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Big changes are occurring in the financial sector that suggest the climate change agenda is starting to lose crucial support with the world’s largest fund managers. As support for ESG goals wane, the conversation is shifting to nuclear energy. But does it make any financial sense?
What does it mean when ideas of scarcity – supposedly the driving principle in understanding supply and demand – are no longer the only or best way to think about economic activity? What is needed to understand the post-industrial environment is a new way of thinking about economics and finance.
Recently Pope Francis’ approach is to speak in direct – sometimes blunt – terms about the shortcomings of climate action in recent years, suggesting that we need a system of climate justice that is not built on the backs of the poor.
The government’s Powering Australia Plan promises renewable energy and net-zero emissions by 2050. However, analysts warn that there is little change in the economic and bureaucratic structures that support the fossil fuel industry. Unless Australia finds a way to prosper sustainably, the country will continue to benefit from emissions while the rest of the world suffers.
Dennis Tipakalippa, a Manupi elder, insisted that he and fellow elders were not consulted over the environmental plan developed by Santos for the Barossa Gas Project off the Tiwi Islands. The Federal Court agreed, finding that Santos had not identified or consulted relevant traditional owners.
Who wields the most power in the world? If one follows the money trail, it becomes clear that Western societies have become ruled by a new type of aristocracy: a management aristocracy.
The Liberal wipeout in inner-city electorates is without precedent in Australian politics. For the Liberal Party, ‘existential crisis’ is not an overstatement. As the party founded by Robert Menzies finds itself in the hall of mirrors, climate policy should be a major focus of critical self-appraisal.
On May 3, the Prime Minister of the Solomon Islands, Manasseh Sogavare, vented his fury in parliament at ‘the continual demonstration of lack of trust by the concerned parties, and tacit warning of military intervention in Solomon Islands if their national interest is undermined in Solomon Islands.’ The targets of the speech — Australia and the United States — were clear enough.
The children have been busy. On matters of environmental justice, Australia has witnessed much legal activity from youthful citizens who, despite in some cases not being old enough to vote, have stirred politics. In 2021, five lodged complaints with the United Nations over the failure of the Australian government to cut, in a meaningful way, greenhouse gas emissions by 2030.
On a superficial level, it makes no sense to commit so strongly to managing the impacts of climate change (adaptation) on the one hand while refusing to significantly reduce emissions (mitigation) on the other. On the other hand, when you start to unpack the logic of so much adaptation policy, this contradiction fades away.
At this point, the media cycle is mostly internal, and while the media is talking to itself, Scott Morrison is talking to a rapidly growing base with significant resources. The devil isn’t in the headline here, the devil is in the detail, in the appeal itself.
The Glasgow United Nations Climate Change Conference has been advertised as an effort to focus on sustainable environmental solutions. What got much less attention, if any, is that it is probably at least as much about having a sustainable financial system. Many noted that China, did not send its leader: Xi Jinping, president of the world’s greatest CO2 emitter. There was also another significant absence: the financiers who are hoping to profit from the trillions allocated into climate change projects.
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