When Angus Taylor took the stage in Madrid for an official address to the UN climate conference this week, he made no mention of the bushfires ravaging Australia. It was an omission that drew international interest
and doing nothing is not a solution", and committed the state to lowering greenhouse gases by 35 per cent on 2005 levels by 2030.
The UN climate talks kicked off this week with a statement from institutional investors calling on governments around the world to phase out thermal coal power worldwide, put a price on carbon, end subsidies for fossil fuels, and strengthen commitments to Paris targets. A "key enabler" is the work of the Financial Standards Body, an initiative of the G20 group of major economies, to establish a new standard for climate change-related financial risk disclosures. "I find it weird to say an accounting standard is going to change the world. But it's not just me, it's what ASIC [the Australian Securities and Investments Commission] and APRA [the Australian Prudential Regulation Authority] have been pushing for," she says.
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