By Abbas Nazil
The Albanese government has released Australia’s first national climate risk assessment, warning that unchecked global heating beyond 2C could cause systems vital to the nation’s economy and society to crumble.
The report by the Australian Climate Service highlights scenarios in which rising temperatures trigger “cascading shocks” across supply chains, finance, telecommunications, and energy.
It warns of shortages of essential goods, loan defaults, falling superannuation values, and regional economic disruption.
The risks extend to public health, with projections of rising deaths and hospitalisations caused by heatwaves, which already claim more lives than other extreme weather events.
Sea level rise is another looming threat, with more than 1.5 million people expected to live in areas exposed to coastal flooding by 2050.
The report also anticipates severe environmental consequences, including the loss of ecosystems and species by mid-century, which could undermine access to clean air, water, and food while affecting infrastructure and national security.
The government’s approval of a potential 40-year extension for the North West Shelf liquefied natural gas export facility, one of the country’s largest polluters, has sparked accusations of hypocrisy, given the dire warnings contained in the assessment.
Climate change minister Chris Bowen acknowledged the complexity of balancing net zero ambitions with economic realities but argued that the cost of inaction would far outweigh the cost of action.
He stressed that the government would soon release its 2035 emissions reduction target and that its seriousness on climate action would be evident in forthcoming announcements.
Bowen said limiting global heating to 1.5C would require at least a 68 percent reduction in global emissions between 2005 and 2035, with developed countries like Australia expected to do more.
Analysts suggest reductions of 75 percent or higher may be needed, setting up a crucial test for Prime Minister Anthony Albanese as his cabinet finalises the target.