Govt denialism biggest issue for ESG

24 June 2021
| By Chris Dastoor |
image
image
expand image

Political polarisation of climate change is the biggest obstacle for environmental, social and governance (ESG) investing, which should be the biggest investment story, according to former Prime Minister Malcolm Turnbull.

Speaking at a VanEck webinar, Turnbull said the return of Barnaby Joyce as leader of the National Party and Deputy Prime Minister, who replaced Michael McCormack earlier this week, would be a “disaster” for climate change.

“Barnaby has always weaponised opposition to action on climate change and he is an absolute global warming denier,” Turnbull said.

“He sees it as a wedge, and he used it to wedge out Michael McCormack and he’s used it against me at different times.

“Barnaby is absolutely not a friend of renewable energy, even though there are some big renewable operations in his own electorate. I’m sure a lot of people in New England would be fed up with him.”

Turnbull was currently chair of the Australian Fortescue Future Industries, which led renewable energy projects for the Andrew Forrest-led Fortescue Metals Group.

“Global warming is real, it’s a physical fact and the only way we can arrest global warming is by cutting our greenhouse gases and the way to do that is to replace fossil fuel with renewable energy,” Turnbull said.

“The cheapest form of new energy generation in Australia and most countries is a combination of renewables and storage.

“Politically, the issue of global warming and the issue of energy has been politicised to the point where it has become a values or identity issue.

“What I would call the populist Right, which includes Barnaby Joyce, the Murdoch media – particularly in the states with Fox News, and of course the fossil fuel lobbyists take advantage of this.”

Turnbull said the Coalition had turned coal and gas into an identity issue so which meant Australians were either for or against it.

“It’s awfully irrational and the National party want to build new coal fired power stations in Australia and Matt Canavan talks about it all the time,” Turnbull said.

“The only way this can be done is if the Government built them and this is at an enormous cost to taxpayers and an enormous loss to the environment.

“I think it’s actually worse now in Canberra than when I was there.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 4 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago