After weeks of waiting, Australians are finally able to see the economic modelling that has informed the federal government’s goals and strategies to achieve net zero emissions by 2050.
Speaking in Melbourne on Friday afternoon, Prime Minister Scott Morrison announced the modelling would be released “later today”.
Just minutes later, the modelling went live on the Department of Industry, science, Energy and Resources’s website.
The major findings of the modelling, which was led by the Department of Industry alongside private management consulting firm McKinsey and Company, have been summarised into five key points:
- Reducing the cost of low emissions technologies can provide net benefits to Australia and put us within reach of net zero emissions by 2050;
- There are a range of pathways to delivering the reductions needed to achieve net zero emissions by 2050;
- Adopting a target of net zero emissions by 2050, with a credible plan to achieve it, provides economic benefits to Australia;
- Jobs and output value grows across all major sectors to 2050, including mining; and
- Alternative approaches to achieving net zero involve additional costs and risks.
The modelling is a simplified version of Australia’s predicted future, which allows the government to observe, understand, and make predictions about the economic impacts of its net zero by 2050 plan.
The analysis released today only compares a scenario where Australia does not take any climate action or adopt a 2050 target, versus following the governments net zero by 2050 plan that was released last month.
The modelling determines that following the governments 2050 plan will result in better economic outcomes than taking no meaningful action on climate change at all.
However, it does not compare this to more ambitious climate targets.