A new report released yesterday by the Albanese government warns that property values could dive by up to $500 billion by 2050 due to climate change.
Australia’s first national climate risk assessment has detailed the ramifications if leaders failed to act on climate change with homes becoming uninsurable as rising sea levels, floods, cyclones, droughts and bushfires hit Australia.
Climate Change and Energy Minister Chris Bowen says the report makes it clear that insurances will become increasingly a challenge, both in terms of affordability and availability, and that will have flow on effects.
Mr Bowen says Australians were already living with the consequences of climate change today but “it’s clear every degree of warming they prevent now will help future generations avoid the worst impacts in years to come
He says Australia’s first National Climate Risk Assessment and their National Adaptation Plan are a road map to address the unavoidable impacts of climate change, to build a more resilient country for all communities, regions and industries.
