Climate risk to hit insurance premiums

Original article by David Ross
The Australian – Page: 15 : 4-Jan-21

The results of an Australian Competition and Consumer Commission inquiry into insurance in Northern Australia were released in the week ending 1 January. The ACCC has called on the federal government to directly subsidise insurance premiums in Australia’s tropical north, with some insurance companies stating in submissions to the inquiry that they expect to start pricing for climate change risks for customers in that part of the nation. The ACCC noted that home insurance premium growth across northern Australia rose 178 per cent between 2007 and 2019, compared to a 52 per cent rise in the rest of the country over the same period. The ACCC also called for the scrapping of stamp duty on insurance products, which is imposed by state and territory governments.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Lack of climate action over 50 years will cost the economy $3.4tn and 880,000 jobs – report

Original article by Adam Morton
The Guardian – Page: Online : 2-Nov-20

Deloitte Access Economics claims the Australian economy would receive a ‘hit’ comparable to COVID-19 every year by 2050 if the ‘climate crisis’ is not addressed. The consultancy firm contends the Australian economy will be six per cent smaller and there will be 880,000 less jobs if the crisis remains unchecked over the next 50 years, as well as there being $3.4 trillion in lost economic opportunities. Chris Richardson from Deloitte Access Economics says the experience of COVID-19 has shown the cost of ignoring "catastrophic risks".

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD

Low-carbon future will arrive within a decade: APRA exec

Original article by Joanna Mather
The Australian Financial Review – Page: 6 : 15-Oct-19

Australian Prudential Regulation Authority executive board member Geoff Summerhayes says the transition to low-carbon energy will occur more quickly than has been forecast, most likely by 2030. Summerhayes has told a conference organised by the Investor Group on Climate Change that there needs to be more honest discussions about the ‘existential nature’ of climate change, and that the transition to a low-carbon future will have impacts that will not be equal across the Australian economy.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, INVESTOR GROUP ON CLIMATE CHANGE

Emissions cut would save economy $550b

Original article by Tom McIlroy
The Australian Financial Review – Page: 11 : 7-Jun-19

The Melbourne Sustainable Societies Institute contends that the cost to the economy of carbon emissions reduction are far less than the damage caused by inaction on climate change. In a report released a day after federal government data revealed that Australia’s greenhouse gas emissions rose by 0.8 per cent in the December 2018 quarter, the Institute claims that the Australian economy would be $550 billion better off by 2030 by reducing carbon emissions to curb the impact of climate change.

CORPORATES
UNIVERSITY OF MELBOURNE. MELBOURNE SUSTAINABLE SOCIETY INSTITUTE

Cal for new ETS based on emission intensity

Original article by Ben Potter, Mark Ludlow
The Australian Financial Review – Page: 4 : 1-Sep-16

The Climate Change Authority has proposed the introduction of a market-based emissions intensity scheme for the electricity industry. Under the proposed scheme, the power industry could use local carbon credits to offset the liability but would not have access to international credits. Power generators support the idea while the LNG industry stresses the importance of competitiveness which may be under threat under the proposed scheme.

CORPORATES
AUSTRALIA. CLIMATE CHANGE AUTHORITY, ORIGIN ENERGY LIMITED – ASX ORG, CLIMATE INSTITUTE (AUSTRALIA) LIMITED, ENGIE SA, MITSUI AND COMPANY LIMITED

McKibbin says climate target at ‘high end’

Original article by Ben Potter
The Australian Financial Review – Page: 1 : 31-Aug-15

Warwick McKibbin has defended the Australian Government’s climate change policy. McKibbin, the head of the Centre for Applied Macroeconomic Analysis at Australian National University’s Crawford School of Public Policy, said on 30 August 2015 that the Government’s emissions reduction target of at least 26 per cent from 2005 levels by 2030 would result in gross domestic product being 0.6 per cent smaller than if there were no target.

CORPORATES
AUSTRALIAN NATIONAL UNIVERSITY. CRAWFORD SCHOOL OF ECONOMICS AND GOVERNMENT, AUSTRALIAN LABOR PARTY, AUSTRALIA. CLIMATE CHANGE AUTHORITY, MINERALS COUNCIL OF AUSTRALIA