Environment & Climate
Australian report on long-term risks faces expert criticism over climate costs
The Guardian reports that experts and academics criticized Australia's 40-year intergenerational report for downplaying economic damages from climate change.
The short version
- Australia's seventh intergenerational report projects economic and demographic trends to 2066, warning that global heating risks are highly uncertain and natural disasters will pose significant economic risks.[The Guardian]
- Academic experts and activists criticized the document, arguing it understates total climate-related financial damage, ignores water security threats, and relies on models that undercount complex impacts.[The Guardian]
- Other analysts noted the report accurately highlights economic gains and potential export opportunities, like green iron, arising from a transition to renewable energy.[The Guardian]
Key facts
- Australia released its seventh intergenerational report projecting economic trends and risks out to 2066.[The Guardian]
- Treasury modeling cited in the report indicates that a disorderly approach to net zero could cost the economy $2tn cumulatively by 2050.[The Guardian]
- Assoc Prof Ben Neville stated that existing economic models underestimate climate impacts by omitting complex climate risks.[The Guardian]
- Prof Sarah Wheeler highlighted that the report omits water scarcity issues and increased risks of floods and droughts.[The Guardian]
What remains uncertain
- The long-term economic and social effects of global heating four decades from now remain highly uncertain due to the unpredictable pace of the global energy transition.[The Guardian]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.