More Fossil Fuels means Loss of Jobs, Fewer Exports, Stranded Assets
The Australian economy will lose more than $3 trillion over the next 50 years if we do not transition away from fossil fuels. 880,000 job losses are estimated, with our economy shrinking by 6 per cent over the next 50 years. Australia risks having multibillion-dollar stranded assets as the world is accelerates its transition away from fossil fuels and demand for our coal and gas decline.
More Fossil Fuels means Rising Inequality
Global heating from fossil fuel burning has already substantially contributed to rising global inequality, and this trend will worsen without action to rapidly curb their use. Up to 2010, climate change had reduced the wealth per person in the poorest countries by up to 30%. Similarly in Australia, global heating will greatly impact low income households.
More Fossil Fuels Threaten your Savings and Super
The International Monetary Fund warns global warming is now a major financial risk. Serious financial shocks will hit your savings, including super. In a recent report, the Bank of International Settlements also concluded that “If central banks are to preserve financial and price stability in the age of climate change, it is in their interest to help mobilise all the forces needed to win this battle”