Submission: Managing physical risks via the Australian Climate Service
20 December 2023
A shared understanding of physical risk is essential to unlock private capital for adaptation and resilience.
Public-private partnerships and other investment vehicles will be required to fund the magnitude of adaptation and resilience projects, which are essential to avoid detrimental economic impacts for vulnerable people and communities.
There are significant barriers to private investment, including the fragmentation and lack of comparability and consistency in physical risk information.
IGCC has identified three key recommendations for the Australian Climate Service, and the Australian government more broadly, in response to the Independent Review:
- A consistent national evidence base for physical risk in Australia is essential.
- A long-term view of risk must be prioritised for adaptation planning and investment.
- Collaborative engagement is required to inform a holistic view of risk and resilience.
Read the full submission.