Highlights
- As per a report, Climate change-related catastrophes in Australia will cost the Country AU$73 billion a year by 2060, even if Australia starts making efforts to curb emissions today.
- Australia is already exposed to natural calamities such as forest fire, hurricanes, and floods, which costs the Country approximately AU$39 billion a year.
- Recently, CNN called Australia a villain of COP26 Climate talks to be held in Glasgow, UK, in less than a month from now.
Climate change has become a hot topic in recent decades. With each passing day, we come across news headlines describing how countries worldwide are putting in efforts to cut down their carbon emissions.
The increasing global earth temperature, melting glaciers, and heightened environmental concern has forced the global community to work toward sustainable development collectively. However, when it comes to Australia, the Country is often blamed for its climate inaction and recalcitrant attitude towards cutting down carbon emissions.
Recently, a report stated that Climate change-related catastrophes will cost the Country AU$73 billion a year by 2060, even if Australia starts making efforts to curb emissions now. The figures will grow to AU$94 billion a year if nothing is done to mitigate climate change, revealed a study by Deloitte Access Economics.
Noticeably, the Country is already exposed to natural calamities such as forest fire, hurricanes, and floods, which costs the Country AU$39 billion a year.
After Saudi Arabia and Russia, Australia is the World’s third-largest exporter of fossil fuels. Nonetheless, the Country is the second largest exporter of coal and the World’s largest exporter of LNG.
With all this, Australia shares a major responsibility, and the Country is witnessing growing pressure from the international fraternity to take steps to achieve a net-zero carbon emission target.
The Morrison Government has gathered widespread criticism for not making any substantial efforts to mitigate climate change.
Recently, CNN went to the extent of calling Australia a villain of COP26 Climate talks to be held in Glasgow, UK, in less than a month from now. Australia is blamed for shying away from its climate commitments.
It is still not clear whether Australian Prime Minister Scott Morrison will attend the Glasgow summit, where participating countries are expected to present ambitious carbon emissions reduction targets.
Conclusion:
There are yet other contentious points in the Climate change talks. For example, issues such as Common but differentiated responsibilities (CBDR) and technology transfer remain unresolved between the developed and developing countries. In addition, there has been continuing debate on whether developed countries should share more burden to reduce their carbon emissions compared to the developing nations.