Scott Morrison’s climate policy is set to cost one quarter of the economy.
The Reserve Bank of Australia along with over sixty other central banks including the Bank of England and the Bank of Japan, have sent a stark warning to the Morrison Government – if climate policy ambition isn’t increased and countries continue on the same path to more than 3 degrees of warming, the world can expect global GDP to fall by 25 per cent by 2100.
To put that into perspective during the Great Depression global GDP fell by 15 per cent.
The fact this warning comes from over 60 central banks is unprecedented and exposes the Liberal scare campaign that climate action hurts the economy.
Scientists have already warned that Scott Morrison’s inadequate climate targets will lead to over 3 degrees of warming, with catastrophic impacts for our environment, health and society.
We now have the most respected economic institutions in the world warning that these weak targets will also lead to unprecedented economic devastation.
Scott Morrison continues to be the outlier, refusing to accept scientific advice and join every state and territory in Australia, the Australian Industry Group, the Business Council of Australia, the Australian Energy Council, our biggest airline, our biggest mining company, our biggest bank, our biggest telecommunications provider, and countless experts and scientists who are commit to net zero emissions by 2050 which CSIRO says will lead to stronger economic growth, higher real wages, and lower energy bills.
Earlier this week the Government dismissed out of hand Labor’s genuine offer to develop a bipartisan energy investment framework that will support new investment, bring power prices down, cut pollution, and deliver new jobs.
The Morrison Government listened to the scientists when it came to our response to COVID-19. They need to listen to the scientists on climate change.