Four final reports released on climate change adaptation for Business and Industry
Four final reports on climate change adaptation for business and industry have been released today at the NCCARF forum 'Climate Change Adaptation and the Business Sector'.
With the increase in damages from climate-related extreme events, the world is witnessing how changes in climate (and associated regulatory and market responses) in one location can send ripples through businesses globally. The World Economic Forum recently highlighted failure to address climate change adaptation as one of the top ten risks to the global economy. In Australia there is a limited understanding about what climate change means for the business sector or how the sector is likely to respond. In response, NCCARF has commissioned a range of research projects that explore these issues.
Jason West's report, Climate change adaptation in industry and business, revealed companies will take a basic approach to managing risks from climate impacts before any changes are required in either accounting standards or disclosures under the Corporations Act to explicitly deal with the issue.
Gareth Johnston's report, Climate change adaptation in the boardroom, found that while the Australian Government expects the private sector to adapt, it provides little or no incentives exist to promote this behaviour. It is the more sophisticated mining, gas and some Asian owned technology companies that are leading the wayin adaptation with many opportunities missed by Australian companies.
Heather Shearer and Jago Dodson's report, The capacities of private developers in urban climate change adaptation, discovered that the South East Queensland development industry had low adaptive capacity, but this also depended on the financial, insurance and government players. The insurance and financial sectors had the potential to drive adaptation, but current practices resulted more often in maladaptation.
Christ Guilding's report, Adapting strata and community title buildings for climate change, explored how to prepare strata titled communities to deal with challenges that are expected to result from climate change. The report develops and analyses 24 recommendations (released in a stakeholder action list manual) designed to advance the capacity of strata titled communities to cope with climate change.
All final reports and supplementary documents are available on the NCCARF website.