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Climate changed

Australia Could Reap $650 Billion From Stricter Climate Goals

  • Business lobby highlights gains from embracing clean energy
  • Government facing international calls to adopt net-zero target
Coal Ports At Newcastle As Aussie Floods Add to Supply Concerns
Photographer: Brendon Thorne/Bloomberg

Australia can unlock A$890 billion ($650 billion) in economic gains over the next half century if it adopts stronger climate targets, according to the country’s business lobby, adding to pressure on the government to commit to a 2050 net-zero emissions goal ahead of the crucial Glasgow climate summit

A report by the Business Council of Australia, which outlines a plan to manage the country’s clean energy transition, also said a reduction in carbon pollution of up to 50% by 2030 from 2005 levels was achievable -- well above the 26-28% reduction Australia has committed to under the Paris Agreement.