Australia Seen at Risk of Losing A$43 Billion in Green Spending

BHP's Birthplace Goes Solar To Power Post-Mining Future

Photographer: Carla Gottgens/Bloomberg

Australia risks missing out on at least A$43 billion ($31 billion) in investment over the next five years if it fails to set a target of net-zero emissions for 2050, according to a climate-focused investor group.

While all of the country’s state and territory governments are targeting net-zero emissions by 2050, the national government has refused to adopt the goal, instead focusing on a technology-driven approach to reducing carbon pollution. The current stance risks leaving A$265 billion in potential private investment on the table through 2050 when compared with clear policies and market signals supporting a net-zero goal, the Investor Group on Climate Change said in a report Monday.

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“The billions of dollars in investment opportunities associated with an orderly transition to net-zero emissions would support the jobs, livelihoods and wealth of millions of Australians for decades to come,” said Emma Herd, chief executive officer of IGCC, which represents institutional investors with total funds under management of more than A$2 trillion.

Read: Australia Picks Top Five Technologies to Reduce Emissions

Prime Minister Scott Morrison has said the country will comfortably meet its Paris goal to cut emissions by at least 26% from 2005 levels by 2030, but has no target beyond that. A net-zero deadline would dramatically accelerate spending on green projects on the back of a boom in renewable energy and hydrogen production, carbon capture and storage projects and increased use of electric vehicles, the IGCC said.

An “orderly transition” to net-zero emissions would unlock investments in carbon sequestration projects as companies rush to meet tougher climate standards, according to the report based on economic modeling by consulting firm Energetics. Manufacturing and transport would also see boosts, the report found.

“Governments will

Best Early Beats, Sony, AirPods Pro & Bose Headphones Deals Rated by Spending Lab

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French Consumers Encouraged to Stop Spending on New Smartphones

(Bloomberg) — France is preparing incentives for consumers to shift spending habits to used electronics, in an attempt to lower the impact on the environment and provide a boost to local ecommerce startups.



a person holding a bag and walking on a sidewalk: A pedestrian uses a smartphone while wearing a protective face mask outside the LVMH Moet Hennessy Louis Vuitton SE luxury goods store in Place Vendome, in Paris, France, on Tuesday, March 10, 2020. The euro-area economy may be headed for its first recession in seven years as the coronavirus outbreak takes an increasing toll on businesses and consumer confidence.


© Bloomberg
A pedestrian uses a smartphone while wearing a protective face mask outside the LVMH Moet Hennessy Louis Vuitton SE luxury goods store in Place Vendome, in Paris, France, on Tuesday, March 10, 2020. The euro-area economy may be headed for its first recession in seven years as the coronavirus outbreak takes an increasing toll on businesses and consumer confidence.

The government said it will deploy a scoring system on devices’ re-usability from January, and will set aside 21 million euros ($25 million) from its stimulus plan to fund re-usability startups and projects.

Environment minister Barbara Pompili and her colleague for Digital Affairs, Cedric O, told Bloomberg that the government is in talks to boost second-hand purchasing, but didn’t detail the plans which are still being finalized. O said a new form of tax on goods was unlikely because companies would shift the cost on consumers.



a person standing in front of a table: A customer tries a Redmi Note 5 display model smartphone inside a Xiaomi Corp. store in Paris, France, on Friday, May 25, 2018. Chinese smartphone maker Xiaomi opened it's first store in Paris and plans for more shops in France, Spain and Italy, testing the appetite of consumers in developed markets as its executives consider a U.S. expansion.


© Bloomberg
A customer tries a Redmi Note 5 display model smartphone inside a Xiaomi Corp. store in Paris, France, on Friday, May 25, 2018. Chinese smartphone maker Xiaomi opened it’s first store in Paris and plans for more shops in France, Spain and Italy, testing the appetite of consumers in developed markets as its executives consider a U.S. expansion.

Read More: Porsche, Ferrari Cars Face $59,000 Gas Guzzlers Tax in France

“We want to incite people who want to buy a handset to think first about refurbished ones,” Pompili said.

Selling refurbished handsets has been a long-standing business. Both Apple Inc. and Samsung offer second-hand phones on their websites, and the global market for used smartphones is expected to

Trump leads all Facebook ad spending in Arizona

President Donald Trump leaves the White House to go to Walter Reed National Military Medical Center after he tested positive for COVID-19, Friday, Oct. 2, 2020, in Washington.
President Donald Trump leaves the White House to go to Walter Reed National Military Medical Center after he tested positive for COVID-19, Friday, Oct. 2, 2020, in Washington.Alex Brandon/AP

PHOENIX (AP) — Republican President Donald Trump has spent more money on Facebook advertising targeting New Mexico users since July than any other candidate, campaign, or business, according to a New York University Tandon School of Engineering project that monitor’s Facebook spending.

The Trump campaign and his various affiliates have spent $3 million on Facebook ads in the state since July 1, the NYU Ad Observatory reports. That’s more than the amount spent during the same period by Democratic presidential nominee Joe Biden — the second-highest Facebook spender. His campaign has spent $2.3 million, according to the website.

Damon McCoy, professor of computer science and engineering at the New York University Tandon School of Engineering, and doctoral student Laura Edelson built the NYU Tandon Online Transparency Project aimed at bringing transparency to political advertising that targets U.S. voters.

Nationally, Trump has doled out $59 million on Facebook ads since July, while Biden has spent $39 million. It’s unclear if that pace will continue after Trump announced this week he had tested positive for COVID-19 and would be hospitalized.

The website found that Democratic U.S. Senate hopeful Mark Kelly spent $876,700 on Facebook ads in Arizona since July. However, the website says the Kelly campaign has spent $2.2 million nationally on Facebook ads seeking donations around the country.

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Japan August household spending seen falling for 11th straight month

TOKYO (Reuters) – Japanese household spending is expected to have fallen for a 11th straight month in August, a Reuters poll found on Friday, suggesting the coronavirus crisis is still weighing heavily on consumer confidence.

Analysts say the economy is rebounding gradually after suffering its worst post-war contraction in the second quarter, but the jobs and wage situation remain weak.

New COVID-19 cases in Japan have been on a general downward trend recently but appear to be levelling off.

Household spending likely fell 6.9 % in August from a year earlier, the poll of 14 economists showed, after a 7.6 % fall in July.

Compared with the previous month, household spending is forecast to have risen 3.2% in August from a 6.5% decline, the poll found.

“As the coronavirus cases resurged in Japan, people’s self-restraint stance towards spending on entertainment and tourism persisted,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

Wage pressures such as lower summer bonuses are expected to result in lacklustre consumer spending for some time, he added.

The government will announce household spending data at 8:30 a.m. on Oct. 9 (2330 GMT, Oct. 8).

The government is continuing to urge restaurants and shops to take measures to prevent infections, such as giving enough distancing and good ventilation to customers.

Other data next week is expected to show the current account balance was in a surplus of 1.98 trillion yen ($18.74 billion) in August, up from 1.47 trillion yen in July, partly helped by a pickup in exports on the back of the global economic recovery, analysts said.

The finance ministry will release the current account balance on Thursday.

(Reporting by Kaori Kaneko; Editing by Kim Coghill)

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