Australia’s Climate Report: Economic Impacts and Coal Export Challenges Loom by 2063

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According to the government’s latest intergenerational report, Australia can experience significant economic consequences if global warming is not effectively addressed.

The comprehensive report, set to be released shortly, outlines the potential ramifications of climate change on the nation, emphasising that limiting global warming will be crucial to mitigating these effects.

In a low-emissions scenario, Australia may avoid severe economic decline due to global warming, but coal exports are set to plummet by 2063. Exceeding the 2°C limit in the Paris Climate Accord could substantially impact various sectors in Australia.

“In the absence of adaptation measures, Australian crop yields could be up to 4% lower by 2063 in a scenario where global mitigation does not keep temperature increases below 3C this century,” the report said.

A hotter climate could decrease productivity, causing economic losses of $135 billion to $423 billion. If temperatures rise by 3 degrees Celsius, GDP costs could surge by another $155 billion, potentially losing 16-41 million work hours.

The report also highlights the vulnerability of Australian agriculture, with crop yields possibly declining by up to 4% by 2063 if global temperature increases exceed 3 degrees Celsius. Tourism, too, faces challenges, with rising sea levels threatening at least 50% of the country’s sandy coastlines.

According to the Bureau of Meteorology, Australia’s temperatures increased by approximately 1.47°C since 1910. The report calls for targeted adaptation and mitigation against future temperature rises and their adverse effects.

“We know the world’s climate emergency is not only a moral imperative but regional Australia’s jobs opportunity,” the climate change and energy minister, Chris Bowen, said. “That’s why we are committed to become a renewable energy superpower to provide cleaner, cheaper energy to Australians and the world.”

The government’s intergenerational report underscores the need for urgent action to limit global warming and highlights the potential economic consequences if such measures are not taken.

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