UPDATED: WWF: "Five years to save world"
The economic modelling, commissioned by WWF Australia, has found that an emissions trading scheme is not enough to drive the change needed to sufficiently cut global emissions.
Instead, it says governments must rapidly put in place greater incentives for industry to make the transition.
Karl Mallon, a scientist with Climate Risk and one of the key authors of the report, says 2014 has been calculated as the point at which there is no longer enough time to develop the industries that can deliver a low carbon economy.
"The point of no return," he said.
"If we wait until past 2014 or that's what modelling shows, then simply put, it will be impossible for industries to grow to the scale that has to be achieved in the time that is available.
"So essentially, we'll miss the target and I guess then we are left with the consequences of what happens if we go about two degrees warming."
Read it here.
UPDATE: Piers Ackerman skewers this story here.