Economy

Bali climate talks

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The new PM has distanced himself from enthusiastic comments from the Australian negotiators at the United Nations conference on climate change in Bali.

Australian negotiators reportedly told the UN meeting in Bali they would give in-principle support to a target to cut emissions by 25% to 40% of 1990 levels by 2020.

Shortly afterwards, Prime Minister Rudd and his Climate Change Minister, Penny Wong, issued statements stressing that Australia was not yet committing to any 2020 targets.

Meanwhile the Australian Bureau of Agricultural and Resources Economics released a report warning that Australian farmers will be among the worst affected by climate change.

By 2050, it warns Australia’s total economic output could fall by as much as 5% as key agricultural exports of wheat, beef, diary and sugar production fall by 15% to 79%.

It calls for urgent policies that encourage rather than impede adjustment in vulnerable sectors in agriculture, including already marginal farming enterprises.

 

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