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Summary
- As Australians suffer amid bushfires and coronavirus pandemic, the Government gears up to reduce emission by 2050.
- If climate change is not addressed, Australia could lose more than trillions of dollars over the next 50 years.
- In July, 23-year-old student Katta O'Donnell filed a lawsuit against Australian Government alleging the Government for failing to inform the investors how climate change is impacting Australians' super and other safe investments
- In November 2020, Retail Employees Superannuation Trust (REST) settled a lawsuit which was filed by an Ecology student Mark McVeigh in 2018 as he believed that the Trust did not consider all the risks related to climate change impacting on the investment.
Climate crisis for Australia is not new. Each year the climate topic pops up, and conversations continue with less significant actions to deal with it.
Recently in a groundbreaking case, a 25-year-old won a trial against Australian superannuation fund. Mark McVeigh took the Retail Employees Superannuation Trust to court accusing the Trust of failing to act in his best interest. Ecology student McVeigh believes that the Trust has not considered all the risks related to climate change impacting on the investment.
However, this is not one of such cases where the court asked super funds to inform risk associated with climate change to all the members. In July, 23-year-old student Katta O'Donnell filed world’s first of its kind lawsuit against Australian Government, blaming the Government for failing to inform the investors on how climate change is impacting Australians' super and other safe investments such as government bonds.
Good Read: Australia's Greta Thunberg Moment? Melbourne Student Sues Government
Less action, more talk?
As impressive as it sounds, practically there is little effort taken in order to win the raging war against climate change. A recent study presented by Deloitte Access Economics says that the Australian economy is fragile when it comes to climate change and if the climate change is not controlled and regulated, the country could lose more than trillions of dollars over the next 50 years. The economy is likely to shrink, and millions of jobs could be lost. A lot can still be attained if Australia achieves net-zero carbon emissions by 2050.
Queensland, the Northern Territory and Western Australia regions are most susceptible to the impact of climate change. These areas have most industries in the trade, tourism and mining sectors. Climate change is increasing the temperatures, and these industries which highly depend on labour will feel the consequences most acutely.
Also Read: Nature Flags Another Warning for the Growing Need to Address Global Warming
No breather amid bushfire and coronavirus
The country had little time to cope between bushfires and COVID-19 virus spread. Since the end of the winter, the bushfire started with blood-red skies, smoke, unbearable heat and ash falling like rain. People covered their faces with masks, but they did not realise it was just the start of it.
Soon the coronavirus pandemic silently entered the lives of Australians who were just barely enjoying the fresh air. Breathing without a mask was again considered dangerous. Environmental scientists Inger Andersen and Johan Rockström expressed that the coronavirus is more than an illness. It is a sigh that our precious planet is in poor health.
Harsh consequences of climate change
According to the scientist, climate change is impacting the planet, cultivating harsh conditions which ultimately lead to what we witnessed as bushfires across multiple regions in Australia.
David Quammen, a writer on US science, said that humans had made coronavirus into a pandemic. A virus which was released through animals was able to penetrate the human body and spread worldwide on such a colossal scale.
Did You Read: Climate Change and Bushfire – Impact on Australian Sectors and Kalkine Business
Climate change remains aggravated concern:
Australia's carbon emissions are continually increasing despite the Federal Government made several changes in the policy framework to tackle the pressing issue of climate change. According to Energy and Emissions Reduction Minister Angus Taylor, in the year to March, carbon emissions increased 0.6 per cent on the same period the previous year.
It is, however, essential to note that the Australian Government is addressing climate change and implementing policies and programs to reduce emissions. The Government is also bringing in renewable energy in order to adapt to the changing climate. Climate change experts still predict greenhouse gas emissions produced by Australia's industries are likely to increase by 77 per cent till 2030. Now with additional COVID-19 burden, the economy is expected to get hugely hit if climate change is not addressed by 2050.
In the March quarter of this year, however, a slight drop was visible in greenhouse gas emissions of 0.4 per cent. Minister Taylor stated that the rise in emission is primarily because of the growth of the LNG industries.
Good Read: PM Johnson Urge Leaders at UN Climate Roundtable to Rebuild A Greener Planet
Bottom line
Along with many individual climate warriors, many businesses in Australia are changing the course of their actions. Big enterprises are investing heavily in renewable energy by considering the severe climate change impacts. ANZ bank recently announced its climate change policy and scraped its thermal coal investment. Transport, construction, agriculture and even oil companies and miners are moving towards carbon-neutral systems.
The opposition has criticised the government time and again on failing to cater to the climate change crisis. Therefore, now the eyes are on the Government in the coming year to see if it can achieve its zero-emission objective or not.
Also read: Australia to tap the global opportunity for hydrogen, the fuel of the future
