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Chalmers takes Pacific focus in G20 speech

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Treasurer Jim Chalmers has advised international finance ministers local weather change is the one biggest menace to Australia’s Pacific companions.

Treasurer Jim Chalmers has made particular point out of Australia’s Pacific neighbours in an deal with to international finance ministers highlighting the specter of local weather change within the area.

G20 finance ministers and central financial institution governors have gathered at a summit in Bali, the place Mr Chalmers described formidable motion on local weather as a generational crucial.

An upgraded electrical energy grid supporting extra renewable power and “predictable” framework for business to decarbonise will assist Australia meet its 2030 emissions discount goal of 43 per cent beneath 2005 ranges, Mr Chalmers mentioned.

“We’re additionally working with our Pacific companions, recognising that local weather change is the one biggest menace to their wellbeing and their safety,” he mentioned.

“We wish to be a part of a extra vibrant, sustainable finance agenda in our area which displays the totally different wants and alternatives for particular person international locations and for the area at giant.”

The feedback comply with a Pacific Islands Discussion board summit through which leaders declared a local weather emergency.

Whereas the newly elected Australian authorities’s stronger place on local weather was welcomed, some leaders within the area have publicly pushed for better motion.

“Australia’s new local weather pledge is a step-up that Fiji has lengthy sought – however out of the responsibility I owe each younger individual within the Pacific, I’ve urged @AlboMP to go additional for our household’s shared future by aligning Australia’s dedication to the 1.5-degree goal,” Prime Minister of Fiji and Frank Bainimarama tweeted on Wednesday.

Mr Chalmers additionally used the speech to acknowledge ex Liberal finance minister Mathias Cormann, who’s now secretary-general of the Organisation for Financial Co-operation and Growth.

“A key precedence for the brand new Australian authorities is introducing clear and globally-aligned local weather reporting necessities for giant companies and monetary establishments,” he mentioned.

“I sit up for becoming a member of with an enormous group of nations represented right here who’re creating stronger necessities for disclosure of local weather dangers and alternatives.”



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