- Report ‘makes clear’ costs of rising temperatures: Chalmers
- Latest IGR also foresees slowing growth, aging population
Australia could face economic losses of as much as A$423 billion ($274 billion) in reduced productivity if global action fails to halt extreme climate change, one of a raft of challenges in the coming decades along with an aging population and waning growth.
The nation’s productivity could be cut by between 0.2% to 0.8% under worst case scenarios in which a rise in global temperatures exceeds 3C (37F), according to the Australian government’s latest Intergenerational Report (IGR) which was released on Thursday.
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Extreme Climate Change Could Cut Australia GDP By $274 Billion