Net Zero to Reduce Employment and Economic Outcomes: Report

Hundreds of thousands of jobs will evaporate in some parts of Australia if they do not meet the requirements set by trading partners to reduce emissions, according to a new report.

Researchers at the Center for Policy Development, independent policy agencies, Toby Phillips and Warwick Smith reveal details modeling On January 31, it was discovered that if the country did not have a positive plan for a transition to a net-zero economy, this change would have a negative impact on employment and could leave 2% of Australians unemployed. ..

The report predicts that if Australia encounters the projected 2050 levels of demand for fossil fuels today, it will lose up to 300,000 jobs and $ 150 billion (US $ 105 billion) production.

However, of the 537 local governments in the country, only seven had more than 20% of their workforce wiped out.

“The impact of the global carbon transition is very concentrated in Australia,” Smith said.

“The economy as a whole will not collapse, but there are about half a dozen local governments and they will be seriously affected,” said an economist.

“This is where we have to focus.”

The report states that the most struggling communities in the transition are Isaac and Central Highlands in the Bowen Basin, Queensland, Singleton in the Upper Hunter Region, New South Wales, and Western Australia if politicians take no action. I predicted it would be Pilbara.

“The closure of the mine affects not only miners, but also local pubs and retail stores in the nearest town,” the report said.

Epoch Times Photo
The photo shows part of a coal operation at Newcastle Harbor, New South Wales, Australia, on November 18, 2015. (William West / AFP via Getty Images)

According to the report, Isaac is the most exposed community because it has the highest percentage of workers employed in the coal industry.

A report examining three international decarbonization scenarios shows that global demand for coal will plummet by 2050 over the next decade, but if Australia uses the fossil fuel industry as a transition fuel, fossil fuels. He said the fuel industry can still be seen as a strong economic sector.

The report also proposes plans to create new jobs in areas critical to offset what is lost by the fossil fuel industry, especially in the Australian region in the production of aluminum, ammonia and steel using renewable energy. It suggests a big opportunity.

In addition, the new supply chain for producing batteries and hydrogen and the service industry supporting new energies will be alternative economic sectors to what was previously adopted by the fossil fuel industry.

Alfred buoy