<
https://reneweconomy.com.au/big-business-backs-75-pct-emissions-target-as-report-claims-it-could-boost-gdp-by-370-billion/>
"Some of Australia’s largest and most powerful businesses are calling on the
federal government to commit the country to a 2035 emissions reduction target
of 75 per cent, with new research published this week showing it could add an
additional $370 billion to the country’s GDP.
More than 350 businesses including Atlassian, Ikea and Canva have signed an
open letter calling on the government to commit to an interim target of at
least a 75 per cent reduction to emissions by 2035.
The target is Australia’s next Nationally Determined Contribution, as required
under the Paris Agreement, a decision on which has been delayed to take into
account advice from the Climate Change Authority (CCA).
The CCA is expected to recommend a target in the range of 65 and 75 per cent,
which Brad Archer, CEO of the CCA, said in early 2024 would be “ambitious” but
“achievable and sustainable if additional action is taken by governments,
business, investors, and households.”
The most recent
Resolve Political Monitor showed that 44 per cent of voters
supported reducing Australia’s carbon emissions by between 65 and 75 per cent
by 2035, which would be a significant increase on the existing 43 per cent
reduction by 2030.
This week’s new scenario analysis by Deloitte Access Economics – prepared for
ethical investment and superannuation company Future Group and mining giant
Fortescue – also makes the case for a 75 per cent target, arguing it will
unlock “enormous economic opportunity” including an additional $370 billion in
Australia’s gross domestic product (GDP) compared to a business-as-usual
approach.
“The modelling shows that achieving a 75 per cent target could unlock an
additional $370 billion in GDP by 2035 – a per capita GDP increase of over
$10,000 – compared to a business-as-usual approach,” said Dino Otranto, CEO of
Fortescue Metals.
“A science-based target will deliver a larger, more productive and more
prosperous economy in the 2030s and beyond, compared to a lower target.”
The figures show also that a 75 per cent target unlocks support for an
additional 69,000 jobs by 2035.
Even when compared to the still ambitious 65 per cent target, a 75 per cent
target would pave the way for an additional $20 billion per year through to
2035 and increase the competitiveness of Australia’s exports, raising export
revenues by $190 billion over the period to 2050."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
