Submission: National Adaptation Plan to manage physical risks for economy
17 April 2024
For institutional investors, adaptation is both a systemic risk and an opportunity. However, for private investment to be directed towards adaptation, there are significant barriers that must be addressed.
The first National Adaptation Plan provides is an important opportunity to address the barriers preventing private investment in adaptation and resilience. It should consider:
- Including a co-developed private finance strategy and plan.
- Aligning adaptation across government climate change activities.
- Facilitating public-private partnerships and developing frameworks to manage complex adaptation challenges.
- Developing and co-funding case studies for best practice private and public-private financing of adaptation and resilience.
- Legislating the National Adaptation Plan and National Climate Risk Assessment.
- Establishing a coherent climate information, skills, and science strategy.
Implementing these recommendations will increase investor confidence that the physical impacts of climate change are being proactively and effectively managed and enable Australia to remain an attractive place for international capital investment. In addition, they will support the allocation of private capital towards adaptation and resilience.