In a major speech delivered a few hours ago, US President Barack Obama committed to CO2 standards for power stations, proposed new spending on clean energy and energy efficiency, urged an end to most public financing of coal-fired power stations built overseas and reiterated his call for a phase-out of fossil fuel subsidies (with video).
New reports from an Australian group representing funds that manage more than $900 billion warn oil and gas reserves might have to remain unexploited and urge investors to seek climate change risk assessments from owners of large mines.
Australia's climate change, energy and environment ministers have emphasised the critical role of the private sector and local government in adapting to climate change, and are on schedule to finalise a review of existing climate change programs by January.
Federal, state and territory energy and environment ministers are meeting in Canberra today, along with New Zealand ministers and local government representatives, to discuss climate policy and programs.
The world is on track for "irreversible and potentially catastrophic climate change" and global coal and oil use must peak before 2020 for a 50% chance of limiting warming to 2°C, says the International Energy Agency's latest World Energy Outlook.
