Acting swiftly on climate change matters. Failing to rapidly cut emissions this decade is forecast to lead to exponential increases in the costs of climate change over multiple generations. One estimate puts global economic losses of failing to act at A$24.1 trillion per year by 2100; for Australia, the figure is A$129 billion per year.
This report looks at the economic impact that carbon border tariffs could have on Australia’s economy if appropriate measures are not taken now to act on climate change in line with key trading allies.
As one of the world’s heaviest per capita emitters, Australia should embrace the economic opportunity ahead, step up and lead on climate change. This would involve not only a firm national commitment to net-zero emissions, preferably by 2035, but also a detailed plan for how to cut emissions swiftly each year backed by robust policies and adequate funding.