Barclay Pearce Capital
- Aug 10, 2021
- 5 min read
IPCC report shows rising Earth's temperature.
The IPCC has recently released a report, featured by ABC News, discussing the Earth's rising temperature and the tension around Scoot Morrison and Coalition's climate policy
The article begins with:
"It turns out one of the laws of thermodynamics can be applied to politics: the temperature will rise when pressure increases in a fixed volume.
On climate change, the pressure is building: the time left to take action is diminishing, the political constraints are tightening and global despair at Australia's approach is growing.
The federal government's space to act remains fixed, with the deadline of the Glasgow climate change talks in November looming."
In saying this, the heat on Prime Minister, Scott Morrison, is rising.
IPCC report reinforces the need for immediate action
It is clear that that the impacts of climate change are accelerating.
The article states that:
"The Paris Agreement, adopted in 2015, has the goal of limiting global warming to well below 2.0 degrees, preferably 1.5 degrees, compared to pre-industrial levels.
It's already 1.1 degrees warmer than pre-industrial levels.
The IPCC's new report suggests we will hit 1.5 degrees warming by the middle of 2034.
Forget reaching net zero emissions by 2050, the long-term target the federal government is being dragged towards adopting.
It is what can be done between now and 2030 that will be paramount."
Crabwalk towards Coalition climate policy slowed by infighting
In furtherance,
"Scott Morrison had been inching the Liberal and National parties towards a climate policy of sorts, one that sought to cease the warring as much as to address the warming planet."
The crabwalk to net-zero emissions began with a goal of
"the second half of the century".
Scott Morrison is pushing the goal forwards to
"as soon as practically possible" and "preferably by 2050."
He was a half-step away from committing to achieving net-zero emissions by 2050, a goal championed by allies like the United States. Then came Barnaby Joyce.
"After wresting back the leadership of the Nationals, he gave a rambling explanation of his views on climate change action that somehow involved the price of lunch and sauteed gherkins, but no actual policies.
His return to the leadership of the junior Coalition partner, and the deputy prime ministership, marks the return of the rancorous battles over Australia's climate policies."
International pressure on Australia to act
The article describes the international pressure as being well-canvassed.
"US President Joe Biden embracing the 'net-zero by 2050' target was part of a cascade of ambition on emissions reduction targets by much of the developed world.
As host of the Glasgow climate talks in November, UK Prime Minister Boris Johnson committed to more immediate action, promising a 78 per cent cut on 1990 levels by 2035.
Australia's current policy of 26 to 28 per cent on 2005 levels by 2030 is comparatively parsimonious.
Now the IPCC's latest report has issued a "code red for humanity," as UN Secretary-General Antonio Guterres described it, expectations will change."
Previously, Australia's commitment to achieving net-zero emissions by 2050 may have satisfied the international community, but now, action in the next 10 years will be paramount.
"Australia, along with the developing powerhouses of India, China, Indonesia and Brazil, will have to outline more immediate action.
Without it, limiting global warming to under 2 degrees is a chimera."
Scott Morrison will feel the heat as the environment warms and the pressure builds.
Verdant Earth Technologies
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Verdant is a global renewable conglomerate with a mission to help the world transition to an emission-free future with reliable green energy at a competitive price. Verdant is currently going through its IPO process with a Nasdaq listing expected in October 2021.
Read the full ABC News article here.
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