10% of the shares in the top 200 companies in the country, said some boards were not tackling the climate crisis quickly enough.
Its tougher stance comes after a week in which regulators and ratings agencies stepped up the pressure on corporate Australia to properly consider climate risks and the US president, Joe Biden, increased the pressure on the Australian government to commit to emissions cuts sooner.
Australian companies attempting to find new markets due to the trade war with China face a risk that Europe will impose border taxes due to the country’s high emissions. At the same time, new research by insurance group Swiss Re, released this week, estimates that Australia’s economy will take a hit of as much as 12.5% by 2050 if the globe warms by 2.6C.
Under a new climate policy, released on Monday, Acsi now expects companies to adopt and detail a corporate strategy in line with the international Paris agreement, which aims to limit heating to 1.5C, and commit to net zero emissions by 2050.
Acsi said that companies should also work out and fully disclose what physical and financial risk global heating poses to their assets, as well as making sure that their lobbying efforts – including through industry associations – do not undermine efforts to limit climate catastrophe.
It said it would also support “say on climate” resolutions, which ask companies to publicly report on their climate exposure, that are put forward by shareholders at annual meetings.
If companies consistently fail to comply with the new policy, Acsi may recommend a vote against directors when they come up for re-election at shareholder meetings.....
