Compound costs : how climate change is damaging Australia's economy / Will Steffen [and 4 others]

"Climate change is a major threat to Australia's financial stability, and poses substantial systemic economic risks. Detailed new modelling, based on the Federal Government's current approach to climate change, finds that the economic damage to Australia's property and agricultural sectors will be very significant. The property market is expected to lose $571 billion in value by 2030 due to climate change and extreme weather, and will continue to lose value in the coming decades if emissions remain high. Extreme events like droughts, heatwaves, cyclones and floods have an impact on agriculture and food production; this is already affecting Australia's economy and will cost us much more in the future. The severe costs of climate change outlined in this report are not inevitable. To avoid the costs of climate change increasing exponentially, greenhouse gas emissions must decline to net zero emissions before 2050. Investments in resilience and adaptation will be essential to reduce or prevent losses in the coming decades."--Publisher.