
Australia Could Be About To Leapfrog NZ On Climate Targets
Australian climate change authority chair Matt Kean - a former top minister for the New South Wales Liberal Party - met with Resources Minister Shane Jones and Energy and Climate Change Minister Simon Watts while he was in New Zealand to attend the Green Property Summit.
"My message to them was we want to encourage them, we want to support them and we want to share ideas about how we could lower cost of living pressure for New Zealand households and business, how we could create new jobs and opportunities for New Zealand at the same time as reducing emissions," he said.
"My message to conservatives both in Australia and abroad is when it comes to taking action on climate change, if you do it in an economically rational way there is also a political dividend to be gained."
Australia could be about to leapfrog New Zealand on the ambition of its climate targets, as it bids to win the right to host the COP31 global climate summit in 2026.
New Zealand's international climate target for 2030 - cutting emissions by 50 percent - is currently ahead of Australia's 43 per cent target, with both countries using 2005 as a base year.
But New Zealand has adopted a target for 2035 of cutting planet-heating gases by 51-55 percent, only slightly above its 2030 target, while the Australian climate change authority has consulted on a target of between 65 and 75 per cent.
Kean described New Zealand's ambition as "largely static".
He could not divulge where Australia would land on its 2035 target but he said beating New Zealand - and then some - should be achievable and good for Australia.
"Obviously Australia wants to do its bit to meet this challenge, but we also think it's in our economic interests to grab the capital that is available internationally to build the industries and opportunities that Australia wants to realise for the future," Kean said.
"Our national interests as a country on the front line of the impacts climate change are to be part of a global effort to reduce emissions, but it's also in our national interests to build industries, attract investments and create jobs as a result of this global economic transition."
He said the same applied to New Zealand, and he hoped to see more competition between the countries on climate action.
"There's always been a healthy and friendly rivalry between our two countries on the sporting field and hopefully that expands to meeting climate challenges."
'Good meeting'
Kean said he was grateful for the chance to meet Jones and other government ministers and MPs.
He was supportive of a proposal for government subsidies for New Zealand homeowners to replace their gas and inefficient heaters with heat pumps, which the Green Building Council said would save the country $1.5 billion a year.
Australia had its own challenges with gas availability, but unlike New Zealand it had subsidies for alternatives such as residential solar panels, electric storage batteries and hot water heat pumps.
Building Council chief executive Andrew Eagles told Morning Report that although New Zealand households were making progress in the adoption of heat pumps and decreasing purchases of gas hot water systems, commercial and residential natural gas/LPG consumption was still climbing - leaving some gas-reliant businesses facing closure.
"It's a huge talking point in Australia as well, we've got more gas than pretty much anywhere else on Earth but because it's all contracted offshore there's a shortage of gas for Australian businesses and families and that's putting enormous pressure on household bills," said Kean.
"We were trying to share some of our learnings from our time in government and how we addressed it and also to hear where the New Zealand government was coming from as well."
He said governments had a role to play in the energy market.
"In Australia, my preference was always for less government intervention but we had to look at what government not being involved could look like, and certainly in the energy transition the private sector wouldn't always take on the risk that was required," he said.
"The government putting the policies in place that facilitated the private sector meant savings for business, savings for households and a better outcome."
RNZ has approached Jones' office for comment.
Australia has overtaken New Zealand for EV sales on the back of more supportive government policy and has long been ahead on rooftop solar with almost a third of households having solar panels.
However its electricity sector as a whole still burns much more coal and gas than New Zealand's.
Export challenge
Australia's international climate targets do not cover its fossil fuel exports, because the coal and gas it produces for export are burned elsewhere.
That's in contrast to New Zealand's export dairy sector, which produces most of its emissions inside New Zealand. (However international flights for tourism are excluded from New Zealand's targets).
As one of the world's biggest coal and gas exporters, Australia's fossil fuel exports produce around three times as much climate-heating gases as activities within Australia, according to one study.
A landmark opinion from the International Court of Justice has declared major fossil fuel producers could be liable for reparations to countries damaged by climate change.
Kean said Australia needed to be ready to replace its fossil fuel exports.
"The reality is the fossil fuels we are exporting are not going to be at the same level of demand as is currently the case, so we need to prepare for this transition and start to build other exports that can continue to grow Australia's GDP," he said.
He said Australia had "periodic table" of elements in its ground to draw on.
"We recognise that China, Korea, Japan, some of our big takers of Australia's fossil fuel, are changing the things they want to use to power their economies and the reality is we're really well placed to meet their new needs, because of our abundant renewable energy resources."
Kean said his message of saving money and energy while cutting emissions received a good reception from Jones, a minister who has previously described climate concern as "hysteria".
Kean was a member of the conservative Liberal Party and former New South Wales Treasurer and Energy minister before chairing the climate change authority.
He said his message to conservatives in Australia and New Zealand was that there were political dividends to be gained from progressive action on climate change.
"In the state of New South Wales where I hail from, the forward-thinking climate policies that the conservative government put in place have now been adopted by the progressive government, so the policies are surviving political cycles, and what we have been seeing at a national level is the party that advocated for stronger action on climate change get a huge and thumping majority, whereas the conservative party that looked to backslide when it came to climate action lost a whole lot of seats in their traditional heartland to climate friendly independents."
The climate authority's final recommendation on Australia's 2035 target is due to be provided to Australian Climate and Energy Minister Chris Bowen within the next month.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

1News
7 hours ago
- 1News
From 90-minute commute to six: Hanmer Springs boss returns south
Sarah Wiblin is settling into her new life in Hanmer Springs. Wiblin took over as general manager of the Hurunui District Council-owned Hanmer Springs Thermal Pools and Spa in March. She came to Hanmer Springs from Auckland, where she was general manager of the Royal New Zealand Yacht Squadron, the holder of the America's Cup, for three years. "There are a lot of similarities and overlap between the roles, but it's also different. "It's about offering great experiences." Her commute to work has reduced from 1.5 hours a day to a six-minute round trip. ADVERTISEMENT Husband Ryan was working remotely for Westpac, travelling back to Auckland for one week a month. Born and bred Aucklander Ryan has invested in some merino clothing to adjust to the colder temperatures, Wiblin said. "'Covid has changed the way we work. I've met lots of people since I've been here, who are working two days a week in Christchurch and the rest of the week working remotely, and I've met someone who works remotely for an Australian company." Canterbury-born Wiblin went to primary school in Kaiapoi before her family moved to Picton. She has worked in Wellington, Auckland, Melbourne and Sydney. While at the Royal New Zealand Yacht Squadron, she organised the programme in the build up to last year's America's Cup defence. "'We had a roadshow where we travelled 600km around the country, visiting schools and communities," Wiblin said. "We engaged with 32,000 people and it was just a special experience for our team to help the country engage." Growing up in Canterbury, Wiblin regularly visiting Hanmer Springs, but never imagined she would one day be managing the pools. ''It was an opportunity which came along and it has paid off.'' While Wiblin was focusing on the day-to-day running of the pools complex, marketing manager Shane Adcock was taking more a leadership role of Hurunui Tourism, a partnership between the council and tourism operators. The pools were a major tourist attraction, but also served the local community, she said. ''We have local community groups using the pools, like aqua joggers on a Monday and local schools come here and use it, which is really cool.'' Hanmer Springs has potential to grow including the possibility of a flyride, growth in mountain biking and a new ice skating project, she said. The pool has a resource consent to establish a flyride, a gravity-based ride on the western face of Conical Hill Reserve. ''The more reasons we can have for people to come and visit the better, Wiblin said. Now settled, Wiblin said more of their family and friends were visiting. ''Every weekend we seem to have half a dozen visitors. It's a great spot to be and it's a good excuse to visit.'' LDR is local body journalism co-funded by RNZ and NZ On Air


Techday NZ
11 hours ago
- Techday NZ
Australasian firms face tougher cyber cover rules than global peers
Australian and New Zealand businesses are being subjected to stricter cyber insurance requirements compared to their global peers, according to the 2025 Cyber Insurance Report from Arctic Wolf. The report, based on research involving 400 professionals from cyber insurance broker and carrier companies worldwide, identifies that organisations in Australia and New Zealand must satisfy higher security standards to qualify for coverage. The average business in these markets must now have a minimum of six security controls in place, whereas the global average is five. The findings suggest the more rigorous scrutiny is a result of the elevated risk profile in the region, where businesses are 9% more likely to experience a 'significant' cyberattack compared to the global average. This has prompted insurers to tighten eligibility criteria in an effort to protect themselves from mounting risks. Insurers have reported a growing expectation that cyber insurance premiums will rise, with 72% of global respondents anticipating increased rates in the coming year. This follows an intensification of the threat landscape globally, driven chiefly by the adoption of artificial intelligence systems, large language models, and mounting data privacy concerns, all of which are contributing to more sophisticated attacks. Regional requirements For businesses located in Australia and New Zealand, the report notes email security (87%) and identity and access management (84%) as the two most commonly required solutions for cyber insurance eligibility. These requirements sit considerably above the survey's global averages, with email security at 66% and identity and access management at 53% worldwide. Despite the prominence of these foundational controls, the survey highlights that advanced protections – such as round-the-clock Security Operations Centres (SOC) and managed detection and response solutions – are viewed as the most impactful measures for enhancing security postures. Common claims and causes Globally, ransomware remains the most frequent type of incident prompting claims, with 18% of insurance professionals reporting that their clients were affected in the last 12 months. Data breaches, theft of funds, and phishing incidents follow in frequency. Artificial intelligence is cited among leading contributors to changing the nature of cyber threats. The research shows that increased adoption of AI and LLMs (large language models) are raising the complexity of attacks, posing new challenges for businesses and insurers alike. Insurance gap and hesitancy The survey also identifies that, despite the rising frequency of attacks, only 12% of policyholders have submitted claims in the last year. A notable finding is that a quarter of incident claims were rejected due to policy gaps, highlighting that many policies contain exclusions that are not fully understood by businesses until after incidents occur. Steve Hunter, Director of Engineering, ANZ at Arctic Wolf said: "In one of the world's most targeted cyber markets, businesses in Australia and New Zealand face insurance scrutiny like never before. Six security controls are now the entry ticket for coverage in ANZ, higher than the global average. High-profile attacks and the heightened risk of regulatory action, as seen in the Optus case, is raising the stakes for insurers and forcing local organisations to prioritise security operations as a critical business function. Insurance is no longer a financial safety net – it's a test of cyber readiness and business resilience." The report finds that with these evolving conditions, both insurers and policyholders in Australia and New Zealand are having to adapt to an environment where robust cyber defences are not just advised, but required, for coverage eligibility. The full impact of these changes is expected to continue unfolding as both regulatory expectations and threat actors' capabilities evolve.


Techday NZ
12 hours ago
- Techday NZ
Ethereum leads July surge as altcoins & stablecoins shine
The cryptocurrency market recorded a significant surge in July, with a 13.3% rise in total market capitalisation as reported by Binance Australia. This growth was attributed to improved macroeconomic conditions, increased risk appetite, and a rise in institutional demand. The period also saw regulatory developments and increased adoption of digital assets by corporate treasuries, which contributed to Bitcoin reaching several new all-time highs and boosting confidence in altcoins and stablecoins. Altcoin momentum During July, there was a notable shift in market dynamics as altcoin dominance increased by nearly 10%, now making up 39.2% of the market. In contrast, Bitcoin's market dominance fell by 5.2% to 60.6%, dropping below 60% for the first time since January. Ethereum was a leading driver of this change, with its own market share climbing over 25% to reach 11.8%. Other prominent altcoins, such as XRP and BNB, also posted considerable gains, bolstered by ecosystem developments and new partnerships. "Investors are no longer just focused on Bitcoin as a singular hedge. We're seeing them explore the broader market, driven by improved macroeconomic conditions, rising consumer confidence, and increased regulatory clarity globally. "Adoption narratives around tokenization and stablecoin infrastructure have also helped strengthen broader sentiment - particularly benefiting Ethereum and related DeFi assets, which rely heavily on stablecoin liquidity." This statement was made by James Quinn-Kumar, Director of Community Engagement for Binance Australia and New Zealand, who noted the maturation of the crypto asset class and rising mainstream adoption. Institutional demand for Ethereum Corporate adoption of Ethereum reached record levels in July, with 24 new firms adding the asset to their balance sheets. This resulted in a 127.7% increase in institutional holdings of Ethereum, now surpassing 2.7 million ETH. Concurrently, Ethereum's price gained 50% in the month, and the asset led altcoin inflows, with spot ETH ETFs registering a 19-day streak of positive net inflows. "The extraordinary corporate adoption of Ethereum in July signals a fundamental shift in how institutions view digital assets," Mr Quinn-Kumar said. "Companies are now moving beyond a 'store of value' mindset and are actively leveraging Ethereum's unique utility." Market participants increasingly favoured direct exposure to Ethereum's features - such as staking yield and a deflationary monetary model - over more passive vehicles like ETFs, which further supported its performance during the period. "Demand, liquidity, and strong price action has seen Ethereum emerge as one of the month's best performing large-cap assets. However, with Ethereum historically exhibiting higher volatility than Bitcoin, and the space still maturing, the long-term durability and scale of these corporate ETH strategies remain to be seen," Mr Quinn-Kumar said. Australian trading trends The Australian crypto community mirrored global patterns throughout July. Binance Australia data showed that, for the first time, Ethereum surpassed Bitcoin by number of traders on the platform. The five most-traded digital currencies on Binance Australia remained led by ETH, followed by BTC, XRP, Solana, and BNB. A new entrant in the top ten was HBAR, which climbed nine spots following a 55% increase in price. This shift suggests traders are branching out beyond Bitcoin to seek fresh opportunities in other blockchain ecosystems. Stablecoins and regulation In July, stablecoins were given a boost by major regulatory developments in the United States. The passing of the GENIUS Act created a federal-level framework for fully reserved, anti-money laundering compliant stablecoins, mandating that they be backed one-to-one by cash or short-term Treasury securities. The new law prompted increased institutional adoption and led to higher activity from major global banks and payments companies, including pilot projects from JPMorgan and Citi and an expansion of stablecoin support from Visa. On-chain stablecoin transfer volumes stayed near record highs, continuing to surpass those of Visa since late last year. "Stablecoins have a growing dominance as a mainstream payment infrastructure," Mr Quinn-Kumar said. "The passage of the GENIUS Act is a monumental step for the cryptocurrency industry, providing much-needed regulatory clarity that supports the continued growth of digital assets within the broader financial ecosystem. This law unlocks a new, more efficient, and more transparent financial infrastructure and a clear trajectory to mainstream adoption. "Looking ahead, the pace of capital rotation into crypto will depend on broader macroeconomic and liquidity conditions, alongside continued regulatory support. One thing is certain, the demand from both retail and institutional investors is undeniable."