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Chalmers takes Pacific focus in G20 speech

Treasurer Jim Chalmers has informed international finance ministers local weather change is the one best risk to Australia’s Pacific companions.

Treasurer Jim Chalmers has made particular point out of Australia’s Pacific neighbours in an tackle 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 trade 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 best risk to their wellbeing and their safety,” he mentioned.

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

The feedback observe a Pacific Islands Discussion board summit during 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 obligation I owe each younger particular person 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 Improvement.

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

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



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