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Economics update | 24 March 2023
24 Mar 2023
IPCC Report makes negotiations on Safeguard Mechanism challenging
Earlier this week the Intergovernmental Panel on Climate Change released their sixth Assessment Report on climate change impacts, risks and adaptation. It is set against non-climatic global trends of biodiversity loss, unsustainable natural resources consumption, land and ecosystem degradation, rapid urbanisation, human demographic shifts, and social and economic inequalities.
The report paints a gloomy picture, with warnings that the world is rapidly approaching a point where irreversible levels of global heating are becoming inevitable. It highlights the scale of the challenge to keep warming to 1.5°C and the need to take drastic action now.
The release of the report comes at a difficult time for the government, as it continues to negotiate with the Greens and cross-benchers on the safeguard mechanism. The IPCC report has emboldened the Greens in their push for a ban of all new coal and gas development, with a key recommendation by the IPCC the need to rapidly reduce the reliance on coal and gas for energy production.
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