The Productivity Commission has released a major report that shows tackling climate change and cutting pollution is essential not only for the safety of Australians, but as a cornerstone of our productivity and long-term economic prosperity.
Climate Council CEO, Amanda McKenzie said: "Climate impacts are a major drag on the productivity of the Australian economy. Businesses in Taree or Lismore cannot survive if they are flooded over and over. Underwater heatwaves are devastating fishing and tourism industries. Farmers cannot cope with the climate whiplash of more and more extreme droughts and floods.
"In the past three years, Australia has introduced effective national climate policies that are cutting pollution and driving clean energy deployment, now supplying 43% of our electricity. With coal plants closing and climate risks mounting, accelerating the renewables rollout is crucial.
"The report highlights that accelerating the roll out of renewable power, through faster approvals, will support productivity growth - lowering costs of developers, attracting investment and making energy cheaper. To do this, Australia's national environmental laws must be reformed.
"The Productivity Commission highlights the substantial risks to the Australia economy from climate damage, and a range of efficient actions governments can take to cut climate pollution further, including improving the laws that regulate big polluters and the national environmental laws.
"The report is timely, as the Albanese Government considers Australia's 2035 target to cut climate pollution. A strong climate target for the next 10 years can protect Australians from climate damage, and be the guiding light for efficient and fair policies that allow us to cut more pollution, more cheaply – and unlock more benefits for Australians as we do so."
The report also notes the importance of boosting our resilience in light of the substantial climate-related risks. The Commission highlights three important improvements to our approach to adaptation:
- Create a central, public database for all climate hazards to provide accessible, granular risk information to the public, builders, and policymakers.
Develop a nationally consistent, outcome-based "star rating" system for housing resilience, paired with guidance so homeowners can identify upgrades that improve their property's resilience.
Investing to improve the resilience of Australia's housing stock, focusing on older housing in high-risk areas, where it's cost effective.
