Garnaut: Cost of stranded assets already bigger than cost of climate action

Economist and climate change advisor Professor Ross Garnaut has delivered a withering critique of Australia’s economic policies and investment.  The cost of misguided over-investment in the recent mining boom may already exceed what would have been the cost to the middle of the century of timely implementation of Australia’s share of a global mitigation effort directed at holding temperature increase to two degrees.  Australia has over-invested in mining infrastructure and projects on the mistaken presumption that other countries would take no action on climate, or on curbing the use of fossil fuels.

Renew Economy: 29 May 2015
http://reneweconomy.com.au/2015/garnaut-cost-of-stranded-assets-already-bigger-than-cost-of-climate-action-87838

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