Lack of climate action over 50 years will cost Australian economy $3.4tn and 880,000 jobs – report

If policies promoting net zero emissions by 2050 are adopted 250,000 jobs would be created and $680bn added to the economy

Australia's economy will be 6% smaller, there will be 880,000 fewer jobs and $3.4tn in economic opportunities will be lost if the climate crisis goes unchecked for the next 50 years, a report says.

On the other hand, the analysis by consultancy Deloitte Access Economics found policies consistent with a target of net zero emissions by 2050 and keeping global warming to 1.5C could expand the economy by 2.6%, or $680bn to the economy, and create 250,000 jobs.