If no measures are taken to mitigate the impact of climate change, crop yields in Australia may be 4% lower than the current level by 2063, which in turn will lead to a reduction in the country’s economic output by A$1.8 billion (or $1.2 billion) per year. Such a forecast was voiced by the head of the Australian Treasury, Jim Chalmers, Reuters reports.
According to the official, global warming leads to hotter weather in Australia, which is one of the world’s largest exporters of agricultural products. Thus, after heavy rains in 2022, record temperatures and dry conditions this year have sharply reduced the projected wheat harvest in Australia.
“The latest analysis by the Ministry of Finance shows that natural disasters and climate warming have significant implications for the entire economy. Wildfires in 2019 and floods in 2022 cost the Australian economy approximately A$1.5 billion each, and the government has been forced to invest in decarbonization, drought resilience and disaster management programs,” the Treasurer said.
Source: Apkinform