Tag: Cut

Investors lead push for Australian business to cut emissions more than government forecasts

Major investors and super funds will lead a push for the private sector to make much deeper cuts in national greenhouse gas emissions by 2030 than planned by the Morrison government, including setting a target based on what scientists say is necessary.



a herd of cattle grazing on a dry grass field: Photograph: Mick Tsikas/AAP


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Photograph: Mick Tsikas/AAP

The newly created “climate league 2030” is calling on investors, insurers, banks and companies to sign up to a goal of reducing national emissions by at least 230m tonnes a year more than the government forecasts by 2030.

It is equivalent to about a 45% cut by 2030 compared with the 2005 benchmark used by the government – the minimum short-term target recommended by the government’s Climate Change Authority for Australia to play its part in keeping average global heating below 2C. They say action is needed now to put the country on a path to net zero emissions by 2050.



a herd of cattle grazing on a dry grass field: Institutional investors that collectively manage assets worth more than $850bn will push business to help cut Australia’s emissions much more than planned by the Morrison government.


© Photograph: Mick Tsikas/AAP
Institutional investors that collectively manage assets worth more than $850bn will push business to help cut Australia’s emissions much more than planned by the Morrison government.

Related: Climate crisis: business, farming and environment leaders unite to warn Australia ‘woefully unprepared’

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The league’s foundation members are 16 institutional investors that collectively manage assets worth more than $850bn. They include Aware Super, Cbus, IFM Investors, the Queensland Investment Corporation, AustralianSuper, Hesta, Lendlease Funds Management and UniSuper.

Aware Super’s chief executive, Deanne Stewart, said it was critical that businesses, investors and governments set and delivered transparent, meaningful and measurable targets and goals “to really shift the dial and achieve lasting action” to halt the potentially devastating impacts of the climate crisis.

“We can do this individually, but collaboratively we have the power to do so much more,” she said. “As a founding member of climate league 2030 we would encourage other investors, businesses and the community to come together, stop talking about the issues and instead start taking meaningful action to support a necessary transition to a low carbon and sustainable economy.”

The aspirational initiative is coordinated by the Investor Group on Climate Change, which based the idea on similar projects overseas, such as We Are Still In and We Mean Business in the US and the Climate Leaders Coalition in New Zealand.

Members are responsible for their own actions, but are expected to demonstrate that they can and will lead to a reduction in national emissions. The group said the league would be open to other parts of the private sector in coming months and promised a progress report late next year.

The league has the support of Mark Carney, the former Bank of England governor now working as a UN special envoy for climate action and finance. He said the $3.5tn Australian super industry was the world’s fifth largest, giving it significant influence and investors were increasingly recognising that “climate risk is investment risk”.

“Achieving net zero emissions by 2050 will require a whole of economy transition and every company, bank, insurer and investor

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Olivia’s law call aims to cut young driving deaths

Olivia AlkirImage copyright
Family photo

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Olivia Alkir had plans to study architectural engineering at university

Family and friends of a sixth form student killed in a crash caused by two racing drivers are calling for a change in the law for new motorists.

Olivia Alkir, 17, of Efenechtyd, Denbighshire, was a passenger in a car that crashed while the driver was racing another car in June last year.

Drivers Edward Bell, who passed his driving test a day earlier, and Thomas Quick were jailed for five years.

Denbighshire councillors are being urged to back a petition to Parliament.

It calls for new young drivers to have a black box recorder fitted to their vehicles for the first year, to monitor their journeys.

The petition also wants newly-qualified motorists to be limited to one passenger, who must be a qualified driver.

  • Night driving ‘curfew’ for new drivers considered
  • The tech cutting driving costs for young motorists

Olivia’s Ysgol Brynhyfryd school friend Joe Hinchcliffe launched the petition that has been supported by Olivia’s parents Mesut and Jo.

It has attracted 8,500 signatures so far and needs to reach 10,000 for the UK government to respond to the request. If it reached 100,000 by February, it would lead to a debate in Parliament.

Image copyright
North Wales Police

Image caption

Thomas Quick, 18, was jailed alongside Edward Bell for causing death by dangerous driving

The motion asking for support has been put forward by Ruthin councillor Huw Hilditch Roberts, who is the relative of another teenager injured in the fatal crash.

“These changes should significantly decrease the amount of young road crash fatalities by encouraging safer driving,” Mr Hilditch Roberts’ motion says.

It is due to discussed at a full meeting of Denbighshire council on Tuesday.

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Amtrak says 2,400 jobs could be cut without government bailout

  • Amtrak said Thursday that it could be forced to cut spending that could result in the loss of another 2,400  jobs in total.
  • Amtrak told Congress last month that it would need $4.9 billion in government funding as the pandemic continues to wreck the nation’s economy.
  • The US passenger railroad service already said in September that it was cutting 2,000 jobs.
  • Visit Business Insider’s homepage for more stories.

U.S. government-supported passenger railroad Amtrak said on Thursday that without a new government bailout it could be forced to cut more spending and train services which could lead to the loss of another 2,400 jobs.

Amtrak last month told Congress it needs up to $4.9 billion in government funding for the current budget year, up from the around $2 billion in annual support it usually receives.

The railroad, which said last month it was cutting 2,000 jobs, said on Thursday that without more support from Congress, reduced capital spending would result in the loss of 775 jobs and further reductions in train service by state partners would likely result in 1,625 job losses.

Without the new funding, Amtrak chief executive Bill Flynn said, “we will be unable to avoid more drastic impacts that could have long lasting effects on our Northeast Corridor infrastructure and the national rail system.”

U.S. transit and airline demand has been devastated by a massive falloff in travel due to the coronavirus pandemic.

In April, Congress gave Amtrak a $1 billion bailout after daily ridership fell by 96%.

Amtrak said on Thursday demand remains at about 25% of pre-COVID levels. It forecasts ridership and revenue for the 2020-21 budget year that started Oct. 1 will improve to “about 40% of pre-COVID levels, which is weaker than anticipated.”

U.S. passenger airlines are seeking a new $25 billion bailout to keep tens of thousands of workers on the job, while major U.S. public transit systems have sought $32 billion to keep municipal buses and trains running.

That’s on top of a $25 billion bailout public transit received in April.

Last week, the U.S. private motorcoach, school bus and domestic passenger vessel industries said they collectively furloughed or laid off an estimated 308,000 employees over the last eight months.

“Unlike other modes of transportation, such as airlines, rail and public transit, these transportation industries have not received direct economic relief to date, putting them in peril,” several trade groups said in a joint statement.

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Indonesia Passes Law to Cut Corporate Tax, Simplify Labor Rules

(Bloomberg) — Indonesia has rushed the approval of a law aimed at creating jobs and attracting investments, a day before 2 million workers were set to protest against it.



a group of people walking down the street: Workers transport carts loaded with boxes at Tanah Abang market in Jakarta, Indonesia, on Tuesday, Aug. 4, 2020. Indonesia is scheduled to announce its second-quarter gross domestic product (GDP) figures on Aug. 5.


© Bloomberg
Workers transport carts loaded with boxes at Tanah Abang market in Jakarta, Indonesia, on Tuesday, Aug. 4, 2020. Indonesia is scheduled to announce its second-quarter gross domestic product (GDP) figures on Aug. 5.

The parliament agreed to pass the omnibus bill on jobs in a plenary meeting on Monday. That’s one day before labor unions were planning to stage a national three-day strike across 300 cities to reject it. The parliament was previously set to hold its plenary meeting on Oct. 8.

The law that seeks to simplify and revise more than 70 existing regulations will overhaul the country’s labor rules, make it easier for companies to secure permits and ease foreign ownership rules. Its passage means the corporate income tax will be gradually lowered to 20%, from 22% currently, while some dividend taxes will be exempted.

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The bill’s passage may help President Joko Widodo shore up an economy that’s set to slip into another contraction this quarter as the continued spread of the coronavirus damped household spending and investments. The government has sought to speed up state spending, while warning that growth can’t come from the public sector alone.

The law has been met with opposition from labor unions and politicians who sought to reject the reduction in severance pay and the introduction of indefinite labor contracts. Activists have also spoken out against the bill, which exempts investments judged to be low-risk to go ahead without submitting a report on their expected environmental impact.

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