Estimated Climate Costs For Australia By 2060: $73 Billion/Yr; w/o Climate Action, $94 Billion/Yr
Climate change-related disasters will cost Australia $73bn a year by 2060, even if action to curb emissions is taken now, a report has found. And if nothing is done to tackle climate change, that figure will grow to $94bn a year by that date, a study by Deloitte Access Economics says.
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Under “low emissions”, climate change is contained to a 1.7C increase above pre-industrial levels, with emissions falling to zero by 2100. The “medium” scenario means emissions start to decline by 2045, while under “high emissions” there are no efforts to curb them, causing temperatures to rise more than 2C by 2040, and 3C after 2060.
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The report found two-thirds of the cost will be borne by Queensland and New South Wales, with Melbourne vulnerable to flooding events due to its proximity to major rivers. Australia is already heavily exposed to natural disasters – fire, flood, hailstorms and hurricanes – that currently cost the country $39b a year. This figure is expected to rise dramatically as property values increase and more people move into areas vulnerable to extreme weather events that hit harder and more often.
The “nightmare” scenario would be a change in weather patterns causing a hurricane to land in south-east Queensland, which has been heavily built up by development. It adds to a growing body of work in Australia and elsewhere that has sought to measure the risks of the climate crisis, including another by London-based thinktank Chatham House in September that considered the impact from climate change tipping points.
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https://www.theguardian.com/environment/2021/oct/06/eye-watering-climate-change-disasters-will-cost-australia-billions-each-year-study-finds
