The Federal Government has released a National Climate Risk Assessment and is seeking feedback as it prepares to develop an adaptation blueprint.

The first-phase report identifies 11 priority risk areas including “the economy, trade and finance system”, which encompasses insurance and investment markets and institutional arrangements.

Hazards expected to be of great concern by 2050 include bushfires, erosion, convective storms, drought, extratropical storms, riverine and flash flooding, and tropical cyclones.

A detailed analysis of the priority risk areas will be completed by the end of this year as part of the development of the National Adaptation Plan.

“We will continue to do everything we can to reduce our emissions and limit the impact of climate change,” Assistant Minister for Climate Change and Energy Jenny McAllister said.

“However, we must also take steps to protect Australia’s economy, society and natural environment from the changes scientists tell us are already locked in.”

The Government has released an issues paper with the assessment. It outlines actions already under way, such as the work of the Hazards Insurance Partnership, and seeks feedback.

Consultation questions ask for input on barriers to strengthening adaptation and views on policies that could be strengthened or added as priorities.

The Department of Climate Change, Energy, the Environment and Water will host a public webinar on the paper and development of the National Adaptation Plan on March 26 at 3.30pm. Feedback on the issues paper is due by April 11. 

More details are available here.