<
https://reneweconomy.com.au/climate-damage-australia-faces-7-trillion-hit-to-standard-of-living/>
"The worst is yet to come for Australians already suffering from climate
change, with living standards forecast to take a $7 trillion hit between now
and 2050.
Economic modelling by a network of 141 central banks including Australia’s
Reserve Bank predicts a 14 per cent annual blow to the nation’s gross domestic
product under existing global climate policy settings.
The “alarming new data” shows why Australia must switch to renewable energy and
commit to a strong 2035 target for reducing emissions, Investor Group on
Climate Change chief executive Rebecca Mikula-Wright said on Monday.
With climate change expected to significantly harm future well-being, the
world’s central banks have been fine-tuning expected losses.
The current global policies scenario assumes that existing policies are
preserved to 2050, leading to high physical climate change risks from three
degrees of global warming.
With Australia hit harder than many others, the economy is expected to suffer
extreme weather, damage to the nature, and a productivity hit to labour and
land.
Australia’s Total National Income (standard of living) losses from climate
damages are projected at $7 trillion between now and 2050.
Trading partners will also suffer significant economic damage, with neighbours
across Asia likely to see a 16 per cent hit to GDP by 2050, according to the
data."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
