$571 billion in value lost by 2030 Earlier this week, I heard an ignorant Australian politician suggest that when dealing with climate change, it is important not to throw the baby out with the bathwater. He was suggesting that the investment in coal should continue because of the significant investment to date and our current […]

$571 billion in value lost by 2030 Earlier this week, I heard an ignorant Australian politician suggest that when dealing with climate change, it is important not to throw the baby out with the bathwater. He was suggesting that the investment in coal should continue because of the significant investment to date and our current dependence on coal. This is despite the fact that current estimates suggest that, in Australian property alone, climate change will reduce values by $571 billion by 2030. The ‘ignorance’ I refer to does not relate to the politician’s attitude to climate change (although it well might), but to the assertion ‘we must not throw the baby out with the bathwater’. Why on earth not? If something is not working – the investment to date is irrelevant. The only thing that matters is the best strategy for the future. To do otherwise is to fall for…