A report released today warns the Australian economy is at risk of being destabilised by both the direct impact of climate change and secondary effects, such as a slump in demand for coal. The report, from the Climate Institute, says that if global emissions continue to rise without significant reductions then Australia could face an economic downturn similar to what happened after the 2008-09 financial crisis. This came as news broke that the government was going to postpone its post-2020 carbon emissions targets until next month.
A report released today warns the Australian economy is at risk of being destabilised by both the direct impact of climate change and secondary effects, such as a slump in demand for coal. It also states that two-thirds of Australian bank assets are tied up in residential property mortgages - most of them being coastal dwellings, which are vulnerable to potential sea-level rises. This came as news broke that the government was going to postpone its post-2020 carbon emissions targets until next month.