Latest news with #WillvandePol
7NEWS
a day ago
- Business
- 7NEWS
Homeowners warned insurance costs set to soar as policies factor in natural disaster uptick spurred by climate change
Households are being told to brace for higher insurance premiums. The alert from environmental groups warns that the economic impacts of natural disasters will extend beyond the federal budget. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. 'The human impacts matter to us most, but the economic cost is very significant too, and we'll see that in Wednesday's National Accounts,' he said. 'Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most.' Policyholders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. 'Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse,' he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to van de Pol, who said the insurance industry was the 'canary in the coal mine' for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW Mid-North Coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated, and the federal government will continue working with NSW on any other funding requests, McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers.
The Advertiser
3 days ago
- Business
- The Advertiser
Insurance cost warning after disasters hit bottom line
The economic impacts of natural disasters will extend beyond the federal budget, environmental groups warn as households are told to brace for higher insurance premiums. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. "The human impacts matter to us most but the economic cost is very significant too and we'll see that in Wednesday's National Accounts," he said. "Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most." Policy holders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. "Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse," he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to Mr van de Pol, who said the insurance industry was the "canary in the coal mine" for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW mid-north coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated and the federal government will continue working with NSW on any other funding requests, Ms McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers. The economic impacts of natural disasters will extend beyond the federal budget, environmental groups warn as households are told to brace for higher insurance premiums. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. "The human impacts matter to us most but the economic cost is very significant too and we'll see that in Wednesday's National Accounts," he said. "Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most." Policy holders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. "Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse," he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to Mr van de Pol, who said the insurance industry was the "canary in the coal mine" for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW mid-north coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated and the federal government will continue working with NSW on any other funding requests, Ms McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers. The economic impacts of natural disasters will extend beyond the federal budget, environmental groups warn as households are told to brace for higher insurance premiums. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. "The human impacts matter to us most but the economic cost is very significant too and we'll see that in Wednesday's National Accounts," he said. "Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most." Policy holders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. "Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse," he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to Mr van de Pol, who said the insurance industry was the "canary in the coal mine" for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW mid-north coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated and the federal government will continue working with NSW on any other funding requests, Ms McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers. The economic impacts of natural disasters will extend beyond the federal budget, environmental groups warn as households are told to brace for higher insurance premiums. Treasury figures show a loss of $2.2 billion from economic activity following Tropical Cyclone Alfred and floods in NSW and Queensland. The impact is expected to be reflected in March-quarter GDP figures to be released on Wednesday. The government's priority was helping fund recovery and rebuilding for communities, Treasurer Jim Chalmers said. "The human impacts matter to us most but the economic cost is very significant too and we'll see that in Wednesday's National Accounts," he said. "Because of the progress Australians have made together in the economy, with inflation down, debt down and unemployment low, we're in a stronger position to provide support when communities need it most." Policy holders are set to pay more for their insurance because of the increasing frequency of severe weather events. Major insurance companies underwriting coal and gas projects were exacerbating the issue, environmental group Market Forces chief executive Will van de Pol said. "Customers have every right to be ropeable with insurers for the staggering increase in premiums in recent years, especially when the global insurance industry is making the problem worse," he told AAP. Skyrocketing premiums and refusing to cover climate change risks in some areas should ring alarm bells for policymakers, according to Mr van de Pol, who said the insurance industry was the "canary in the coal mine" for climate change. Recent flooding in NSW has left 10,000 homes and businesses damaged or destroyed, and the Insurance Council of Australia reported more than 6000 insurance claims. Tropical Cyclone Alfred in March caused widespread damage and flooding to communities across southeast Queensland and northern NSW. Prolonged downpours in southwest and central Queensland flooded a vast area spanning about one million square kilometres. The government's Disaster Assist website lists 27 separate natural disasters from January to May consisting of flooding, storms, cyclones and bushfires. Opposition Leader Sussan Ley travelled to the NSW mid-north coast on Monday to visit flood-affected communities with local MPs. Emergency Management Minister Kristy McBain said the government was funding measures to increase resilience, adaptability and preparedness, and the Disaster Ready Fund initiative would provide another $200 million. Multiple disaster payments have been activated and the federal government will continue working with NSW on any other funding requests, Ms McBain said. The minister said she had been on the ground in disaster areas to see the impact and had been meeting with affected small business and primary producers.
The Guardian
29-04-2025
- Business
- The Guardian
Woodside commits $18bn to US project that climate advocates warn ‘would export harmful gas until the 2070s'
Australian energy company Woodside will spend $18bn on a new liquified natural gas (LNG) project in the US that one advocacy group said would add 1.6bn tonnes of greenhouse gas emissions over its 40-year life. Climate advocates said the announcement, made the week before Woodside's annual general meeting, would put further pressure on the company after a major rebuke from shareholders last year over its emissions plan. Woodside's chief executive, Meg O'Neill, said the decision to invest in the Louisiana project was a historic moment and would turn the company into a 'global LNG powerhouse'. Sign up for the Afternoon Update: Election 2025 email newsletter The project was expected to cost US$17.5bn (A$27bn), with investment company Stonepeak also investing US$5.7bn (A$8.8bn). Will van de Pol, chief executive of corporate climate advocacy group Market Forces, said Woodside had committed to a project 'that would export harmful gas until the 2070s'. Market Forces estimated the project would add 1.6bn tonnes of CO2-equivalent over its life – the equivalent of running Australia's biggest coal-fired power station, Eraring, for 120 years. For context, Australia's total annual emissions currently are 435m tonnes. Van de Pol said Woodside investors AustralianSuper and industry super fund Hesta, 'can't wash their hands of these massive new emissions committed on their watch, and they must escalate pressure by voting against directors at Woodside's AGM next week'. Alex Hillman, lead analyst at the Australasian Centre for Corporate Responsibility (ACCR) and a former climate adviser to Woodside, said: 'Investors have voiced increasing displeasure with Woodside's climate strategy, most recently with the world's only majority vote against a company's climate plan at Woodside's 2024 AGM.' ACCR sent a formal statement to Woodside to ask shareholders to vote against the re-election and election of directors at next week's AGM. Hillman said Woodside was 'doubling down on its climate strategy by proceeding with its largest-ever LNG project' and the statement would put increasing pressure on the company to listen to concerns. The bulk of climate-related emissions from Woodside's business come from 'scope 3' emissions, which mostly occur when the company's gas is sold and burned by its customers. Sign up to Afternoon Update: Election 2025 Our Australian afternoon update breaks down the key election campaign stories of the day, telling you what's happening and why it matters after newsletter promotion These indirect emissions totalled 74.65m tonnes of CO2-equivalent (co2-e) last year, according to company disclosures. The company's only plan to address these was to invest US$5bn in 'new energy products and lower-carbon services' by 2030, that would indirectly cut 5m tonnes of CO2-e each year. ACCR said Woodside's decision to go ahead with the Louisiana project would increase its annual scope 3 emissions by 27%. A Woodside spokesperson declined to comment on the increase in scope 3 emissions identified by the advocacy groups, but said the company's climate targets – including a 30% cut to direct emissions by 2030 – remained unchanged. Woodside said its US$2.35bn investment in an ammonia project was a 'material step' to its scope 3 investment goal which, when complete, would save 3.2 megatonnes of CO2-e each year. AustralianSuper said it had no comment. The Guardian also approachedHesta for comment.
