Business leaders predict catastrophe if trading doesn't start soon

There is an urgent need for fast carbon sequestering, such as soils are perfectly constructed to do, and the world's isnurance companies are worried the help won't come fast enough. The number and frequency of catastrophic weather events is rapidly impacting on their liabilities. CEO of Australian insurance giant IAG, Mr Michael Hawker, said recently,"We have done a huge amount of modelling on catastrophic damage, and a slight rise in temperatures would cause longer droughts, would increase one-in-100-year storms to one in 50 years or one in 25 years." Such events would make insurance impossible to get.Michael Hawker, IAG CEO.
Mr Hawker is a member of the Australian Business Roundtable on Climate Change - launched 2 weeks ago - wants Australia to have its own carbon pricing regime by this time next year. The members of the Roundtable are Gerry Hueston (president of BP Australia), Michael Hawker (CEO of Insurance Australia Group), Grant King (managing director of Origin Energy), Keith Scott ( chief of Swiss Re), Harry Debney (CEO of Visy Industries) and David Morgan (CEO of Westpac). The Australian Conservation Foundation's executive director, Don Henry, is a cheerleader.
Modelling by the Allen Consulting Group revealed the cost of doing nothing (compared with taking early action) would be a cost impact on business after year 2020, slowing GDP to 1.9% through to 2050. But if early action is taken, growth of 2.1% could be sustained through 2050, electricity would be cheaper and jobs created.
Australia has more to lose from the early stages of global warming than other nations. The CSIRO predicts that a 2°C rise in average temperatures could destroy 100% of the Great Barrier Reef, 80% of Kakadu's wetlands, reduce Melbourne's water supplies by 33%, send fruit flies south of Queensland and cause longer, more severe droughts.
That would all but destroy a number of industries, including tourism ($32 billion) and livestock exports ($17 billion).