Australia can end its reliance on coal while maintaining economic growth and lifestyles on par with today's standards, according to a major report to be handed to world leaders at a special climate summit in New York.
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The report, led by globally renowned economist Professor Jeffrey Sachs, is one of 15 called for by UN Secretary-General Ban Ki-moon to provide options for how the world's major carbon emitters can decarbonise their economies.
The findings state Australia can end coal-fired power generation and maintain average annual growth in real GDP of 2.4 per cent, resulting in an economy in 2050 that is nearly 150 per cent larger than today's.
The report also shows that the number of jobs created in Australia's renewable energy sector will be more than double the number of jobs lost from ending coal-fired electricity generation.
It comes as 125 world leaders meet on Tuesday at a summit where Mr Ban has demanded "bold announcements and actions" to build momentum towards signing a new post-2020 global climate change deal in Paris next year.
Foreign Minister Julie Bishop, who will represent the Abbott government at the conference, has ruled out bringing to the table beefed-up emissions reduction targets but will confirm Australia's commitment to a new agreement on climate change next year.
Prime Minister Tony Abbott is not attending, despite planning to be in New York a day later for special UN talks on the escalating military situation in Iraq.
The report, by ClimateWorks Australia and the Australian National University, finds that ending coal-fired electricity generation will achieve the largest reduction in emissions in Australia, which can then lead to carbon-free electricity to replace petrol in cars, and gas in buildings.
It offers three models, one where all of Australia's electricity is supplied entirely by renewable energy, particularly solar power, and two alternatives that use a combination of renewable energy and carbon capture and storage or nuclear power.
The report finds Australia will need at least 50 per cent of its electricity to come from renewable energy by 2030 to contribute to international efforts to keep global warming below 2 degrees, which scientists say would avoid the worst effects of climate change.
The study says that apart from coal, oil and petroleum, traditional mining and manufacturing sectors would continue to grow under these scenarios.
With the cost of renewable technologies such as solar power declining, it also finds that household incomes will increase faster than the price of electricity if renewable technologies are adopted.
ClimateWorks Australia executive director Anna Skarbek said the report showed Australia could change the energy it used "without changing the economy we have".
"It will take effort but we have to start moving very soon," Ms Skarbek said.
