Yearly climate costs $29bn for Australia with ‘business as usual’

Australia faces annual $29bn climate bill The Saturday Paper, Max Opray 15 Feb 20, A “business as usual” response to climate change will cost Australia at least $29 billion a year, according to a new study. The World Wide Fund for Nature report projected that Australia’s economy will be the fifth worst-affected over the next three decades. This was a best-case scenario, and did not factor in the cost of more intense bushfires. “Because so much of Australia’s population, infrastructure and service sector output is concentrated in coastal areas, we are more vulnerable than most to sea-level rise and storm surges,” said WWF-Australia economist Joshua Bishop. The modelling shows that the global price of some key commodities will rise by almost 10 per cent. The report noted that environmentally friendly land-use management techniques alone could halve the hit to national GDP. The news comes as an Australian Conservation Foundation analysis found that the fossil-fuel industry has doubled its donations to the major parties in the past four years. …. https://www.thesaturdaypaper.com.au/thebriefing/max-opray/2020/02/13/australia-faces-annual-29bn-climate-bill?utm_medium=email&utm_campaign=The%20Briefing%20-%20Thursday%2013%20February%202020&utm_content=The%20Briefing%20-%20Thursday%2013%20February%202020+CID_a8e00424e41f86960e9b9

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