This report finds there are few forces affecting the Australian economy that can match the scale, persistence and systemic risk associated with climate change.
Australia’s financial regulators have recently made a call for action to deal with climate change, with the Reserve Bank of Australia, the Australian Prudential Regulation Authority and the Australian Securities and Investment Commission citing risks posed by climate change as a central concern for the economy and financial stability.
As the Deputy Governor of the Reserve Bank of Australia noted, the risks that climate change poses to the Australian economy are “ first order” and have knock-on implications for macroeconomic policy (Debelle 2019). Key findings:
Climate change is a major threat to Australia’s financial stability, and poses substantial systemic economic risks
Detailed new modelling, based on the Federal Government’s current approach to climate change, finds that the economic damage to Australia’s property and agricultural sectors will be very significant
The property market is expected to lose $571 billion in value by 2030 due to climate change and extreme weather, and will continue to lose value in the coming decades if emissions remain high
Extreme events like droughts, heatwaves, cyclones and floods have an impact on agriculture and food production; this is already affecting Australia’s economy and will cost us much more in the future
The severe costs of climate change outlined in this report are not inevitable. To avoid the costs of climate change increasing exponentially, greenhouse gas emissions must decline to net zero emissions before 2050. Investments in resilience and adaptation will be essential to reduce or prevent losses in the coming decades
Australia's Chief Scientist Alan Finkel points out, in this interview, the need for Australia to develop better storage systems and reflects on the recent report from ACOLA. California Energy Commissioner Andrew McAllister, also warns Australia to pursue demand side...Read more
Industry misconceptions around high cost and poor market interest in energy efficient homes continue to obstruct the mass adoption of low carbon housing. Josh’s House demonstrates that low carbon housing is accessible and cost effective. The Star Performers series showcases how...Read more
A rapid review on green-rated office buildings, and their operational energy use, found that the conclusions of six studies ranged from the certified buildings performing worse, similarly or much better than the non-certified buildings in terms of energy usage intensity. Two...Read more
Australia’s critical window of opportunity to tackle climate change is closing, with a this report revealing Australia is falling behind the rest of the world and failing to tackle climate change, as pollution levels continue to rise.
This report introduces the Climate Council's Cities Power Partnership program which highlights the leaders of councils and communities that are switching to renewable energy and building greener, more efficient and resilient communities.