Australia (Finally) Joins the Global Methane Pledge
Sat Oct 22
The country is nearly as big as the U.S. and has less than 10% of the population, but is the world’s 11th highest emitter of methane, a potent greenhouse gas. Much of the methane comes from mining, which contributes to over 10% of Australia’s GDP. Australia is also the world’s second largest coal exporter.The industry is so big that entire rural communities exist solely on mining operations. With so much money riding on mining, the country has been reluctant to move towards green energy and reduce production. But now they’re joining the world in a 30% reduction in methane emissions by 2030. What changed?
- It makes financial sense. The current biggest customers of Australian coal (Japan, South Korea, and China) have all pledged net zero targets by 2050 so the writing is on the wall.
- Unprecedented drought, bushfires, and floodingall in the span of a few short years have left Australians deeply concerned about their climate (in)action.
- Australians voted (which is required by law) in a Labor Party (a bit more left than U.S.’s Democrats) prime minister and filled other seats with “teal” independents who have promised even greater action against climate change than Labor.
Additionally, the country hopes to reduce greenhouse gasses by 43% to reach their first binding emissions-reduction target of net zero by 2050. This could prove tricky to navigate with farmers and miners, but there is low-hanging fruit in methane leaks. These leaks currently account for nearly 25% of all methane emissions (this has double the climate impact every year than all of Australia’s cars). Plugging these leaks is also far cheaper than cutting emissions in farming, making it an obvious first step. But as the sunniest and windiest place on Earth blessed with the crucial minerals needed in clean tech, they have better options than most.
BELOW THE FOLD BYTES
TikTok Restaurant Critics Thrive on Scathing, Hyperbolic Reviews
A TikTok video simply has no space or time for nuance if it is to ensnare viewers. What kind of words, then, are chosen for a restaurant review in this medium? The current critics making or breaking a restaurant are now TikTok creators and their negative reviews burn worse than a celebrity roast, even if only for 30 seconds. One of the top creators in this genre call their own viewers “peasants” and say things like, “It’s a no from us. Go cry about it.” But the intensely negative, scathing review is also nothing new as some of the most famous articles from professional critics are “takedowns.” The key difference, however, is how the ethics get managed. Traditional media companies follow clear-cut policies but TikTok creators can play a much looser game, even with current FTC rules.
Accounting Errors Will Cost Execs Says SEC
If investors rely on published accounting to make investment decisions on a corporation, it’s probably important to have accurate accounting figures. The SEC agrees and has voted to tie executive bonuses to accounting accuracy. To be more specific, accounting errors both small and large will cause a hit to executives’ incentive pay. One SEC Chairman explains that the accounting errors could make it seem as if a company hit a milestone, resulting in executives' performance-based compensation, when in fact the company did not. While some claim this "clawback" rule would only force companies to find alternative ways to compensate executives, thus weakening alignment with shareholder interests, at least one study reviewing the clawback rule proposal of 2015 showed positive shareholder response to it.
🎬 Action of the Week
Want to learn more about the impact of methane on our planet? Check out the David Suzuki Foundation for more and Vox for other nonprofits that are fighting climate change. Most importantly, vote!
THIS WEEK'S SOURCES
- Bloomberg: Australia Joins Global Methane Pledge 6 day old | 2 minutes long
- BBC: Australia’s High Methane Leaks 4 months old | 3 minutes long
- BBC: Importance of Coal To Australia 1 year old | 4 minutes long
- Wired: Australia’s Elections & Climate Change 4 months old | 8 minutes long
- Reserve Bank of Australia: Snapshot of Australian Economy 18 days old | 1 minute long
- NYTimes: Voting In Australia (Is Like a Party) 4 years old | 4 minutes long
ASCII-ING ABOUT THE NEWS
_____________________ | _________________ | | | JO 0. | | | |_________________| | | ___ ___ ___ ___ | | | 7 | 8 | 9 | | + | | | |___|___|___| |___| | | | 4 | 5 | 6 | | - | | | |___|___|___| |___| | | | 1 | 2 | 3 | | x | | | |___|___|___| |___| | | | . | 0 | = | | / | | | |___|___|___| |___| | |_____________________|
Execs getting away with accounting errors? It's an accrual world.
Art Credit: Jeremy J. Olson