Australia ranked 15th among G20 countries for its readiness to stay wealthy as it shifts to a low carbon economy, according to the report produced by London-based consultants Vivid Economics and commissioned by the Climate Institute. Only South Africa, India, Saudi Arabia and Indonesia fared worse.

”The largest turnarounds in carbon productivity are required by Australia, Turkey, Russia and Saudi Arabia,” the report says. ”The longer these countries take to achieve these turnarounds, the more costly the eventual transition will be.”

The Climate Institute said the report showed claims that taking action on climate change would damage international competitiveness were ”outdated and backward.” It  the world was already moving to low-carbon products. For the first time, investment in clean energy last year outstripped investment in fossil fuel technology.

The report came out as world leaders prepare for next week’s G20 meeting in Pittsburgh.

Key findings include:

  • Only Mexico and Argentina are currently improving their carbon productivity rate at a rate which, if continued, will meet their share of a 450 ppm global target by 2020.
  • South Africa and Germany are close to being on target and China would also be close if it could return to the carbon productivity gains of the 1990s. Australia is 16th with only Turkey, Russia and Saudi Arabia requiring bigger turnarounds to reach this target.
  • The top five positions in the low carbon competitiveness index are held by France, Japan, the United Kingdom, South Korea and Germany. Australia is ranked 15th, the lowest position of any industrialised nation.
  • While its carbon productivity is improving, Australia’s low ranking stems from its carbon intensive exports, low use of clean energy and high consumption of transport fuels.

Click here to view the entire report.