Up to $NZ14.1 billion ($13.5 billion) of council-owned assets are exposed to rising sea levels linked to climate change, a New Zealand study has found.

The grim findings underscore the need for a national response to the global warming crisis.

“This report should have everyone sitting up and listening,” Insurance Council of New Zealand CEO Tim Grafton said. “This is not just an issue for local government.

“Central government has a key role to play too and ultimately carries the economic, social and political risk if adapting to sea-level rise is not well managed.

“Every dollar invested to reduce and adapt to risk now will save many more dollars in post-disaster losses and help avoid social dislocation.”

Local Government New Zealand, which commissioned the study, agrees fast action is needed.

“Many councils are already experiencing the impact of sea level rise... that’s why we need to urgently ramp up work on New Zealand’s adaptation framework,” the group’s President Dave Cull said.

“As a small country, our efforts in the mitigation space, while necessary, are not going to meaningfully move the dial on global carbon emissions.

“But changes in the climate will definitely impact us, principally in the form of rising sea levels, because two-third of all New Zealanders live within five kilometres of the sea.”

The report says a 0.5-metre rise in sea level would place $NZ2.7 billion ($2.6 billion) of roads, waterworks and building assets at risk.

Under a worst-case scenario – a three-metre rise – the risk grows to $NZ14.1 billion.