ENERGY Networks Australia has welcomed the announcement today of the Regional Hydrogen Technology Clusters Seed Funding Program.

The National Energy Resources Australia (NERA) scheme aims to build the skills, capacities and commercialisation opportunities necessary to unlock Australia's enormous potential to create a global hydrogen export market.

Energy Networks Australia head of gas, Dennis Van Puyvelde, said it was good to see progress on actions outlined in the National Hydrogen Strategy.

"Technology clusters will support the development of different technologies to bring down costs of hydrogen production, transport and end-use," Dr Van Puyvelde said.

"Mapping the hydrogen landscape will create better opportunities to collaborate on technology development and integrate supply chains.

"Networks are already pushing ahead with hydrogen demonstration projects, with two already in operation and two more under construction."

More information on the future of gas in Australia can be found in Gas Vision 2050.

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CBUS SUPER, Australia’s leading building and construction industry superfund, will target an ambitious 45 percent reduction in their absolute portfolio emissions by 2030 according to a new Climate Change Roadmap launched today, in line with the prevailing science.

Cbus Super has also locked in a commitment to achieve net zero emissions by 2050, reinforcing its commitment to the Paris Agreement.

The Intergovernmental Panel on Climate Change (IPCC) released a Special Report in 2018 suggesting deep emissions reduction is required globally by 2030. An estimated 45 percent carbon reduction from 2010 levels is needed to have any chance of limiting warming to 1.5 degrees.   

Cbus Super CIO Kristian Fok, said the second iteration of the biannual roadmap charts a clear course for our ongoing work in reducing emissions and safeguarding members savings from climate related risks.

“Cbus Climate Change Roadmap represents a strong and sure determination to see our members retire securely in a safe climate,” Mr Fok said.

“The average Cbus member is 39 years old. It’s our responsibility to safeguard their investments as the financial impacts and physical effects of climate change intensify.

“This science has made clear the targets and timeframes. The course that we have charted will see Cbus reduce our portfolio emissions while investing further in renewable energy and climate solutions, as well as avoiding ‘stranded assets’ as the economy transitions.”

Mr Fok said a focus on a green recovery was important for workers as the global economy seeks to recover from the Covid-19 pandemic.

“Recent events are a demonstration of the importance of resilient communities anchored around decent and secure jobs,” Mr Fok said.

“The climate solutions we invest in should strengthen community resilience. Every investor has to be mindful to the risks of leaving communities behind.”

STRANDED ASSETS

Cbus has already undertaken significant work to understand companies that are at risk of not transitioning either due to products they produce or lack of management capability.   

Under the roadmap Cbus will develop a stranded assets framework, building on work that has already seen several high-risk climate holdings reduced or being removed from their portfolio.

“The economy of 2030, let alone the economy of 2050 is going to look very different from what we have experienced over the last few decades," Mr Fok said.

“That poses risks for long-term investors like Cbus. There are assets that simply won’t see out their traditional economic life. 

"By identifying the carbon emissions of companies and assets that we hold, Cbus is able to help reduce emissions in the real economy and avoid assets that will increasingly become stranded as the economy transitions.

“We have been doing a significant amount of work to determine those assets that aren’t able to transition to a net zero environment, and this work will ramp up under our new road map.

PORTFOLIO ASSETS

Under Cbus’ new roadmap, pathways to achieve this portfolio targets will be developed for each assets class, including equities.

“Cbus already has specific net zero emissions targets for property (by 2030) and infrastructure (2050) and we are working with our investment managers to make sure that everyone is on the right pathway,” Mr Fok said.

“Portfolio wide targets gives us more flexibility as to how we allocate our members money. This next two-year road map will see climate pathways developed across sectors and asset classes, acknowledging the economy will decarbonise at different rates. This approach also provides consistency with what we ask of companies and assets in which we invest."

STRONG PROGRESS SO FAR

Mr Fok said Cbus had already made significant progress to reduce emissions across the portfolio.

“Cbus Property consistently ranks at the top of the international GRESB ratings, ranking second in 2019 and third in 2018,” he said.

“We are implementing stranded asset constraints across our internal quantitative portfolios.

“We are deploying our 1 percent climate opportunities investments and our landmark Bright Energy Investments partnership is building some of Australia’s best renewables assets.”

ADVOCACY

To assist the global economic transition Cbus has joined the United Nations Convened Net Zero Asset Owners Alliance and is the first Australian financial institution to do so. The global initiative is convened by the PRI and UNEP Finance Initiative and is supported by global leading asset owners committed to transitioning their portfolios to net zero emissions by 2050.      

“Cbus recognises that to decarbonise the global economy in line with the Paris Agreement requires collective action,” Mr Fok said.

“Members of the Asset Owners Alliance has over $4 trillion in collective assets under management.

“Cbus is determined to play our part in these global advocacy efforts.”

The Cbus Climate Position Statement and Roadmap will be reviewed next in 2022 and is publicly reported on each year in the Cbus Annual Integrated Report.

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THE House Standing Committee on Employment, Education and Training will hold two roundtable public hearings via teleconference on Wednesday, September 2, 2020 as part of the committee’s inquiry into the education of students in remote and complex environments.

Chair Andrew Laming MP said,"The committee has received compelling evidence showing that students in regional, rural and remote communities experience a range of barriers to accessing quality and affordable early childhood education, schooling and further education.

"To further examine these issues, the committee is holding a series of roundtable public hearings, focussing this week on early childhood education, and barriers that students from regional, rural and remote communities experience across their education journey," Mr Laming said.

Last Wednesday, 26 August 2020, the committee held two roundtable hearings focussing on schools and the university and VET sectors.

The topic of the first public hearing is early childhood education and will include representatives of Secretariat of National Aboriginal and Islander Child Care, Community Connections Solutions Australia, Goodstart Early Learning and Early Childhood Australia.

The topic of the second public hearing is barriers to education and will include representatives of Speech Pathology Australia, Children and Young People with Disability Australia, World Vision Australia and the Australian Human Rights Commission.

Public hearing details

Date: Wednesday, 2 September 2020
Topic: Early childhood education
Location: By teleconference
Time: 11.30am–12.30pm

Date: Wednesday, 2 September 2020
Topic: Barriers to education
Location: By teleconference
Time: 12.30pm–1.30pm

The hearings will be broadcast live at aph.gov.au/live.

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THE 2020-21 Federal Budget should aim to fund policies which support productivity, employment and GDP growth without compromising long-term environmental sustainability, according to CPA Australia.

CPA Australia’s executive general manager of policy and advocacy, Gary Pflugrath said, “As and when businesses begin to emerge from the COVID-19 crisis, for most it will not be a return to business as usual. The Budget should focus on policy measures which encourage and support business recovery and reinvention.

“Given the magnitude of the economic pain being felt by many due to the restrictions which have been imposed, a holistic approach to policy development post-COVID-19 is required,” he said.

CPA Australia’s submission urges a Budget which is focused on:

• providing longer-term support to encourage business recovery and reinvention;
• improving Australia’s international competitiveness;
• addressing the impacts of climate change; and
• providing additional support to businesses impacted by the tougher Stage 4 restrictions, such as those currently being experienced in Greater Melbourne.

“With Australia facing the likelihood of Stage 4 restrictions being imposed in other jurisdictions in response to future localised outbreaks, new and enhanced temporary support measures in this Budget should not only be rolled out to support businesses impacted by the current Greater Melbourne restrictions, but be structured for quick roll-out in other jurisdictions if the need arises,” Dr Pflugrath said.

CPA Australia is calling for measures which are efficient, effective and sustainable, and which have certainty in their implementation, operation and timeframes. Its Budget recommendations to Government include:

• • Allocating significant funding to encourage businesses to seek professional advice to assist them to adapt to a changing business environment.
  • Consider developing new programs, and significantly increasing funding for existing programs, which assist small business digital transformation.
  • Consider providing direct financial support for small businesses to engage approved e-commerce platforms on which to sell their products and services.
  • Funding the development and implementation of a long-term climate change strategy that ensures Australia meets its Paris Agreement obligations.
  • Increased funding for the development and deployment of green technologies.

“Consideration of climate change policy must be a core principle in post-COVID-19 recovery,” Dr Pflugrath said. “This Budget should also take into account strategies which accommodate an orderly and tapered withdrawal of stimulus and support measures.

“Businesses need space, time and resources to adjust to the new environment, and having access to professional advice is essential to aid their recovery and reinvention,” Dr Pflugrath said.

CPA Australia said these recommendations would assist Australian business to weather the current economic challenges, improve livelihoods, increase competitiveness and help address the challenges of climate change.

CPA Australia’s submission can be accessed here.

About CPA Australia

CPA Australia is one of the world's largest accounting bodies, with more than 166,000 members working in 100 countries and regions and supported by 19 offices globally. Core services to members include education, training, technical support and advocacy. Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the community.

cpaaustralia.com.au

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