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HomeInsurance & Mortgages NewsAustralian Mortgage lenders may struggle in a net zero global economy!

Australian Mortgage lenders may struggle in a net zero global economy!

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CANBERRA (CU)_Earlier this week, the United Nations Intergovernmental Panel on Climate Change (IPCC) issued its long-overdue report on the latest physical science on climate change, in which some of the top climate scientists in the world warned time is running short in minimising the widespread and devastating effects of climate change. The authors of the report revealed that there is greater than 50 per cent chance that global temperatures may punch through the critical 1.5°C threshold by early 2030s, a decade earlier than anticipated three years ago. 

Following the report, Australian Prime Minister Scott Morrison called on the world’s biggest polluters such as China to accelerate its efforts to minimise their greenhouse gas emissions, adding that Canberra is doing its fair share. Australia, whose economy is heavily reliant on fossil fuel has been under increased pressure over the recent months, as its allies, led by Europe, has begun imposing penalties on goods imported from countries which do not have robust carbon trading schemes.

Accordingly, PM Morrison admitted that…

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