South Australian Premier Peter Malinauskas has admitted staging next year’s COP climate summit in Adelaide would cost a “substantial” amount, amid speculation over a potentially multi-billion-dollar price tag.

Australia remains in a diplomatic arm wrestle with Turkey to hold COP31 , with Prime Minister Anthony Albanese having said that co-hosting was not a potential option.

Energy Minister Chris Bowen revealed the federal government had already spent $7 million on preparations to host the 2026 event before departing to COP30 in Brazil, where he was aiming to secure Australia’s bid.

Meanwhile, hosting the summit in Adelaide could cost as much as $2 billion – an estimate reported by Australian Financial Review last week .

Pressed as to whether that figure was accurate, Mr Malinauska

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