According to recent CSIRO research, the duration of severe droughts could double or even triple by 2050 in some parts
of Australia as a result of climate change. Combined with greenhouse gas emissions that are forecast to almost double by 2030, Climate Institute Chief John Connor says that, "Australians will pay the price of government inaction on climate change, with higher water and food costs over the coming years."

In their submission to the Government’s Garnaut Climate Change Review, The Australian Conservation Foundation stated that emissions by 2020 need to be cut by 30 percent of 1990 levels to avoid climate catastrophe.

However, despite these findings, trade exposed companies such as BlueScope Steel and aluminum producer Alcoa believe that ambitious targets will damage the economy. Mining giant Rio Tinto has also suggested that the economy needs more time to prepare for an emissions trading scheme. In Rio Tinto’s submission, Stephen Creese the Australian Managing Director said, “The current time frame is potentially damaging to firms and to the economy overall.” Mr Creese also believes that the consequences of acting to fight the effects of climate change could bear disproportionately on Australia, with the mining sector being a large contributor to export earnings.

The climate change paper co-written by Professor Garnaut predicts that the world will reach a level of emissions twenty years earlier than predicted by British economist Nicholas Stern in his paper, written only eighteen months ago. “Larger and earlier cuts in developed country emissions will be required than previously thought,” according to the Garnaut Review.

References

• Galacho, O. 'Greenhouse gas will double by 2030,' Herald-Sun, May 2, 2008