Category Archives: Climate crisis

Australia’s banks likely to reduce lending to regions and sectors at risk of climate change impacts, regulator says

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Apra finds country’s banks may be more vulnerable to economic downturns as they face threefold increase in lending losses

Banks expect to reduce lending to households and businesses in northern Australia and to fossil fuel industries across the country as the risk of losses due to the climate crisis escalates, the industry regulator says.

A new report by the Australian Prudential Regulation Authority (Apra) found climate change could make banks more vulnerable to economic downturns as they face up to a threefold increase in lending losses by 2050, but that the system should be able to absorb the impact.

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Tyre Extinguishers deflate tyres of 900 SUVs in ‘biggest ever action’

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The climate activists claim to have targeted 4x4 owners in eight European and US cities

Guerrilla climate activists Tyre Extinguishers have claimed their “largest ever night of action against SUVs”, with 900 of the vehicles targeted around the world.

“Last night (the evening of Monday 28 November and early morning of Tuesday 29 November), citizens in eight countries deflated tyres on nearly 900 polluting SUVs,” the activist group said in a statement.

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Australia politics live: Dutton says Coalition won’t support motion to censure Morrison – but Archer says she is ‘inclined to’

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The censure motion against Scott Morrison over multiple ministries scandal will be debated in House of Representatives tomorrow. Follow the day’s news live

Bipartisanship cedes to brinkmanship in battle over integrity commission

Meanwhile, Mark Dreyfus is preparing to stare down the Liberals and the Greens over an amendment to the national anti-corruption commission legislation which Dreyfus says risks establishing the commission and the Liberals and Greens say will ensure it won’t be political.

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Tories will not reach ‘embarrassingly poor’ nature targets by 2030, Labour says

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Opposition to unveil plan to reverse biodiversity loss rather than simply halting it, which is government’s current target

The government will not be able to achieve its nature targets by 2030, even though they are “embarrassingly poor”, the shadow environment minister and leading wildlife groups have said.

Next week at the Cop15 biodiversity conference in Montreal, Alex Sobel will be discussing Labour’s “science-led, joined-up plan to tackle the climate and ecological emergency”. The plan will aim to reverse biodiversity loss by 2030, rather than simply halting it, which is the government’s current target.

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Climate concern the main reason voters swung to independents at federal election, study finds

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Nearly half of voters who switched to an independent candidate at 2022 election did so because of climate fears, researchers say

Concern about the climate crisis was the No 1 issue that prompted Australians to switch their vote to an independent candidate at this year’s federal election, according to in-depth social research.

It was the No 2 issue that led to people to swing to Labor, behind concern about the cost of living – including affordable housing.

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Gordon Brown says China must pay into climate fund for poor countries

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Former prime minister says US and Europe will pay biggest share of loss and damage fund, but China must too

China must pay into a new fund for poor countries stricken by climate-driven disaster on the basis of its high greenhouse gas emissions and large economy, the former UK prime minister Gordon Brown has said.

“America and Europe will have to provide most, but China will have to contribute more too,” he told the Guardian.

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The Australian suburbs where more than half of properties will be uninsurable by 2030

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‘We’re now seeing that the system is not able to cope with climate change,’ insurance analyst says

When Kim Sly moved to a lower-lying area of Forbes four years ago, she was asked to pay $12,000 a year for flood insurance.

The bill was a shock. Her new home was built 1.2 metres above the ground to protect it from floods, a factor that did not seem to influence the insurance company’s assessment.

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‘Point of no return’: Chris Packham leads calls for Rishi Sunak to attend Cop15

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Conservationist says if world leaders do not go to the summit a strong deal to halt and reverse nature loss is at risk

Chris Packham is urging the British prime minister, Rishi Sunak, to attend a key nature summit to protect the planet for the sake of his great-grandchildren because we are “very close to the point of no return”.

The Cop15 biodiversity summit being held in Montreal from 7-19 December is the nature equivalent of the recent Cop27 climate summit in Egypt, with governments from all over the world expected to agree targets to halt the destruction of the natural world. But world leaders are not expected to attend the once-in-a-decade meeting where the next 10 years of targets will be agreed.

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US receives stinging criticism at Cop27 despite China’s growing emissions

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The country is highlighting China’s status as top polluter after being called out for climate inaction

The US, fresh from reversing its 30 years of opposition to a “loss and damage” fund for poorer countries suffering the worst impacts of the climate crisis, has signaled that its longstanding image as global climate villain should now be pinned on a new culprit: China.

Following years of tumult in which the US refused to provide anything resembling compensation for climate damages, followed by Donald Trump’s removal of America from the Paris climate agreement, there was a profound shift at the Cop27 UN talks in Egypt, with Joe Biden’s administration agreeing to the new loss and damage fund.

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Trevor McDougall wins $250,000 science prize for researching ‘thermal flywheel’ of climate system

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Oceanographer takes top honours in prime minister’s prizes for science after researching ocean’s role in regulating climate

When Trevor McDougall began studying the ocean in the 1970s he had no idea that his field would become a crucial part of climate science.

The University of New South Wales professor was on Monday awarded the top honour at the prime minister’s prizes for science for his contributions to the field of oceanography and research on the ocean’s role in regulating the climate.

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Australia politics live: Albanese accuses Dutton of ‘dog-whistling’ over Cop27 climate damage fund

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Buy now, pay later review has been coming for a while

The last time the issue was examined, under the previous government, it was decided the industry could regulate itself.

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‘We couldn’t fail them’: how Pakistan’s floods spurred fight at Cop for loss and damage fund

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With the deadly devastation fresh in the world’s mind, Pakistan pushed for damage funds with other frontline countries

In early September, after unprecedented rainfall had left a third of Pakistan under water, its climate change minister set out the country’s stall for Cop27. “We are on the frontline and intend to keep loss and damage and adapting to climate catastrophes at the core of our arguments and negotiations. There will be no moving away from that,” Sherry Rehman said.

Pakistan brought that resolve to the negotiations in Sharm el-Sheikh and, as president of the G77 plus China negotiating bloc, succeeded in keeping developing countries united on loss and damage – despite efforts by some rich countries to divide them. Its chief negotiator, Nabeel Munir, a career diplomat, was backed by a team of savvy veteran negotiators who had witnessed the devastation and suffering from the floods, which caused $30bn (£25bn) of damage and economic losses. Every day, Munir repeated the same message: “Loss and damage is not charity, it’s about climate justice.”

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No ice rinks, fewer lights: Christmas markets across Europe scaled back as energy costs soar

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Cities are trying hard to keep the festive spirit amid the cost of living crisis and war in Ukraine

European Christmas markets and illuminations are scaling back due to the energy crisis and climate breakdown – ditching seasonal ice rinks for rollerskating and switching on lights for less time.

When the traditional end-of-year markets and Christmas lights launch in France and Germany this week, in many cities such as Paris they will go dark hours earlier than usual.

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Rich nations relent on climate aid to poor at Cop27

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Developed countries agree to ‘loss and damage’ fund for vulnerable nations, but delay approving wider deal

The world’s poorest countries have scored a historic victory at the Cop27 climate summit, after countries agreed to set up a fund to help poor countries being battered by climate disasters, but delayed approving a wider deal outlining global resolve to fight climate change.

After tense negotiations that ran through the night, the Egyptian Cop27 presidency early on Sunday released a draft text for an overall agreement – and simultaneously called a plenary session to gavel it through as the final, overarching agreement for the UN summit.

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EU president says Cop27 deal is ‘small step towards climate justice’ but warns much more to be done – as it happened

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Despite breakthrough on fund for developing nations, Ursula von der Leyen says Cop27 has not delivered on commitment to phase down fossil fuels

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The main sticking point of Cop27 has been over the creation of a loss and damage fund – finance provided by rich nations to poorer ones to help them prepare for and recover from the worst impacts of climate breakdown.

Some, especially in the rightwing press, have framed this as “reparations”, a highly loaded term. It’s also misleading, as under article 8 of the Paris climate agreement it is explicitly made clear that loss and damage “does not involve or provide a basis for any liability or compensation”.

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China and US renew commitment to tackling climate crisis but differences remain

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Xie Zhenhua said he’d had ‘very constructive discussions’ with John Kerry at Cop27 but there’s no change on finance issues

China and the US have renewed their partnership to tackle the climate crisis, and are working closely and productively on ways of bringing down greenhouse gas emissions, China’s head of delegation has said.

The surprise news from Xie Zhenhua, who briefed a small group of journalists at the Cop27 UN climate summit in Egypt on Saturday, comes as a rare moment of progress amid a conference mired in stalemate and bitter fighting between developed and developing countries.

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‘False solutions’: scepticism over Saudi carbon capture plan

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Kingdom’s Cop27 announcement of new storage hub part of pattern of delaying fossil fuel transition, experts say

Saudi Arabia is bolstering years of negotiation tactics designed to stymie vital climate negotiations with a focus on carbon capture technologies that experts say risk delaying a meaningful transition from fossil fuels.

The kingdom, which is the world’s second largest oil producer, accounting for roughly 15% of global output, announced plans at Cop27 in Egypt for what it labelled the “circular carbon economy”, in partnership with the national oil company, Aramco, which recently reported $42.4bn in profit.

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What happened at Cop27 on day 11?

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EU agrees to loss and damage fund to help poor countries and activists interrupting proceedings lose their passes

The biggest news of the day broke on Friday morning, with the announcement that the EU would agree to a loss and damage fund to help poor countries with climate disasters.

The climate summit will run until Saturday, according to Agence France-Presse. This is not really a surprise to anyone.

Youth activists staged a Friday climate strike to mark the last formal day of negotiations. Meanwhile during the talks, Nakeeyat Dramani, a 10-year-old Ghanaian climate activist, asked delegates to “have a heart”.

Elsewhere the activists who interrupted the US president, Joe Biden, lost their summit passes, as did the Ukrainian protester who spoke out at a Russian press conference.

A surprisingly large number of gas deals were struck at the summit, with more than a dozen set up.

And Desmog crunched the numbers and found that representatives from big agriculture more than doubled at Cop27.

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Summit to be extended to Saturday as talks remain gridlocked – as it happened

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The European Union has backed a loss and damage fund, one of the key demands of developing countries at the climate talks

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The low-lying Pacific island of Tuvalu has been reacting to the EU’s proposal on “loss and damage”. Its finance minister, Seve Paeniu, called for support for phasing out all fossil fuels, language so far missing from the draft Sharm el-Sheikh agreement.

He described the EU position on loss and damage as a “breakthrough”.

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EU reversal of stance on loss and damage turns the tables on China at Cop27

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China is responsible for more cumulative emissions than any country other than the US

Late on Thursday night in the Egyptian resort of Sharm el-Sheikh, the Cop27 UN climate talks seemed stuck in an irretrievable logjam. Rich and poor countries had reached deadlock, a “breakdown between north and south”, according to the UN secretary general, António Guterres.

By Friday morning, the talks had been upended and the battleground dramatically redrawn, in a way it has not been in 30 years of these annual talks. At stake is the question of whether some of the world’s leading economies – countries such as China, Saudi Arabia and other Gulf petrostates, Russia and countries with high per capita income such as South Korea and Singapore – should start contributing for the first time to help the poorest and most vulnerable countries with the impacts of climate disaster.

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