Major bank makes a deforestation commitment

Westpac has become the first big Australian bank to set a zero-deforestation target for loans to beef, dairy and sheep farmers with a commitment to no further conversion of natural forests to agricultural use from the end of 2025. The bank’s climate report also says it will no longer directly finance new coal, oil and gas projects.

The Federal government has introduced a bill that would allow carbon dioxide to be pumped into international waters, with Greens senators and independent senator David Pocock using yesterday’s debate in the Senate to condemn the bill as a “sham” and “nothing more than greenwashing” for the expansion of offshore gas projects.

And whilst half of the world's 2000 biggest listed companies have set a target to achieve net-zero emissions by mid-century, a new report has revealed that just a fraction meet tough United Nations guidelines for what constitutes a quality pledge. This pace of change is set to form a central part of the COP28 climate talks in Dubai starting in late November.

Top stories:

Westpac first big bank with zero-deforestation commitment
Westpac has become the first big Australian bank to set a zero-deforestation target for loans to beef, dairy and sheep farmers, while also linking a portion of executive short-term bonuses to achieving climate targets.

Opposition backs Albanese government’s controversial CO2 sea dumping bill
A bill that will allow carbon dioxide to be pumped into international waters is expected to pass the Senate despite the Greens condemning the legislation as a “sham” and “nothing more than greenwashing”.

Top companies fail to meet UN climate target guidelines
A new report has revealed that just a fraction of the world’s top 2,000 companies meet tough United Nations guidelines for what constitutes a quality pledge to achieve net zero by the end of the century.

Unique white Platypus found in Aussie creek prompts conservation concerns
The discovery of an extremely rare white platypus in Northern NSW has raised urgent calls for more substantial conservation efforts in Australia.

The Ethical Investor: Implied Temperature Rise soon to be published alongside fund returns
With no ASX stock on course to hit its net-zero target, a new acronym set to appear on funds returns could be a major signpost for ethical investors.

Activist uses journalist protection in bid to avoid complying with police order
A Disrupt Burrup Hub activist who refused to hand over data that would breach the confidentiality of his sources will find out whether he is facing jail time today.

Spectacular aurora australis turns night sky hot pink from Tasmania to Western Australia
People around Australia were lucky to catch the southern lights in their maximum stage on Monday night with a geomagnetic storm on the sun causing the luminous display.