The number of days over 35oC in Darwin has increased from 5.6 per year to 22.2 per year. CSIRO modelling estimates that without climate action this could rise to 132 days per year in 2030 and 275 days per year in 2070. Such extreme heat would have profound effects on human health, industries and ecosystems. Given the NT’s vulnerability to climate change, development of emission-intensive oil and gas reserves are not in the Territory’s interests.
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Polling released today by The Australia Institute shows strong support for reviewing the environmental approval for the Adani mine in the Prime Minister’s seat, as well as the seat of Brisbane.
On the evening of 5th March ReachTEL surveyed 676 voters in Wentworth and a 747 voters in the electorate of Brisbane, with a series of questions on the Adani mine and the surrounding policy options, including reviewing the environmental approval and stopping taxpayer subsidies.
“Adani isn’t just a potent issue in Batman. It’s an issue on the government and the Prime Minister’s plate, right now, said Ebony Bennett, Deputy Director at The Australia Institute.
The Australia Institute made a Submission to Review of the rate of return guidelines. As an appendix we have attached a paper, The equity premium in Australia, that should be read in conjunction with this submission. This paper was prepared for the 2017 Conference of the Society of Heterodox Economists at the University of New South Wales.
This submission will mainly concentrate on the use of two premia; the inflation premium and the ‘equity premium’ as it is generally called in the economics literature.
State and Territory initiatives beat NEG target by 5 years
The Australia Institute’s new Climate and Energy Program has released the Electricity Update of the National Energy Emissions Audit (The Audit*) for March 2018, authored by renowned energy expert Dr Hugh Saddler.
Electricity demand and emissions in the National Energy Market continue to decline to levels not seen since 2004, meaning current policy setting are set to achieve the very low emissions ambition of the governments’ proposed National Energy Guarantee (NEG), only 5 years earlier.
The Australia Institute's Climate & Energy Program released the March 2018 quarter National Energy Emissions Audit, by renowned energy expert Hugh Saddler.
+ Australia’s energy emissions were almost unchanged over the three months from September to December 2017
Australia’s annual energy combustion emissions have now been hovering at or around their highest ever levels for nearly two years altogether.
+ Petroleum consumption continues to be is the main driver of emission increases
As Australians face sea level rise, extreme weather and increasing heatwaves polling shows most want adaptation costs to be footed by fossil fuel companies, not ratepayers.
The polling also found two third (67%) of Australians (east coast states) believe state and federal governments are not doing enough to prepare for the impacts of global warming. Less than one in five (18%) believe they are doing enough.
[Polling brief see PDF below]
“56% of Australians polled believe global warming will lead to regional conflict and national security risks,” Deputy Director of The Australia Institute, Ebony Bennett said.
Federal Ministers and officials have helped Adani in attempts to secure funding from foreign governments – not once, but twice in 18 months.
New documents from the Department of Foreign Affairs and Trade (DFAT), requested under FOI by the Australia Institute, show in 2017 Adani asked for a “letter of support” to be sent to the Chinese government to “cut through financing negotiations in China” and “help securing Chinese financing”.
That letter was sent in September 2017 by then Deputy Prime Minister Barnaby Joyce and Trade Minister Steve Ciobo.
FOI documents show Barnaby Joyce and Steve Ciobo’s “letter of support” for Adani’s coal project sent to the Chinese government was in response to Adani’s request “to help secure Chinese financing”. DFAT also met Korea’s Ex-Im Bank in 2016 to discuss the project, on Adani’s request. Despite an earlier FOI initially capturing “several hundreds of pages” about securing foreign funding for Adani, DFAT now says there are no pages to release.
The Australia Institute made a submission to the Department of the Environment and Energy as part of the Clean Energy Finance Corporation Statutory Review.
This submission makes five main points regarding the CEFC relating to the two key issues for consideration by the Department, being: the effectiveness of the CEFC in facilitating increased flows of finance into the clean energy sector; and any other matters considered relevant to the operation of the CEFC Act more generally:
The Australia Institute welcomes the opportunity to make this submission to the Senate Inquiry on Corporate Tax Avoidance. The issue of tax avoidance by multinational companies has been a research focus of the Institute for some time. While issues of declining PRRT payments and low company tax payments are becoming widely known, particularly due to this committee’s work, another important part of public discussion is the claims by corporations that they are actually large tax payers.