So what does 3 degrees of global warming mean for Australia?
The National Climate Risk Assessment has just com out. The Climate Council put together a great summary of the report. It's not pretty.
So what does 3 degrees of global warming mean for Australia?
The National Climate Risk Assessment has just com out. The Climate Council put together a great summary of the report. It's not pretty.
Yes it would be great if humanity just used resources at the rate the earth can produce them. But we don't. We use way more.
At the current rate, by August 1 we consume a year's worth of Earth's resources. This would be OK if we had 1.75 Earths - but we don't.
What's worse is that they've also calculated the Earth Overshoot day, and how many earths we'd need, based on the consumption of each country.
If everyone consumed like Australians, we'd need 4.7 Earths (our overshoot day would be 5 April). For the USA it's 5 Earths (an overshoot day of 14 March).
Click the images for larger size versions, or see more graphics on Overshoot Day.
Have I mentioned GoodCar before? This company imports second-hand electric vehicles from Japan to Australia, so that we have more affordable options than buying new.
As I write this, their cheapest EV is $19,000, is in 5-star condition, and has just 13,000 kms on it. Check out their range.
Combined with the running-cost savings of thousands of dollars year after year, switching to an electric vehicle has become a very viable option. GoodCar say charging an electric car is like filling your tank for $10. (Calculate your savings here)
The subsidy runs out on 20 October 2023.
Goodcar are funding this subsidy out of their own pocket, and believe government's should help everyday Australians purchase second-hand electric cars - not just wealthier Australians get brand-new ones. If you agree, why not sign their petition.
How will Australia go in this year's World Cup? That's the big sporting question in Australia at the moment. Other teams in Australia's group are France, Denmark and Tunisia. Statistically, Australia should probably lose all three games.
If the game was carbon pollution, Australia would be the highest scorer by far. Our nation out-pollutes Denmark by 3 to 1, France 4 to 1 and Tunisia 6 to 1. Those scores would be great in soccer, but in climate change they are terrible for Australia - and for the world.
There's been a lot of talk about power price rises here in Australia. So what's causing it?
Short answer: Old coal-fired power stations that keep breaking down.
In detailed terms, here's a chart from finance reporter Elysse Morgan, showing the power output of AGL's coal-fired power stations over the last month or so.
The purple line at the top is what they would normally be producing - if the stations were all functional, and not having "unplanned outages". The difference is around a million homes.
Of course the electricity grid normally makes up for this shortfall by having gas-fired power stations operate as a backup. But this is quite expensive. Perhaps because the shortage is so large. Perhaps because the gas price (globally) is so high at the moment. Perhaps a combination of the two.
The result is that energy costs more, as shown in this graph of energy prices in the states of Queensland (QLD) and Victoria (VIC).
Elysse Morgan points out that Western Australia (WA), as a gas-exporting state, requires companies to provide gas for WA first (at a fixed price).
As a sidenote she also points out that renewables like wind and solar also have a stable and low per-unit cost - as the power source is free.
Ah, if only we'd built more of that earlier.
Usually the finance guy on the news shows charts of interest rates, inflation, company performance and sharemarket movements. So it was a little bit surprising to see this last night.
For Australia this means "fires are projected to get worse and more frequent, and fire seasons will last longer. In eastern Australia, if warming exceeds 2C, then droughts are projected to increase. Across southern Australia drought has already increased, and projections suggest that will worsen."
I did some digging and finance journalist Alan Kohler has doing a fair bit of research in this area.
He wrote an article about Australian businesses that are taking advantage of the move to electric vehicles, and the massive drop in the cost of renewable energy.
He's also written an article titled Australia's solar tsunami to trigger coal collapse - explaining how inflexible coal-fired power stations are on the brink of being unprofitable and closing. That's another business story, similar to the way Netflix made Blockbuster unviable.
More recently Alan Kohler has written about how Australia manages risk. When a vaccine has a 0.0011% chance of a side effect we take steps to avoid that risk. But when a country faces a risk (climate change) that is hundreds of times more likely we seem to do nothing.
He says that a "4 degree rise in the average global temperature would make large parts of the planet uninhabitable and lead to the total collapse of the banking system."
Even if we avoid that, a mere 2 degrees of warming (which is still quite likely) would mean "the banking system barely survives".
It seems that climate change information should be very important to the finance community. And all of us.
PS. Zooming in on that graph (and the current steep slope) it looks like we need to get serious about putting the brakes on pretty soon - if we're going to have any chance of keeping under 1.5 or even 2 degrees.