[ad_1]
New Zealand’s economy could be $64 billion better off by 2050 if decisive climate action is taken, a new report by consulting firm Deloitte found.
But failing to act could shrink the economy by $4.4 billion dollars.
The Turning Point report compares what could happen if the planet warms by 3°C by the end of the century, against the economic opportunity if global warming was limited to as close to 1.5C above pre-industrial levels as possible by 2050.
The country has the opportunity to be a leader in growth and prosperity through rapid decarbonisation, the report said.
That means up front costs that at first lower economic activity, but around 2036, there would be tipping point, and growth would start to outweigh the costs, it said.
The government and the private sector need to work together to improve emissions, Deloitte corporate finance partner David Morgan said.
“There is already some great work being done but a lot more is needed. If the pace of decarbonisation can be escalated then New Zealand would be one of the first countries to reap the benefits.”
Doing nothing, the report predicts increasing temperatures will take a toll, including the loss of productive land, and investments diverted to patch up existing assets.
The report was also forecasting nearly 3000 fewer jobs by 2050 due to climate change if urgent action was not taken.
[ad_2]
Source link