Out on its own: Australia the only country to use climate funding to upgrade coal-fired plants

"Green finance experts say Australia is out of step with World Bank, Europe and the US, which are using funding to combat global warming.

Australia is the only developed country that allows climate change funding to be used to upgrade coal-fired power plants, green finance experts say.

Experts say allowing Vales Point coal-fired power station to register with the Morrison government’s emissions reduction fund, rebadged this week as a “climate solutions” policy, puts Australia out of step with the World Bank, Europe and the US, which have all rejected using climate financing for coal power retrofits.

The World Bank has issued US$13bn in green bonds since

Criminal Countries

2008 to stimulate spending to combat global warming.

China has used green bonds to help build new coal-fired plants to replace older, dirtier stations on the grounds it reduces nitrogen-based emissions causing the country’s oppressive air pollution. But it announced in December it would no longer consider “clean coal” plants – which still emit significant amounts of greenhouse gas – investments in green technology.

Sean Kidney, chief executive of the London-based Climate Bonds Initiative, says China’s shift leaves Australia out on its own."

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Related: The worst-case scenario
 

Climate Change: The Antidote To Democracy’s Mid-life Crisis: Medium

 

Opinion on climate change

"The manifesto for this new democratic movement will contain few, if any, new ideas. Rather, it will organise a familiar set of policies into a coherent programme:

A flat-rate, no-exceptions tax on emissions — possibly linked to a dividend for all citizens, or with revenues used to fund other climate protection measures.

1. Investment in renewables and low-emission transport infrastructure, which will also create jobs.
2.  
   Enhanced protections for natural carbon sinks in public hands, and incentives for private landowners to increase the quantity of carbon stored by the trees, plants and soils on their land.
3.  
   Funding for research into carbon capture and use, energy storage and next generation renewables.
4.  
   Higher mandatory energy efficiency standards for all new buildings, saving households and businesses money on their energy bills.
5.  
   Scrappage schemes for petrol and diesel vehicles and money for homeowners and landlords to upgrade the energy efficiency of existing properties.
6.  
   Investment in climate adaptation and resilience to ensure those most exposed to the impacts of extreme weather — from hurricanes to forest fires — are as well protected as possible.
7.  
   Public awareness campaigns to promote dietary changes that both reduce emissions and improve health.
8.  
   Lowering the voting age to 16, as a way of giving greater democratic voice to those who will be most personally affected by the long-term consequences of global warming."

 

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 #energy efficiency  #climate action now   #renewables  #transport  #energy storage  #meat