Transitioning to a clean economy and reducing emissions would save the Australian economy $549 billion over the next decade while at the same time providing a number of social and environmental benefits, according to the Melbourne Sustainable Societies Institute’s (MSSI) Australia’s Clean Economy Future: Costs and Benefits report.
SGS Economics and Planning Principal and Partner Ellen Witte and SGS Associate Dr Marcia Keegan co-authored the issues paper which offers a comparison of the costs of emission reduction in Australia relative to the potential damages from climate change under current policy settings.
This paper finds that transitioning to a low-carbon economy is sound economic development: even when the benefits of reduced emissions are ignored, the economic benefits of a transition to a low-carbon economy easily outweigh the costs.
These findings will equip state and territory governments – particularly the Queensland and Victorian governments - to transition to a clean economy and:
- avoid future damages due to climate change
- be at the forefront for low-carbon business and innovation
- smooth and enhance the transition to a low-carbon economy
- reduce financial, legal and strategic risk for the state and the economy.
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