ERF auction spends big for just 7 per cent #climate emissions reduction for 2030

This article was originally published at nofibs.com.au

Results from the third Direct Action Emissions Reduction Fund (ERF) auction for emissions reduction was announced with 50.5 million worth of offsets at $10.23 each. So 67 per cent of the $2.55 billion budget has been spent to achieve less than 7 per cent of the emissions reduction goal by 2030.

This effort amounts to less than 3 per cent of what is required for Australia's fair share in global emissions reduction for staying under the 2 degrees C limit as enshrined in the Paris Agreement. Environment Minister Greg Hunt signed the Paris agreement in New York on 22nd April 2016. Australia also agreed with aspiring to meet the 1.5 degrees target, so even more effort is required from Australian climate policy.

But the Liberal National Party Government main policy instrument for reducing emissions is the Emissions Reduction Fund, which is clearly inadequate. Even our 2030 climate target of 26-28 per cent reduction by 2030 is ranked as inadequate.

BP questioned on Pay, #climatechange and Bight project at BP AGM

BP board had a torrid time at their AGM with 59 per cent of shareholders rejecting the executive remuneration package and questions on climate change, and the new project in the Great Australian Bight that has been described as a carbon bomb.

Inside the AGM, BP were grilled by shareholders, including big institutional investors, about their reckless plans to drill in the Bight. Wilderness Society national campaign director Lyndon Schneiders and Catherine Howarth from partner organisation ShareAction were in the meeting and asked pointed questions about the Bight.

It was reported that members of the board appeared to distance themselves from the Bight proposal, pointing the finger at the Australian government for enticing oil companies to drill in the region. The CEO also remarked, quite rightly: "Gosh this investment in Australia is not very popular today."