Shareholders of Shell at its annual meeting in The Hague yesterday raised questions about how the oil giant is addressing the carbon bubble and stranded assets, a development The Climate Institute welcomes, as it seeks to highlight Australia’s own growing carbon bubble.

The Coalition’s budget-in-reply speech last night was disappointingly short in saying what it will do to address climate change, only providing more information of what it will undo, said The Climate Institute today.

For those serious about long term outcomes in carbon and clean energy, the Budget’s cuts and deferrals show the importance of target driven markets for more certain outcomes, said The Climate Institute tonight.

Humanity is entering uncharted territory today, as the concentration of carbon dioxide in the atmosphere hits a record daily average high of 400 parts per million, said The Climate Institute today.

The Climate Institute today said lower than expected short-term carbon prices will lower the costs of stronger Australian carbon pollution reductions. Reports in the Financial Review that Treasury has revised the expected Australian 2015 carbon price down to $15/tonne means the cost of stronger and fairer emissions reduction has gone down too.