2022-11-09
Today was Finance Day at COP27 in Sharm El Sheikh, targeting banks, investors and insurers.
Despite the focus on the Green Climate Fund and loss and damage compensation, the message from grassroots movements is clear, the vulnerable are being left behind while fossil fuel companies are making windfall profits.
Without developed countries implementing their agreed commitments from COP26 we will never be able to meet our 1.5 degree target and will further exacerbate environmental, social and economic issues for our most vulnerable communities across the world and demographics such as women, children and island nations.
Lines attributable to The Greens spokesperson for resources, science, trade and tourism, Yamatji-Noongar Woman Senator Dorinda Cox:
“Australia must pay its fair share. Our emissions are rising faster than our contributions to the Green Climate Fund. We not only have to meet our contributions to the fund but look at development through a climate lens.
“We must take responsibility for the damage we’re causing to the planet. Real climate action relies on adaptation in business and finance models in an ever changing economic climate and Australia cannot open or expand the 114 coal and gas projects in the pipeline without committing to compensating the vulnerable for ‘loss and damage’.
“Australia must take its place as a regional leader and end its dependence on fossil fuels. We cannot continue to be a petrostate like Russia while we’re bidding to hold a joint COP with Pacific Nations who have specifically called on us to stop in the name of their homes, culture and lives.
“Indigenous peoples around the world are calling for climate justice, including climate reparations - another knowledge hub or research centre will not save lives or stop Indigenous and Island Nations becoming climate refugees.
“Australia must use its regulatory power to enact mandatory disclosure of climate-related financial risks for the private sector. Currently ASIC encourages voluntary disclosure, aligned to that TaskForce on Climate-related Financial Disclosures (TCFD), however a mandatory disclosure regime will better enable industry, government and civil society to understand the state of play, and clearly identify those who are the leaders or laggards.
“Climate finance should be seen to be a complimentary fund that provides a Climate Trigger Bill, already introduced by Senator Hanson-Young in September 2022, across all new development projects and to ensure a smooth transition to a cleaner energy economy.
“Governments must step up and listen, it’s time to pay the rent and to be the active change agent in building effective private-public partnerships for vulnerable communities that enable renewable energy infrastructure to be built at scale and speed required in Australia and across the Pacific.”