Garnaut Climate Change Review update papers: Update Paper 1

Update Paper 1: Weighing the costs and benefits of climate change action

This update paper finds that - the Review’s choice of discount rate was sound and that the Australian case for climate change action is not affected by reasonable variations in the approach to choosing a discount rate; - the presence of uncertainty in the range of possible climate outcomes strengthens the case for climate change action; - the Review’s approach to the treatment of developing countries as part of a global response remains a robust and ethical basis for a long-term solution; - the case for substantial and well-designed Australian action to encourage international agreement on climate responses remains compelling; and - while the current and prospective realities of damage from climate change warrant effective efforts on adaptation, this does not weaken the case for strong focus on mitigation.