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Lack of climate action over 50 years will cost Australian economy $3.4tn and 880,000 jobs – report
(The Guardian, 1 Nov 2020) If policies promoting net zero emissions by 2050 are adopted 250,000 jobs would be created and $680bn added to the economy.
Australia’s economy will be 6% smaller, there will be 880,000 fewer jobs and $3.4tn in economic opportunities will be lost if the climate crisis goes unchecked for the next 50 years, a report says.
On the other hand, the analysis by consultancy Deloitte Access Economics found policies consistent with a target of net zero emissions by 2050 and keeping global warming to 1.5C could expand the economy by 2.6%, or $680bn to the economy, and create 250,000 jobs.
Deloitte focused on what it said was a fundamental flaw in how climate change is publicly considered – the idea that the costs of acting are weighed against an assumption the economy will keep growing if there are unconstrained emissions. Meanwhile, it said, the benefits of steps to tackle the issue were regularly downplayed.
The report suggested Australia would experience an economic hit on par with Covid-19 every year by 2050 if the climate crisis was not addressed.
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The Guardian, 1 Nov 2020: Lack of climate action over 50 years will cost Australian economy $3.4tn and 880,000 jobs – reportMore Related News
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23 Apr 2020: Flooding will affect double the number of people worldwide by 2030
17 Apr 2020: Greenland ice sheet shrinks by record amount - climate study
30 Mar 2020: Coronavirus: The immediate effect on climate change
19 Mar 2020: India finally takes climate crisis seriously
17 Mar 2020: Covid-19: a dress rehearsal for the climate emergency?
13 Mar 2020: Climate emergency: global action is ‘way off track’ says UN head
20 Feb 2020: Global warming causing 'irreversible' mass melting in Antarctica - scientist
14 Feb 2020: Pupils draft their own climate bill as anxiety grows over lack of guidance for schools
11 Feb 2020: The Guardian view on climate anxiety: we live in frightening times
10 Feb 2020: ‘Overwhelming and terrifying’: the rise of climate anxiety
19 Dec 2019: Climate activists found guilty over London train protest by 'regretful' jury
7 Nov 2019: Budapest declares climate emergency, teases carbon-neutrality
7 Nov 2019: Italy to put sustainability and climate at heart of learning in schools
7 Nov 2019: Sea levels set to keep rising for centuries even if emissions targets met
7 Nov 2019: Climate crisis: 11,000 scientists warn of ‘untold suffering’
4 Nov 2019: Red alert for blue planet and small island states
1 Aug 2019: Our planet is in crisis. But until we call it a crisis, no one will listen
1 Aug 2019: Siberian wildfires prompt Russia to declare a state of emergency
