The report found the economy could shrink by six per cent over the next 50 years and 880,000 jobs could be lost. Report author Dr Pradeep Philip, who was a policy director for former Labor prime minister Kevin Rudd, said there was also a lot to be gained if warming was kept below 1.5 degrees and Australia achieved net zero carbon emissions by 2050.
“If we do act over the next few years then in just 50 years there is a benefit to the economy of $680 billion,” he said. “We’ll have an economy 2.6 per cent bigger, generating 250,000 jobs, so this tells us if you are pro-growth and pro-jobs then we need to act on climate change now. “We know that there are new sectors around renewables, hydrogen, electric vehicles that can be created.”
A spokesperson for the Emissions Reduction Minister in the conservative Liberal-National government, Angus Taylor said in a statement to ABC News that government’s Technology Investment Roadmap, which prioritised hydrogen, carbon capture and storage, soil carbon, storage options and “low-carbon” steel and aluminium production, would reduce emissions and “make net zero achievable”. It said the government would guarantee reliable and affordable energy, without imposing new costs on households. The federal government has promised to deliver net zero emissions in the second half of this century.
Source: Econews
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