Australia Will Need $100 Billion a Year and 1 Million Workers to Reach Net-Zero: Modelling

Model Y cars during the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, on March 22, 2022. Patrick Pleul/Pool via Reuters

A university partnership estimates the Australian government will need to invest over A$100 billion (US$68 billion) a year to successfully reach net-zero, with costs to substantially increase year-on-year until the slated target of 2050.

The group also estimated that governments would need to find over one million skilled workers to assist with decarbonisation efforts.