'We're still in the dark ages': Foreign investment in Australian fossil fuel scrutinised

As the COP26 climate summit closes in on a deal to end the public financing of fossil fuels, new research has revealed the tens of billions in foreign investment directed towards Australia.

The analysis reviewed the contribution of sources such as overseas export credit agencies - but also showed the disparity in investment had narrowed in recent years. Countries who have signed up include Denmark, Finland, Costa Rica, Ethiopia, Gambia, and the Marshall Islands, plus some development institutions, including the European Investment Bank and the East African Development Bank

The government’s plan unveiled ahead of COP26 also recognises the changing investment risk declaring that “failing to act” would increase the chance Australian businesses face higher capital costs.But Mr Edis said he is concerned Australia has not shown a willingness to commit to joining such a global agreement.“They are acknowledging there is a risk here - but they haven’t done [what] they need to do to solve it.

Jubilee Australia Campaigns Director, Dina Rui, said the funding must stop if we want to avoid the worst impacts of climate change. It has refused to sign up to a pledge to phase out coal fulled power generation and stop building new plants despite 190 nations and organisations doing so.

Hardly surprising, Japan is closing Nuclear plants and has little option as does Sth Korea. China will have a price advantage in being an owner of Australian coal mines, its cheaper than extracting its own until the price becomes prohibitive.

About the same as the job keeper gift to the well off.

What a waste of public money. Imagine 8f that public money 2as invested in EV's and renewable technologies, think how advanced we'd be as we resist progress down the climate change road. I'm disgusted by our leaders and political representatives.

Imagine what $36.7bn in renewable and solar power tech development could have achieved. Australia could have been the leading innovator in the industry. Now look at it.

More garbage from 'our' SBS

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Australia criticised over prominence of fossil fuel company display at COP26 stallScott Morrison has defended the government’s climate plan taken to the COP26 talks in Glasgow, as criticism mounts over the prominence of a fossil fuel company's branding at Australia’s pavilion at the summit: If it wasn't true, it'd be laughable. You really couldn't make this nonsense up. He is defending them from Dubai having already left COP26, after being there for what... one day? Yeah he is really serious about the government’s climate plan and addressing climate change.😶 Glasgow has made clear, Australia is a petro state subject to an extreme form of regulatory capture where the Government has been captured to serve the commercial interests of the fossil fuel industry.
Source: SBSNews - 🏆 3. / 89 Read more »