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This is what the climate will look like in 40 years | ticker VIEWS

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Experts fear Australia’s Intergenerational Report doesn’t admit that climate change will impact the future economy.

 

Australia’s Treasurer Josh Frydenberg has revealed the Intergenerational report for 2021. The report is released every five years and aims to outline how demographic, technological and other structural trends will affect the economy over the next 40 years.

However, experts fear there is a lack of acknowledgment when it comes to climate change and its impact on the future economy.

Climate change acknowledgment in the report

Climate change only became central throughout the report’s agenda in 2010. Climate change action is such an important part of our economic future, especially at a 40-year glance.

Those 40 years will be the make-or-break period for climate mitigation globally and will demand unprecedented and highly disruptive economic transformation.

As the world seeks to phase out fossil fuels, Australia is yet to make any ambitious targets of net-zero emissions by 2050. Frydenberg has claimed gas exports will be a central pillar of Australia’s contribution to international climate action.

He also spoke about carbon capture and clean hydrogen as promising future industries. However, he made no urgent attempt to model any of the physical or transitional effects of climate change and decarbonisation in depth.

Economist and climate councillor Nicki Hutley wants to see accurate modeling of climate change and the impact it has on the economic future. Hutley says the report lacked details.

“There was really no discussion at all. It was almost like well, we had climate change, nothing much to see here. We’re doing stuff on hydrogen and carbon capture and storage. So nobody needs to worry… which of course is very far from the truth.”

Climate change action and a thriving economy

Climate inaction is costly. For example, the insurance sector is already being impacted by current climate change policies. People who’re deemed a high flood risk area or fire danger area are having difficulty with their eligibility for insurance.

Hutley says the economic impacts will be devastating.

“Melbourne Uni released a report and the potential impact was around $100 million a year. That’s like having a COVID sized shock to the economy, every single year, within the next few decades.”

“It’s not just the extreme events, but rising average temperatures, the impact on tourism on agricultural productivity, on people’s ability to work because of those higher temperatures, it really flows right across the economy. It’s very drastic.”

Nicky Hutley

Climate change action and a thriving economy can work hand in hand. Countries around the world are using climate action to stimulate their economies. Climate change action can create jobs opportunities.

The next Intergenerational Report will be in 2026. Climate change isn’t waiting and neither should we.

Holly is an anchor and reporter at Ticker. She's experienced in live reporting, and has previously covered the Covid-19 pandemic on-location. She's passionate about telling stories in business, climate and health.

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FAA uncovers Boeing quality control issues

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The Federal Aviation Administration disclosed concerning findings from its 737 MAX production audit involving Boeing and supplier Spirit AeroSystems.

The audit uncovered multiple instances where the companies allegedly failed to adhere to manufacturing quality control standards.

The FAA highlighted significant “non-compliance issues” within Boeing’s manufacturing processes, including concerns related to parts handling, storage, and product control.

While a summary of the audit findings has been shared with the companies involved, the details have not been made public due to the ongoing nature of the investigation.

Following a mid-air emergency on January 5 involving a new Alaska Airlines 737 MAX 9, where a door plug was lost at 16,000 feet, the FAA initiated the audit.

This incident prompted a temporary grounding of the MAX 9 and raised questions about the aircraft’s safety protocols.

New acquisition

Boeing, in response to these revelations, has been in discussions to acquire Spirit AeroSystems.

However, the company has not provided immediate comment regarding the audit findings.

FAA Administrator Mike Whitaker emphasized the necessity for Boeing to implement comprehensive corrective measures to address what he termed as “systemic quality-control issues.”

Whitaker stated that Boeing must commit to substantial improvements, with clear milestones and expectations set forth by the FAA.

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Can U.S. Moon lander Odysseus recover from it’s dormancy?

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The U.Ss moon lander Odysseus has gone dormant just a week after its somewhat lopsided touchdown on the lunar surface.

The mission, which aimed to conduct various experiments and collect valuable data, encountered an unexpected setback as the spacecraft’s systems initiated a dormant state.

Engineers and scientists at the space agency are working around the clock to analyze the situation and determine the cause of this unforeseen development.

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Trump wins disqualification case at U.S. supreme court

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Former President Donald Trump has emerged triumphant in the Colorado ballot disqualification case, as the United States Supreme Court upheld the decision in his favour.

The ruling marks the conclusion of a contentious legal battle that began when Colorado sought to disqualify Trump from its ballot during the previous election.

The Supreme Court, in a close decision, sided with Trump, asserting that the grounds for disqualification lacked substantial evidence and did not meet the necessary legal criteria. #ticker today #featured

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