Scott Morrison’s refusal to adopt net zero emissions by 2050 and take decisive climate action will devastate the economy, costing 880,000 jobs and slashing $3.4 trillion from GDP by 2070.
According to the independent report from Deloitte Access Economics, the Morrison Government’s refusal to deliver net zero emissions by 2050 will crush the trade, tourism, mining and services industries especially in Queensland, Western Australian and the Northern Territory.
Climate inaction is set to hit the Queensland economy particularly hard, with a 14 per cent GDP and 7 per cent employment loss, compared to NSW which sees a 4 per cent GDP and 2 per cent employment loss.
Delivering net zero emissions by 2050 will avoid the costs of inaction and will create 250,000 new jobs and deliver an additional $680 billion in GDP by 2070.
Deloitte warns, the Morrison Government’s approach of not adopting net zero emissions by 2050 will “in average annual terms, reduce Australia’s economic growth by 3% per year and cost around 310,000 jobs per year.”
Failing to achieve net zero emissions by 2050 will see industries hit hard by 2070, with mining losing $350 billion, manufacturing $330 billion, services $1.6 trillion and trade and tourism seeing a $500 billion loss.
Yet Scott Morrison refuses to adopt net zero emissions by 2050 even though over 60 per cent of Australia’s trade is with countries that have adopted the target. Every state and territory in the country are committed to the climate target because, as CSIRO says, net zero emissions grows the economy, delivers higher wages and lower power bills.
In the deepest recession in almost a century, Australians need a government that will commit to serious climate action because that action will deliver on our future as a renewable energy superpower and as Deloitte have confirmed, will create more jobs, more wealth and a stronger economy.
Scott Morrison continues to run his anti-climate change agenda saying he will only meet net zero emissions in the second half of the century. Australians need real climate action or we will all be left paying the price.