Far-reaching climate change risks to Australia must be reduced and managed: Aigroup

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"The Australian Climate Roundtable (ACR) is a forum that brings together leading organisations from the business, farming, investment, union, social welfare and environmental sectors. Since 2014 we have sought and found common ground on responding to the challenge of climate change."
28 Aug 2020

"What the experts say

Climate change is already having a real and significant impact on the economy and community. Australian temperatures are increasing, extreme climate-related events such as heat waves and bushfires are becoming more intense and frequent, natural systems are suffering irreversible damage, some communities are in a constant state of recovery from successive natural disasters, and the economic and financial impacts of these changes continue to grow.

Sea Level Rise will affect our cities

Even with ambitious global action in line with the objectives of the Paris Agreement, Australia will experience escalating costs from the climate change associated with historical emissions. These costs will be significant and will require a concerted national response to manage these now unavoidable climate related damages.

Health risks for children because of climate change

The Intergovernmental Panel on Climate Change advises that global emissions will need to reach net-zero by around 2050 to achieve the goals of the Paris Agreement. If the world fails to meet the objectives of the Paris Agreement, and instead continues its current emissions pathway, climate change would have far-reaching economic, environmental and social effects on Australia. It is unlikely that Australia and the world can remain prosperous in this scenario.

Australia requires a risk assessment for climate change.

These effects include but are not limited to:

* Unprecedented economic damage to Australia and our regional trading partners from acute (e.g. extreme events) and chronic (e.g. sea level rise) changes in climate. Significant impacts on coastal regions, agriculture, human productivity and infrastructure. The economy-wide costs of not achieving the Paris Agreement objectives far outweigh the costs of a smooth transition to net-zero emissions.
* Risks to financial stability and particularly the insurance industry. The ability of the insurance and reinsurance markets to support Australian investments and communities would be compromised.

Drought

* Major acute and long-lived human and community social andhealth impacts. This includes both loss of life and livelihood from extreme events through to long-term medical conditions such as post-traumatic stress disorder. Many communities and regions will suffer a constant cycle of natural disaster and rebuilding or face relocation.

* Irreversible damage to Australian unique natural heritage, including Australia's iconic and internationally significant ecosystems such as the Great Barrier Reef and Kakadu National Park.

* Significant threats to agriculture, forestry, nature-based tourism

Destroyed forests

and fisheries. Unconstrained climate change is a risk to Australia's domestic food security.

The impacts of climate change will also put many governments under fiscal stress. Tax revenues will fall dramatically and increases in the frequency and severity of weather events and other natural disasters, which invoke significant emergency management responses and recovery expenditures, indicate that pressure on government budgets will be especially severe.

Related: Australia fires: Similar or worse disasters 'will happen again' (excerpt): BBC

Sea Level Rise Can No Longer Be Stopped, What Next? - with John Englander

Sea level rise can no longer be stopped, so it is urgent that we commence intelligent adaptation as a high priority, argues John Englander.

The Royal Institution

May 29  2019


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