Climate change could cost Australians more than pandemic has so far
The economic impact of climate change could be far worse than that of the coronavirus pandemic, Deloitte economists say.
News
Don't miss out on the headlines from News. Followed categories will be added to My News.
Climate change could damage the Australian economy more than the coronavirus crisis, drastically changing prospects for farmers, builders, manufacturers and miners, according to a new report.
Economists at Deloitte argue the pandemic has presented an opportunity for the federal government to look at investing in strategies to mitigate climate change, while boosting the economy.
According to the report, delivering net zero emissions over the next 30 years could add $680 billion to the economy and create 250,000 jobs by 2070.
Not acting would see 880,000 fewer jobs across Australia in 50 years, according to the report.
Deloitte economist Dr Pradeep Philip said climate change was a “costly” reality and action needed to be taken now to save swathes of the Australian economy.
“Australia’s farmers, builders, manufacturers, miners and tourism-related businesses are in the front line of the risks of climate change as the world responds,” economist Dr Pradeep said.
“By 2050 Australia will experience economic losses on par with COVID every single year if we don’t address climate change.
“That would compromise the economic future of all future generations of Australians.”
Chief economist Chris Richardson said federal government policies needed to encourage businesses to invest in clean solutions.
“Australians need policy and regulatory reform that modernises our economy and unleashes business investment,” Mr Richardson said.
“The benefits of acting are huge. But we are fast running out of opportunity.”
The report argues policies aimed at creating a stronger economy could also create a lower-emission future.
Over the past five weeks, China, Japan and South Korea have committed to going “carbon-neutral” by 2050 or shortly after.
A spokesman for Energy Minister Angus Taylor said Australia’s Technology Investment Roadmap announced earlier this year would create jobs while cutting emissions.
“Getting the five priority technologies right will position Australia to take advantage of emerging opportunities in low emissions exports and maintain our international competitiveness,” the spokesman said.
“Getting these technologies right will also substantially reduce emissions and make net zero achievable.”
The Herald Sun understands a long term emissions reduction strategy is being developed by the federal government before next year’s United Nations Climate Change Conference.
MORE NEWS
PRIVATE SCHOOL IN LEGAL BATTLE OVER DUMPING OF TOXIC SOIL
STAWELL GOLD MINE AIMS TO UNLOCK A MYSTERY OF THE UNIVERSE