The economic alarm has again been sounded over climate inaction, with an environmental group warning the cost of extreme weather has more than doubled over the last 50 years.
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The cost reached $35 billion for the decade after 2010, according to a new Climate Council report.
By 2038, the group says the cost of extreme weather events and sea level rise could cost the Australian economy $100 billion every year.
Climate Council spokesman Will Steffen says the world will continue seeing consequences from not acting on climate change sooner.
"No developed country has more to lose from climate change-fuelled extreme weather, or more to gain as the world transforms to a zero-carbon economy, than Australia does," Professor Steffen said.
The findings have prompted the group to call on the federal government to adopt a goal of net zero emissions by 2040 at the latest.
It's a step up from pressure for net zero by 2050. The Morrison government hasn't put a time frame on achieving net zero emissions, instead saying it hopes to achieve the goal "as soon as possible".
It comes as a parliamentary inquiry prepares to examine independent MP for Waringah Zali Steggall's climate action bill, which would rubber-stamp net zero emissions by 2050 and set up a Climate Change Commission.
Representatives from government departments and a wide range of groups including the Property Council of Australia, National Farmers' Federation and Australian Industry Group will appear at a hearing on Friday.
In a submission to the inquiry the Business Council of Australia has offered initial support for the bill and the 2050 net zero goal.
"Having a very clear set of government policy 'goal posts' would enable company directors to focus their resources and efforts more efficiently with respect to climate-related transition risks."
Liberal chair of the committee Ted O'Brien has previously said the inquiry would assess information "with dispassionate independence before drawing conclusions".
Federal politicians are preparing for parliament to resume next week for the first sitting of the year.
Both major parties are battling internal issues on climate and energy policy, with the Nationals again urging the Liberal Party, its senior partner in government, to help fund new coal-fired power stations.
Labor is still yet to find a united voice on the future of more renewable energy sources and the transition away from fossil fuels.
Australian Associated Press
