GLOBAL warming could have the same economic effect as the Great Depression
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GLOBAL warming could have the same economic effect as the Great Depression if handled poorly, according to the Rudd Government's climate change adviser Ross Garnaut.
Professor Garnaut has written an article saying that poor design of climate change policies or slowness in implementing them could spell the end of what he calls the Platinum Age.
The economist's article, published in the Australian National University's biannual Asian-Pacific Economic Literature, says unexpectedly large climate change impacts on fragile political systems could bring about sharp downturns in economies.
The effects of the 1890s depression in eastern Australia, the global Great Depression of the 1930s and the financial crisis in Indonesia in 1997 were examples of what could happen if climate change impacts hit hard, he says.
Professor Garnaut has written an article saying that poor design of climate change policies or slowness in implementing them could spell the end of what he calls the Platinum Age.
The economist's article, published in the Australian National University's biannual Asian-Pacific Economic Literature, says unexpectedly large climate change impacts on fragile political systems could bring about sharp downturns in economies.
The effects of the 1890s depression in eastern Australia, the global Great Depression of the 1930s and the financial crisis in Indonesia in 1997 were examples of what could happen if climate change impacts hit hard, he says.
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- 1percent
- 10 days ago
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