In response to the release of the National Climate Resilience and Adaptation Strategy by the Australian Government, Investor Group on Climate Change (IGCC), Director of Strategic Projects, Tom Arup, said:

“IGCC welcomes the commitment by the Australian Government to conduct regular national risk assessments of climate change damage and adaptation needs as part of the new National Climate Resilience and Adaptation Strategy, announced by Minister Sussan Ley on Friday. “Investors are hungry for reliable and comparable data about worsening extreme weather events and other climate change impacts. National risk assessments, including economic analysis, will aid the market to better understand and price physical risks, and help drive private capital investment into adaptation responses. “IGCC also welcomes the Australian Government’s commitment to establish mechanisms to help incorporate resilience into valuations and investment decisions, drawing from international work through the Coalition for Climate Resilient Investment and other local initiatives. “Australia is not yet prepared for the economic and community threats that are already locked in by the climate change that has occurred to this point, let alone worsening impacts as the planet warms further. IGCC looks forward to continuing to work with all governments, including through the newly announced National Adaptation Policy Office, to continue to strengthen our national approach.”