Economists say Labor's commitment to net-zero emissions by 2050 would cost the economy, but not as much as the price of inaction
Labor's commitment to net-zero emissions by 2050 would cost the economy, but not as much as the price of inaction, experts have cautioned.
“The real point is the avoided damages if the world and Australia doesn’t move to reduce emissions … the damage is going to be severe,” he said. Some in the Labor party have previously raised concerns its climate policy cost it votes at the last federal election.“Action on climate change will mean more jobs, lower emissions and lower energy prices … we have so much to lose by not acting."The Coalition has so far resisted committing to the long-term target, instead focusing on reducing emissions by 26 to 28 per cent on 2005 levels by 2030.
“Our position is clear – we won’t set new targets without being able to look Australians in the eye and tell them how we’ll get there and how much those policies will cost.” But he said this would be insignificant compared to estimates of the cost of not reaching the target, which could amount to up to $2 trillion.
“The cost of inaction is huge – it is huge and the longer we take to transition the more costly it will get,” he told SBS News.
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