Australia PM eyes technology investment climate push

01:55  18 february  2020
01:55  18 february  2020 Source:   msn.com

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technology . Short-term climate targets may account for future cuts. Most of Europe’s biggest oil companies, including Total SA, BP Plc and Equinor ASA, are increasing their investments in renewable energy and voicing support for the Paris Agreement to fight climate change.

The plan includes the creation of a " Climate Innovation Fund," which will invest billion over the next four years to speed up the development of carbon Microsoft plans to cut carbon emissions by more than half by 2030 across its supply chain, an effort requiring technology that does not fully exist

Scott Morrison.© Getty Images Scott Morrison. The Morrison government is set to adopt a technology investment target instead of signing up to a global agreement to achieve net zero emissions by 2050.

Australia is expected to argue technology is the best way to meet a net zero goal that countries signed up to in the 2015 Paris agreement, at an international summit in November, The Australian reported on Tuesday.

Moderate Liberal MPs have been pushing for a net-zero emissions target, while conservative forces within the coalition are fiercely opposed to the idea.

Prime Minister Scott Morrison said he wouldn't sign up to any target without knowing if it would cost jobs or force taxes higher.

Labor Party 'split' on coal, climate change

  Labor Party 'split' on coal, climate change Sky News Political Editor Andrew Clennell says “there is a split in the right of the Labor Party spearheaded by Joel Fitzgibbon who wants more action on coal”. Opposition leader Anthony Albanese said he had no concerns about a secret group of pro-coal members and senators inside the Labor Party. The so-called ‘Otis Group’ reportedly wanted to push the party to the right on disputed issues including climate change and coal.

Aberdeen Standard Investments and Legal & General Investment Management last week joined a push by investors holding trillion in assets calling on miners to cut funding of lobby groups which promote policies Read more: Rio Tinto Joins Push to Tame Heavy Industry’s Key Climate Threat.

Leading climate science institute Woods Hole Research Center is taking its first run at directly influencing corporate behavior on climate That criticism has also been leveled at investor campaigns that push companies to meet standards known as ESG - environmental, social and governance criteria.

"I don't sign up to anything when I can't look Australians in the eye and tell them what it costs," he told reporters in Melbourne.

"None of that information is before me that would enable me to give any such commitment."

Mr Morrison also pointed to New Zealand, which has signed up to the 2050 target, exempting agriculture despite the sector being the country's biggest contributor to emissions.

"We're going to get on with the job of ensuring there's ample investment in renewables, as well as sustainable baseload power to support our heavy industries and our jobs in our regions," the prime minister said.

"But I'm not going to put on a tax. I'm not going to put up your electricity price by committing to these things and I'm not going to wipe out industries that rural and regional Australians depend on."

Meanwhile, Labor is also debating its approach to climate change and resources with some MPs warning the party against hostility towards coal.

WA frontbencher Matt Keogh said his state had a resource-based economy.

"When people appear to be against one area of the resources sector, WA gets worried," he told The Australian.

"Labor is a party that supports the resources industry and its workers across the nation, as well as supporting action to reduce emissions. The two aren't mutually exclusive."

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