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
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