Australia, Taiwan, and Eswatini are making significant strides in climate action and sustainable capital markets. In Australia, industry leaders are advocating for transformative national policies to achieve the country's net-zero targets by 2050. They are inspired by the United States' Inflation Reduction Act (IRA) and emphasize the need for additional resources and manufacturing capacity in the renewable energy industry. A report by Deloitte highlights the potential for Australia to transform its industrial base and establish a clean energy platform, with sectors like green hydrogen, renewable energy, and critical minerals identified as potential winners. Mike Cannon-Brookes, co-founder of Atlassian, emphasizes the importance of developing clean energy infrastructure and creating clean economy jobs in Australia, particularly in solar farms, batteries, and electric vehicles [c8fe57fc].
Meanwhile, Taiwan is also taking significant steps towards climate leadership. The country plans to introduce carbon fees for companies in power generation and manufacturing industries that produce carbon emissions exceeding 50,000 tonnes per year. This move aims to incentivize emission reductions and change how the private sector operates. Taiwan has enacted the Climate Change Response Act, which requires net-zero emissions by 2050, and has made significant progress in energy efficiency and clean-energy technology. The country's renewable energy capacity has grown by an average of 21.9% per year, outperforming other developed Asian countries. Taiwan has also prioritized waste reduction and recycling, achieving a municipal waste recycling rate of 59.5% in 2022. Despite being excluded from international organizations by China, Taiwan is ready to join the global community as a reliable partner in tackling the climate crisis [0573da61].
In a new development, Taiwan and Eswatini have signed memorandums of understanding (MOUs) targeting collaboration in capital markets and climate action. The agreements involve the Taiwan Stock Exchange (TWSE), the Taiwan Carbon Solution Exchange (TCX), and the Eswatini Stock Exchange (ESE), aiming to leverage financial mechanisms for environmental sustainability. The partnership between TWSE and ESE strengthens ties through capital market collaboration, while the MOU between TCX and Eswatini pioneers climate action through carbon credit trading. This collaboration aligns with the Paris Agreement and offers a blueprint for future international cooperation. The MOUs serve as a testament to the power of international collaboration in addressing climate change and economic development, setting a precedent for leveraging capital markets for environmental sustainability [1b814a59].
These collaborations between Australia, Taiwan, and Eswatini demonstrate a shared commitment to addressing climate change and transitioning to a sustainable future. They highlight the importance of international cooperation and strategic partnerships in driving positive change on a global scale. By leveraging capital markets and implementing innovative climate solutions, these countries are paving the way for a greener and more sustainable world.
Larry Marshall, former chief executive of CSIRO, says the US and China need a 'climate armistice' to achieve net-zero emissions. Marshall suggests that Australia should focus on sectors where it has a competitive edge, such as processing lithium or vanadium. He also highlights Australia's advantage in controlling the raw materials used in decarbonizing products. Marshall emphasizes the need for global collaboration to address climate change and warns against the world splintering. He cautions that investments in small modular nuclear reactors should be approached with caution and that existing renewables can already decarbonize the electricity system. Marshall believes that Australia, as one of the top 10 nations for science, should capitalize on its scientific expertise [2d4a28e4].