1 00:00:02,480 --> 00:00:05,439 Speaker 1: Good morning and welcome to the Daily os. It's Wednesday, 2 00:00:05,480 --> 00:00:08,480 Speaker 1: the twenty fourth of March. My name is Sam Kazlowski, 3 00:00:08,600 --> 00:00:11,719 Speaker 1: and helping me make sense of today's news is Zara Sidler. 4 00:00:12,560 --> 00:00:15,680 Speaker 1: Making news today, the PM talks about women. 5 00:00:16,200 --> 00:00:18,880 Speaker 2: Victorian COVID restrictions relaxed, some. 6 00:00:18,920 --> 00:00:20,720 Speaker 1: Good news about Michigan. 7 00:00:21,079 --> 00:00:25,200 Speaker 2: And a breakdown of investments in climate change. Here's today's 8 00:00:25,280 --> 00:00:26,200 Speaker 2: daily digest. 9 00:00:27,600 --> 00:00:30,520 Speaker 1: Prime Minister Scott Morrison has pledged to improve the treatment 10 00:00:30,560 --> 00:00:32,960 Speaker 1: of women in Parliament, saying in the press conference he 11 00:00:33,000 --> 00:00:35,320 Speaker 1: had been doing a lot of listening over this last 12 00:00:35,400 --> 00:00:38,880 Speaker 1: month of note. The Prime Minister announced he was very 13 00:00:38,960 --> 00:00:41,600 Speaker 1: open to the idea of quotas and we put up 14 00:00:41,600 --> 00:00:44,720 Speaker 1: an explainer of quotas last night on our Instagram. He 15 00:00:44,760 --> 00:00:48,400 Speaker 1: also addressed the reports of lud acts inside Parliament, saying 16 00:00:48,440 --> 00:00:52,360 Speaker 1: he was shocked and disgusted and that the reports were shameful. 17 00:00:53,640 --> 00:00:57,320 Speaker 2: And some awesome news for Victorian's Acting Premier James Molino 18 00:00:57,360 --> 00:00:59,800 Speaker 2: has announced a further easing of restrictions in the state 19 00:00:59,800 --> 00:01:02,720 Speaker 2: for Friday. So from six pm on Friday, just in 20 00:01:02,760 --> 00:01:05,680 Speaker 2: time for the weekend, Victorians will no longer be required 21 00:01:05,680 --> 00:01:08,920 Speaker 2: to wear masks in supermarkets. And retail settings, so you 22 00:01:08,920 --> 00:01:11,039 Speaker 2: will have to wear a mask in an ubar, in 23 00:01:11,120 --> 00:01:14,240 Speaker 2: a taxi, or in hospitals. Victorians will be able to 24 00:01:14,280 --> 00:01:16,080 Speaker 2: have gatherings of up to one hundred people in their 25 00:01:16,080 --> 00:01:19,200 Speaker 2: homes and up to two hundred people outdoors. You can 26 00:01:19,280 --> 00:01:21,160 Speaker 2: check out the full list by swiping up on our 27 00:01:21,160 --> 00:01:22,080 Speaker 2: Instagram story. 28 00:01:24,280 --> 00:01:26,399 Speaker 1: Ten people have been killed in a shooting at a 29 00:01:26,400 --> 00:01:30,840 Speaker 1: grocery in Boulder County, Colorado. Eyewitnesses have described a man 30 00:01:30,880 --> 00:01:33,880 Speaker 1: in full tactical gear, first opening fire in the car park, 31 00:01:34,120 --> 00:01:37,280 Speaker 1: then moving into the store, killing ten, including a policeman. 32 00:01:37,880 --> 00:01:40,360 Speaker 1: It is understood the person of interest is in custody 33 00:01:40,440 --> 00:01:42,600 Speaker 1: and police are still investigating the motive. 34 00:01:44,280 --> 00:01:46,679 Speaker 2: And to some good news, the state of Michigan in 35 00:01:46,720 --> 00:01:50,320 Speaker 2: the US is offering free community college program called Futures 36 00:01:50,320 --> 00:01:54,160 Speaker 2: for Frontliners for Essential Workers. Its program's pretty cool and 37 00:01:54,200 --> 00:01:57,640 Speaker 2: what we'll do is provide frontline workers without college degrees 38 00:01:57,920 --> 00:02:01,320 Speaker 2: with tuition free access to local community college to pursue 39 00:02:01,360 --> 00:02:04,240 Speaker 2: an associate degree or skill certificate, either full time or 40 00:02:04,280 --> 00:02:05,520 Speaker 2: part time while they work. 41 00:02:07,560 --> 00:02:10,120 Speaker 1: So for today's deep dive, I thought we'd have a 42 00:02:10,160 --> 00:02:15,520 Speaker 1: look at the intersection between climate change and investments. Most 43 00:02:15,520 --> 00:02:17,960 Speaker 1: of US at least have a superfund which does the 44 00:02:17,960 --> 00:02:20,160 Speaker 1: investment for us, and quite a lot of us we 45 00:02:20,280 --> 00:02:23,720 Speaker 1: know now invest via apps like robin Hood and online 46 00:02:23,760 --> 00:02:26,040 Speaker 1: trading platforms. And when we take a step back and 47 00:02:26,040 --> 00:02:29,120 Speaker 1: think about what we're actually investing in, it's pretty interesting 48 00:02:29,200 --> 00:02:30,800 Speaker 1: how much power our money has. 49 00:02:31,080 --> 00:02:33,160 Speaker 2: It is interesting, But why are you talking to me 50 00:02:33,200 --> 00:02:33,960 Speaker 2: about it today? 51 00:02:34,240 --> 00:02:37,160 Speaker 1: So a group called Climate Action one hundred plus is 52 00:02:37,200 --> 00:02:39,560 Speaker 1: in the headlines at the moment and they are right 53 00:02:39,639 --> 00:02:42,200 Speaker 1: in the middle of this intersection. They are a group 54 00:02:42,200 --> 00:02:45,640 Speaker 1: of investors, but these investors have billions and billions of 55 00:02:45,639 --> 00:02:48,280 Speaker 1: dollars in the market. They're five hundred and seventy five 56 00:02:48,360 --> 00:02:50,680 Speaker 1: of the top investors in the world, and they have 57 00:02:50,760 --> 00:02:54,320 Speaker 1: a combined wealth in the market of fifty four trillion 58 00:02:54,440 --> 00:02:57,400 Speaker 1: US dollars. So this group took a look at one 59 00:02:57,480 --> 00:03:01,040 Speaker 1: hundred and fifty nine global companies, including twelve of Aussie companies, 60 00:03:01,080 --> 00:03:05,040 Speaker 1: to assess how much they're actually doing to fight climate change. 61 00:03:05,200 --> 00:03:08,280 Speaker 1: They've basically done so and said if we find that 62 00:03:08,320 --> 00:03:10,920 Speaker 1: you're not doing enough, we're going to withdraw our funds. 63 00:03:10,960 --> 00:03:12,880 Speaker 1: And that's a scary prospect for a lot of these 64 00:03:12,919 --> 00:03:15,720 Speaker 1: companies that rely on these massive dollars to fund their 65 00:03:15,760 --> 00:03:19,000 Speaker 1: business now. The report found that only three of the 66 00:03:19,040 --> 00:03:22,760 Speaker 1: twelve Australian companies had a clear strategy to meet their 67 00:03:22,760 --> 00:03:26,200 Speaker 1: goals of net zero emissions by twenty fifty. Those three 68 00:03:26,240 --> 00:03:31,080 Speaker 1: companies were BHP, Rio Tinto and Santos. The results were 69 00:03:31,120 --> 00:03:34,440 Speaker 1: not good. Just over half the company's surveyed had publicly 70 00:03:34,480 --> 00:03:37,360 Speaker 1: announced a net zero carbon emission's goal by twenty fifty 71 00:03:37,440 --> 00:03:41,160 Speaker 1: at all, and only nine percent had targets to reduce 72 00:03:41,240 --> 00:03:44,000 Speaker 1: most emissions in their supply chain. You have to remember 73 00:03:44,000 --> 00:03:46,320 Speaker 1: that the investors are coming at this point from two 74 00:03:46,320 --> 00:03:50,600 Speaker 1: different angles. One. I think they genuinely care about the 75 00:03:50,640 --> 00:03:53,320 Speaker 1: health of the planet and that they are willing to 76 00:03:53,680 --> 00:03:56,960 Speaker 1: let their immense wealth do the talking for them. But 77 00:03:57,080 --> 00:04:00,360 Speaker 1: it's not all pure. They are up for some really 78 00:04:00,400 --> 00:04:05,040 Speaker 1: severe financial loss if climate change keeps eventuating and there's 79 00:04:05,160 --> 00:04:09,080 Speaker 1: physical and transitional loss. A physical loss from climate change 80 00:04:09,200 --> 00:04:12,040 Speaker 1: could be something like if you're running an insurance company 81 00:04:12,360 --> 00:04:15,160 Speaker 1: and you have to pay out insurance claims from something 82 00:04:15,320 --> 00:04:18,080 Speaker 1: like I don't know, the New South Wales floods, that 83 00:04:18,120 --> 00:04:20,720 Speaker 1: can put a huge dent in your bottom line. And 84 00:04:20,720 --> 00:04:22,640 Speaker 1: those extreme weather events are going to becoming more and 85 00:04:22,680 --> 00:04:27,120 Speaker 1: more frequent if climate change keeps getting worse. The transitional 86 00:04:27,200 --> 00:04:31,080 Speaker 1: effects for investors are things like having exposure to companies 87 00:04:31,560 --> 00:04:34,560 Speaker 1: that might be heavily invested in coal because you bought 88 00:04:34,600 --> 00:04:37,359 Speaker 1: shares in nineteen ninety that now aren't going to be 89 00:04:37,360 --> 00:04:39,880 Speaker 1: making much money because they're not taking the steps to 90 00:04:39,920 --> 00:04:43,760 Speaker 1: invest in green energy. That's a serious problem and will 91 00:04:43,760 --> 00:04:46,320 Speaker 1: mean that there's lower returns for these big weeks. 92 00:04:46,640 --> 00:04:49,920 Speaker 2: It feels like we hear quite often from companies about 93 00:04:49,920 --> 00:04:53,520 Speaker 2: what they're doing in the sustainability sphere or about their 94 00:04:53,560 --> 00:04:57,360 Speaker 2: carbon footprint, So why is there this imparent incongruence between 95 00:04:57,360 --> 00:05:00,000 Speaker 2: what we're hearing and what we're seeing in actual acts. 96 00:05:00,920 --> 00:05:04,320 Speaker 1: We often hear about companies who implement a sustainability index 97 00:05:04,600 --> 00:05:08,000 Speaker 1: or take a step to reduce their carbon footprint, but 98 00:05:08,120 --> 00:05:11,200 Speaker 1: what this report focused on directly links to the target 99 00:05:11,320 --> 00:05:15,000 Speaker 1: set by the Paris Agreement, especially that key target of 100 00:05:15,080 --> 00:05:19,479 Speaker 1: net zero greenhouse gas emissions by twenty fifty. Also whether 101 00:05:19,480 --> 00:05:23,120 Speaker 1: they had allocated enough actual cash to achieving these goals. 102 00:05:23,240 --> 00:05:25,000 Speaker 1: It's all very well and good when the company says 103 00:05:25,040 --> 00:05:27,120 Speaker 1: they're going to achieve it, but if they're not investing 104 00:05:27,160 --> 00:05:28,839 Speaker 1: in getting there, it's not going to happen. 105 00:05:29,400 --> 00:05:31,520 Speaker 2: So do you think that the five hundred and seventy 106 00:05:31,560 --> 00:05:34,640 Speaker 2: five investors that make up this group are actually going 107 00:05:34,640 --> 00:05:36,520 Speaker 2: to pull their money from these companies? 108 00:05:37,040 --> 00:05:39,279 Speaker 1: In a weird way, it's kind of up to us. 109 00:05:39,480 --> 00:05:42,160 Speaker 1: It's kind of up to how much public pressure these 110 00:05:42,560 --> 00:05:47,360 Speaker 1: massive investors feel to keep their portfolios green. If they 111 00:05:47,480 --> 00:05:51,000 Speaker 1: have clients who are just happy with profits, then they're 112 00:05:51,040 --> 00:05:53,000 Speaker 1: not going to check. But if enough people ensure that 113 00:05:53,040 --> 00:05:56,480 Speaker 1: the money they're making comes from a green source, then 114 00:05:56,520 --> 00:05:58,840 Speaker 1: something will change and money will be pulled out by 115 00:05:58,880 --> 00:06:03,719 Speaker 1: these massive investors. This intersection between investment and climate change 116 00:06:03,760 --> 00:06:07,440 Speaker 1: goes all the way to superannuation, which most young people have. 117 00:06:07,920 --> 00:06:10,520 Speaker 1: Only last year, a twenty five year old man from 118 00:06:10,520 --> 00:06:14,640 Speaker 1: Brisbane successfully sued one of Australia's biggest super funds over 119 00:06:14,640 --> 00:06:18,080 Speaker 1: its handling of climate change, and he actually forced them 120 00:06:18,080 --> 00:06:21,000 Speaker 1: to commit to net zero emissions for its investments by 121 00:06:21,040 --> 00:06:23,680 Speaker 1: twenty fifty. Now, if that doesn't show you the change 122 00:06:23,720 --> 00:06:26,080 Speaker 1: that one person can have, I don't know what will. 123 00:06:26,680 --> 00:06:28,719 Speaker 2: And on that note, that is all we have time 124 00:06:28,760 --> 00:06:31,120 Speaker 2: for today. But in the meantime, follow the day's news 125 00:06:31,120 --> 00:06:33,800 Speaker 2: on Instagram at the Daily os It's where over ninety 126 00:06:33,839 --> 00:06:36,479 Speaker 2: five thousand Australians get their news throughout the day and 127 00:06:36,520 --> 00:06:38,640 Speaker 2: we would love you to become part of the community.