The Canopy

Climate change to triple extreme weather damage bill

Written by Greenpeace Australia Pacific | Tuesday, 26 July 2022

If you think the last year has been particularly disaster-heavy, the CSIRO’s megatrends report makes for very grim reading with the experts forecasting that climate change will triple the cost of extreme weather events over the next 30 years.

Meanwhile, as Anthony Albanese attempts to legislate a climate target he is echoing Coalition talking points, dismissing a ban on new coal and gas projects, disputing that new coal mines are incompatible with capping global heating at 1.5 degrees and arguing that Australian coal exports reduce global emissions.

It comes amid warnings that allowing new coal and gas approvals to continue as usual will wipe out any gains made by mandating that emissions come down by 43 percent by 2030.

 

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Insurance is set to get much less affordable in Australia, with the cost of natural disasters forecast to triple over the next 30 years. The CSIRO's decadal megatrends report, published today, warns that extreme weather caused by climate change will cost the country more than $39 billion annually by 2050.

Australia urged to ride out waves of disruption over next 20 years

Australia will face numerous challenges on multiple fronts over the next two decades but can “surf through the choppy seas” by acting early to meet them head-on. Report co-lead author Dr Stefan Hajkowicz said the major issue hanging over everything was climate change, with the 2012 report’s predictions now Australians’ lived experience through bushfires, floods and heatwaves.

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