International commitments, Treasury to model climate change’s economic impact and Australia on track to be half-powered by renewables within three years. All that and more in this month’s good news in climate solutions.
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Project Kangaroo wins innovation of the year
French bank BNP Paribas has won ‘Innovation of the Year’ in the 2022 Investor Group on Climate Change Finance Awards for Project Kangaroo, a $140 million green bond linked to the Australian Climate Transition (ACT) Index.
The forward-looking ACT Index identifies ASX 300 companies that will enable or support the transition to a net zero economy. Climateworks jointly developed the ACT Index with BNP Paribas, ISS ESG and Monash University’s Centre for Quantitative Finance and Investment Strategies. Read the full list of winners
Treasury to model economic impact of climate change
The federal Treasury is modelling the impact of climate change on the Australian economy and the national budget, re-starting work abandoned for almost a decade, write Sydney Morning Herald’s Shane Wright and Mike Foley.
Australia likely to be 50 per cent renewably-powered by 2025
Australia is on track to generate half its electricity needs from renewable sources within three years according to a report by Australian Academy of Technological Sciences and Engineering.
The report finds renewable energy adoption is galloping ahead as wind and solar power become cheaper, writes the ABC’s Dan Mercer.
Pacific islands recommit to urgent action on climate change
Last week, the Pacific island nations met and reiterated that climate change is their greatest threat, including declaring a climate emergency. In their official agreement, all leaders including Australia’s signed up to fully implement the Paris Agreement. Read more from ABC foreign affairs reporter Stephen Dziedzic.
Quad energy ministers commit to acceleration of net zero tech
Energy ministers from Quad countries (Australia, India, Japan and the USA) committed to accelerate the development and deployment of the zero emissions technologies during a meeting at the Sydney Energy Forum.
Australian Energy Minister Chris Bowen said the commitment was in recognition that ‘a clean energy future will advance prosperity across the Indo-Pacific and beyond, it will also mitigate against energy supply disruptions’, writes the Australian Financial Review’s Tom McIlroy.
Gas connection no longer required for new Vic homes
It is no longer a requirement that new homes built in Victoria are connected to gas.
All incentives for residential gas products will be phased out next year and new incentives for residents to move away from gas are being developed as part of the Victorian Energy Upgrades program, writes The Age’s Ashleigh McMillan.
Territories move on EVs
The Australian Capital Territory has announced it will phase out petrol cars. By 2030, 80 to 90 per cent of new vehicles sold in the capital will be zero emission vehicles, while, come 2035, no new petrol vehicles will enter the ACT market, writes Canberra Weekly’s Nick Fuller.
Meanwhile, from this month, electric vehicle (EV) buyers in the Northern Territory will be able to register their car for free as well as receiving a $1,500 reduction in stamp duty. The NT government plan also provides subsidies for the installation of chargers, in a bid to bolster the uptake of electric vehicles., writes AAP’s Aaron Bunch.
And it’s not just the states making moves on EVs this month — Queensland has also introduced a rebate for EVs.
Need more good news? Check out last month’s roundup
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