Recently released, Australia’s first National Climate Risk Assessment (NCRA) outlines some of the most significant natural dangers confronting the country as global temperatures continue to increase.
The report found even just 1.5 degrees of warming would raise sea levels by 0.14 metres.
Chris Bowen, the Minister for Climate Change and Energy, emphasized that the report underscores how climate change will disproportionately impact vulnerable Australians, especially in rural areas.
“From agriculture to livestock and fisheries, the report underlines that Australia’s regional areas will suffer significant losses due to climate change,” Bowen stated.
“We are living [through] climate change now, it’s no longer a forecast, projection, or prediction.
“It is a lived reality. It is too late to avoid any impact now. But it’s not too late to avoid the worst of the impacts.”
The financial impact of climate change in Australia is predicted to be astronomical.
Losses in property value could soar to $611 billion by 2050 and may reach $770 billion by 2090.
In a moderate emissions scenario that results in a 1.5-degree increase, disaster costs involving floods, bushfires, storm surges, and tropical cyclones could amount to an annual expense of $40.3 billion by 2050 for each state and territory.
