Over the last little bit I’ve mentioned just a few of the potential impacts of climate change. Generally all these impacts come with a high economic cost. In fact, the CSIRO has released a report estimating the exact economic costs, a figure which they predict far exceeds the cost of modifying our polluting societal practices and implementing carbon reduction policies now*1. We are starting to see now that not only will the impacts bring negative consequences, but if Australia’s refuses to switch to clean energies and reduce carbon emissions we will experience additional economic issues. Even the chief executive of BHP agrees. BHP is the world’s largest coal mining company, yet this week Marius Kloppers (CEO) said that Australia’s economy would suffer if it did not significantly reduce its carbon emissions in anticipation of a global carbon price. “Failure to do so will pace us at a competitive disadvantage in a future where carbon is priced globally” he said*2.
*1 Climate Change Impacts, Risk and the Benefits of Mitigation by Jones and Preston of the CSIRO.
*2 BHP boss dumps on future of coal by Wen and Coorey of the Sydney Morning Herald.