Global banks warn Australia's GDP could drop 14% annually by 2050 due to climate change impacts.

A network of 141 central banks, including Australia's Reserve Bank, predicts a 14% annual hit to Australia's GDP under current climate policies, leading to a $7 trillion drop in living standards by 2050. This includes extreme weather, nature damage, and productivity loss, with annual economic reductions of $147 billion by 2030, $350 billion by 2040, and $656 billion by 2050. The investor group calls for stronger emission targets and a shift to renewable energy.

December 02, 2024
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