New deals force green thinking
Australia is set to sign up to new agreements that will require it to integrate climate and pricing risks in its investments.
Reports say federal environment minister Sussan Ley will announce that Australia is joining the Coalition for Climate Resilient Investment and the Call for Action: Raising Ambition for Climate Adaptation and Resilience.
The Climate Resilient Investment is an initiative of the upcoming Cop26 UN climate conference in Glasgow, aimed at instituting more efficient integration of physical climate risks in investment decision-making.
The Call for Action: Raising Ambition for Climate Adaptation and Resilience is spearheaded by the UK but has been signed by 118 countries.
The agreement requires signatories build “resilient futures by putting climate risk at the centre of decision-making”, opening the path to “long-term low greenhouse gas emission development strategies, or other relevant long-term strategies”.
The moves are expected to inflame tensions in the Liberal-National Coalition, which contains several members who are rabidly opposed to considering climate risks or thinking long term.