Its findings mean that most of Australia's known coal, oil and gas reserves – many of which are already subject to minerals production licences held by companies such as BHP Billiton and Rio Tinto – must somehow be left alone if the world is to avoid dangerous climate change.
The Climate Commission acknowledged its conclusions were "sobering" and that the potential for economic disruption could be serious, but said there was no alternative if the world was to avoid dangerous climate change.
"How people react to this is up to the policymakers and governments, as well as investors," said Professor Lesley Hughes, co-author o
f the report The Critical Decade 2013 – Climate change science, risks and responses, to be released on Monday.
"It isn't our job to reconcile the politics of this with the science," she said. "We are simply presenting the facts as best we know them. Just because the facts may be unpalatable to some people doesn't make them any less important."...