Treasurer Jim Chalmers recently issued a stark warning: if drastic action is not taken to combat climate change, the nation could face staggering crop losses amounting to approximately $1.8 billion within the next three decades.
This dire prediction is based on the latest Treasury modelling, which unveils the harsh economic realities of inaction.
Dr. Chalmers delivered this ominous message during a speech at the national drought forum in Rockhampton, where he outlined the far-reaching consequences of climate change for Australia’s agricultural sector.
The figures presented by the Treasurer should serve as a wake-up call for the nation, prompting a collective effort to mitigate the impacts of climate change before it’s too late.
Just one month after the release of the intergenerational report, which projected that if the Earth’s temperature rises by more than two degrees, climate change could incur economic losses of up to $423 billion due to reduced productivity by 2063, there are fresh findings.
This report also anticipated that the consequences on crop yields and tourism would place additional strain on the national budget.
On Tuesday, Dr. Chalmers also highlighted a remarkable 433% surge in Commonwealth funding within a mere three-year period under the Disaster Recovery Funding Arrangements.
“The Commonwealth’s expenditure on disaster recovery, which stood at $335 million in 2017-18, has now ballooned to approximately $2.5 billion in 2022-23. Therefore, the strain posed by a shifting climate and increasingly frequent natural disasters remains persistent, compounding over time,” he said.
In his address, Dr. Chalmers emphasised the significance of decarbonisation and the shift towards achieving net-zero emissions by investing in clean energy technologies.
Prior to Dr. Chalmers’ speech, Shadow Treasurer Angus Taylor did not raise any objections to the modelling; instead, he underscored the necessity for the government to explore “all available means” to reach a net-zero emissions target, including the consideration of nuclear technology.
Notably, the government has held a steadfast position against nuclear energy, citing concerns over its costliness.
