Australia's National Climate Risk Assessment warns of potential financial risks from climate change, including insurers and banks withdrawing services from vulnerable communities.
Australia's first National Climate Risk Assessment warns of potential financial risks from climate change, including insurance companies and banks withdrawing services from vulnerable communities, leading to cascading effects throughout the economy. The report identifies 11 priority areas at significant risk from climate change, including water security, agriculture, and economic resilience. A surge in climate-related disaster claims could result in insurers and lenders pulling out of highly-exposed communities, impacting infrastructure and the built environment.
March 11, 2024
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