Six ways good climate policy helps your wallet and your health

As climate and health researchers, we find it hard not to notice the lack of debate around climate change in this federal election.
Both major parties have chosen not to announce their 2035 Paris Agreement targets .
Federal Treasurer Jim Chalmers' recent did not use the words "climate change" once. He did, however, announce a .
There may be method to the madness. Cost of living pressures, which , are front of mind for many voters.
With economic spending under constant scrutiny, it has never been more important to demonstrate the benefits of government spending on policies and programs.
The current Minister for Health and Aged Care, Mark Butler, has historically argued that .
We agree, and research demonstrates that good climate policy also reaps strong economic returns by safeguarding against future government spending on health.
The economic costs associated with health and climate change can relate to direct impacts like injury or death, but also extend to secondary impacts, like reduced labor productivity.
Research from the University of Melbourne's Climate CATCH lab consistently shows the cost of inaction far outweighs the cost of investment in urgent action.
In fact, it has been demonstrated that spending on climate action leads to net economic benefits, both in Australia and internationally.
At the time of writing, with the Australian Government in , it is difficult to determine which climate policies will be pursued after the election.
What is clear, however, is that there are opportunities to more clearly communicate the links between climate, health and the economy to both politicians and the public.
In a recent , we've set out six steps that aim to shore up health, climate and economic resilience in Australia.
1. Invest adequate resources
Investing in climate policy now will save our economy billions of dollars in the future.
In Victoria, if 2035 climate targets are achieved, the health benefits alone are estimated to be worth .
As an example, we've estimated that the economic impact of childhood asthma attributable to air pollution from idling vehicles in Australia in 2022 was . Implementing an anti-idling campaign at $AU2.77 million clearly shows the economic savings of preventive policies.
However, funding to date is insufficient to address critical data gaps and evidence needed to support decision-making processes.
Adequately resourcing health and climate action, including additional dedicated funding for , set us up for a stronger economic future.
2. Protect future generations
The are enormous and there is a critical gap in .
We should follow , by implementing a Future Generations Commission and developing an early years' strategy that incorporates a disaster mental health perspective for infants, children and their caregivers.
This will shore up our future labor force and our future economy.
3. Decarbonize the health care sector
The health care sector, which accounts for around , has an opportunity and a responsibility to rapidly reduce its emissions.
Opportunities exist to reap health and economic rewards from investments in sustainable practices. Efforts both in Australia and abroad have shown that direct climate action in health care is beneficial for health and the economy.
The rapidly expanding University of Melbourne-led has already demonstrated climate, health and economic benefits, including savings of $AU800,000 and the diversion of 3 tons of waste from landfill over the first two years.
4. Get ahead of climate disasters
Australians are already experiencing from .
Investing in disaster preparedness early will save huge amounts in the future, with concluding that, for every US dollar invested in disaster preparedness, $US13 was saved in economic costs, damages and clean up.
Rather than focus on response and recovery, a national adaptation plan would help us to prioritize preventing impacts for stronger and more resilient communities.
5. Be better neighbors
Australia's resilience to climate change is shaped by the climate resilience of our regional neighbors.
A number of programs, like the World Health Organization's , are already doing incredible work to prevent and adapt to the impacts of climate change.
Increasing aid to our neighbors across the Indo-Pacific to 0.7% of our gross national income (official development assistance was ) will build climate resilience among the most at-risk populations and prevent the cost of climate impacts from reaching our shores.
6. Get creative
The arts sector plays a vital role in engaging Australians from diverse walks of life and improving climate and health literacy through thought-provoking conversations, while increasing social license and addressing mental health impacts.
Projects like our music project for young Victorians in climate-affected areas allow Australians to reap the health and other benefits of embedding climate change in creative processes.
If we continue to delay debate on ambitious climate action in this country, we are at risk of working within a policy context that does not acknowledge and prioritize the fundamental link between climate change and the cost of living—and to our economy more broadly.
These actions are sensible investment opportunities that bring climate, health and economic benefits, in addition to supporting disaster preparedness.
Asking our political candidates to commit to these steps now will ensure a stronger economic future in which Australians can thrive.
Provided by University of Melbourne