The Albanese government’s national climate risk assessment is perhaps the most critical piece of work in this term of parliament. It shows that if global heating exceeds 2C, essential systems Australians depend on could begin to fail and collapse. This is a daunting thought, and as the government released a wealth of information—including a starting adaptation plan—it is challenging to process. However, considering this assessment’s implications for Australia’s economic future under scenarios where emissions are not curbed and temperatures increase, is crucial.
The assessment projects that climate events could trigger severe disruptions to the financial system, supply chains, energy supplies, and telecommunication, among other services, leading to shortages, asset devaluation, and defaulted loans. These catastrophes would render inflation or interest rate increases insignificant. The assessment also focuses on health and social support systems, predicting a rise in heatwave-related deaths and hospital admissions, which already surpass all other forms of extreme weather fatalities. Moreover, it reveals that more than 1.5 million people could face coastal flooding risks by 2050, and Australia is on track to lose ecosystems and species by mid-century.
The government’s stance on climate issues raises questions, especially after environment minister Murray Watt approved a 40-year life extension for a major polluting site, the North West Shelf liquified natural gas export facility. This decision incites anger and accusations of hypocrisy, as it may lead to further gas exploration and substantial carbon dioxide emissions. Despite these contradictory actions, climate change minister Chris Bowen acknowledges the urgency and complexity of transitioning to net zero emissions. He emphasizes the severe consequences of inaction and the government’s commitment to climate action, indicating that upcoming announcements will demonstrate their resolve in this area. However, uncertainty looms over the cabinet’s decision on the 2035 emissions target, and Bowen’s statement on required global emissions cuts offers a benchmark, suggesting that the government believes in the necessity and feasibility of aggressive emissions reductions.
Source: https://www.theguardian.com/environment/2025/sep/16/the-government-has-laid-out-the-perils-of-the-climate-crisis-for-australia-but-will-it-meet-the-moment
