"The Climate Council’s report, ‘Compound Costs: How Climate Change is Damaging Australia’s Economy’, finds there are few forces affecting the Australian economy that can match the scale, persistence and systemic risk associated with climate change."
"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)."
https://www.climatecouncil.org.au/resources/compound-costs-how-climate-change-damages-australias-economy/
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| Climate Change is Real but Time is Running Out |
"5. 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.
• Increasing resilience to extreme weather and climate change should become a key component of urban planning, infrastructure design and building standards.
• Buildings and infrastructure must be built to withstand future climate hazards and to facilitate the transition to a net zero emissions economy.
• A credible national climate policy is needed to safeguard our economy by reducing the direct costs of climate change, and avoiding economic risks associated with a sudden, disruptive or disorderly transition to net zero emissions. " https://www.climatecouncil.org.au/resources/compound-costs-how-climate-change-damages-australias-economy/

"3. 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.
• One in every 19 property owners face the prospect of insurance premiums that will be effectively unaffordable by 2030 (costing 1% or more of the property value per year).• Some Australians will be acutely and catastrophically affected. Low-lying properties near rivers and coastlines are particularly at risk, with flood risks increasing progressively and coastal inundation risks emerging as a major threat around 2050.
• Certain events which are likely to become more common because of climate change are not covered by commercial insurance, including coastal inundation and erosion.
https://www.climatecouncil.org.au/resources/compound-costs-how-climate-change-damages-australias-economy






















