Making the transition to a low-carbon economy has the potential to unlock $US26 trillion ($36 trillion) in benefits by 2030, while failure to act on climate change will trigger huge costs including a surge in refugees, a report co-authored by Britain's Lord Nicholas Stern has found.

A separate report written partly by Canberra-based researchers argues global coal use has peaked and nations such as Australia must prepare for lower exports of the fuel. Local coal-fired power stations will also likely close earlier than forecast, it said.

Article quotes Professor Frank Jotzo, Crawford School of Public Policy, ANU.

Read the full Sydney Morning Herald article, written by Peter Hannam.