Australia will need to spend an average of more than $100 billion per year for the next 27 years to wean its energy and transport systems off fossil fuels, the Commonwealth Bank estimates. Highlighting the massive scale of investment needed to reach net zero emissions by 2050, the bank reckons governments, businesses and consumers will collectively have to expend about $3 trillion to meet the target, averaging out at around $104 billion each year. Report author and CBA senior economist Kristina Clifton said it was "a big number" that would add to already strong domestic and international demand for capital, materials and labour and…
