(AU) Paris Agreement failure to cost Australia $126 billion a year

Nick Baker | SBS AU | 03/08/2018

A new report maps the economic gains and losses of the Paris Agreement.

What’s the cost for Australia if the Paris climate change agreement falls apart? Around $126 billion a year, according to a new report.

A team of Australian scientists from local universities and the CSIRO has mapped out the economic impact of countries complying with the Paris Agreement and found that gains far outweigh losses.

The report showed that if the Paris Agreement came undone and warming was not limited to two degrees, the world would lose $23 trillion dollars a year over the long term.

Report co-another Tom Kompas from the University of Melbourne said this is the equivalent to the world experiencing four to six 2008-style global financial crises every year.