The NT could gain 5,000 jobs in renewable energy revolution, according to Deloitte report

A NEW report has argued the NT could lose 12 per cent of its economy if climate change is left unchecked, but could be a big winner if action was taken now.

THE Northern Territory will be among the worst affected Australian jurisdictions if climate change isn’t tackled over the coming decades.

A major report by Deloitte Economics released today has warned that the Territory could lose jobs and economic growth if climate change runs unchecked, with mining among the worst hit sectors.

Australians overall face losing 880,000 jobs, and $3.4 trillion of economic growth, by 2070, with hotter average temperatures even threatening the Boxing Day Test.

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On the other hand, the country could add $680bn and 250,000 new jobs to Australia’s economy if it embraces a so-called “new growth pathway”.

A New Choice: Australia’s Climate for Growth has warned that inaction will lead to greater economic losses for the NT, with tourism particularly affected.

“Queensland, Western Australia and Northern Territory have the largest losses due to a changing climate,” the report said.

The Batchelor solar farm project, which is nearing completion. Picture: Che Chorley

“These states are the first to take a hit as both a consequence of their industry base and their geography – and their losses are compounding over time.”

The report warned that if global temperatures warmed by 3C hotter, the Territory would be on average warmer than this.

“While all Australian states experience significant disruption due to climate change, much like COVID, this disruption has different regional impacts based on the way economies are set up.”

The Northern Territory would take a 12 per cent hit to its gross state product by 2070 and a 5 per cent hit in employment.

Services, mining and trade and tourism would be the three worst affected industries.

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The report was, however, optimistic about Australia’s ability to navigate climate change, saying the country could become a “global source of secure and reliable renewable power”.

Deloitte forecasts that the Northern Territory could gain 5 per cent in gross state product and add 5000 jobs if it pushed for a more sustainable and renewable recovery from the COVID-19 pandemic.