Scott Morrison has officially announced a net zero target by 2050, but no new 2030 target, and no change to his Government’s dangerous pro-fossil fuels agenda.
This is the climate policy equivalent of showing up late to a party, refusing to bring what the host asked you to, and then trying to ruin the party for everyone.
7 October 2021: A push by the Federal Nationals to create a $250 billion fund for fossil fuel companies is wildly irresponsible according to climate activist group 350 Australia.
According to media reports this morning, Resources Minister Keith Pitt is pushing to create a $250 billion loan facility for coal and mining corporations in exchange for supporting a net zero emissions target by 2050.
Last week Ross McEwan, the CEO of NAB, fronted up to the Australian Parliament. When he was asked about the bank’s oil and gas policy review, he said they will be measuring their policy against the conclusions of the International Energy Agency’s (IEA) ‘Net Zero by 2050’ scenario.
If Ross really means it, this could be huge: the IEA report states that there must be no new fossil fuel investments after 2021.
We often talk about the revolving door between the fossil fuel lobby and politics – but what about between coal, oil and gas corporations and the finance sector?
Corporations like to overwhelm us with their climate credentials in the form of policy documents and long-term targets – but often the gloss is hiding ongoing profit making from climate chaos.
Climate conflicts and the big four Australian banks
The big four banks in Australia have all made commitments to align their lending with the goal of limiting climate change to 1.5 degrees – but according to Market Forces, they have provided more than $35 billion in funding to fossil fuels between 2016 and 2019.