The RBA has warned ScoMo that climate-conscious investors could start divesting from Australia if we don't settle on a net-zero emissions policy soon.
Background: The Reserve Bank of Australia (or the RBA for short) has warned ScoMo and the Government that climate-conscious investors could start divesting from Australia if we don't settle on a net-zero emissions policy soon.
What happened: Net-zero means that the emissions of greenhouse gases (the bad stuff, like carbon dioxide) are neutralised by what our trees are absorbing.
What else: In order to be net-zero, we need to significantly reduce our emissions so our trees can keep up. In the UK, Canada, the US and Japan (and more), the goal is to be net-zero by 2050. But Australia's goals are well behind.
💡The tide is turning on large companies, as they start to recognise their climate responsibilities...where the government might not be.
💡So far, a dozen or so leading Aussie companies are expected to introduce new non-binding shareholder votes on their climate reporting.
💡CommBank just became the first major bank to consider the a climate vote for its annual meeting in 2022. Already, a Swedish bank discontinued its investment in Queensland and WA State Government debt. And there could be more on the horizon if we don’t get a boogie on.
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