Predicting temperature increases, rainfall decreases, rising sea levels and increases in tropical cyclone severity, the CSIRO’s Climate Change in Australia Report is a wakeup call for businesses, says the NSW Business Chamber.
“If the projections of the CSIRO hold, then climate change will result in the most significant structural change to the Australian economy over the coming fifty years,” says Kevin MacDonald, CEO, NSW Business Chamber. “Strong action to reduce emissions must be viewed as an investment, as a cost incurred now to avoid the risks of severe consequences in the future.”
But with structural adjustments to combat climate change, business costs are expected to increase, and innovative solutions are key to success.
“Innovation will solve the climate change challenge and business has a big role to play in using its capital, willingness to take risks and creative ideas to fix problems such as water shortages, increased heat strain on buildings or dependence on fossil fuels.
“Climate change is both a challenge and opportunity for business. Creating an environment that encourages innovation and investment will be critical if Australian businesses are to lead the way in developing technological solutions to the climate change we face.”