cross-posted from: https://slrpnk.net/post/1570577

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Chalmers said the report would make clear that climate change would be one of the biggest challenges, and opportunities, for the country over the coming 40 years.

Erwin Jackson, policy director with the Investor Group on Climate Change, said the research confirmed that the nation’s finances would be undermined by climate change unless more was done to drive down greenhouse gas emissions.

He said the best way governments could limit the impact on their credit worthiness would be to put in place policies to accelerate private-sector investment in ways to reduce climate change.

“Investors have long recognised that climate change is a systemic economic and financial risk to the Australian economy. Recent climate change fuelled impacts on insurance costs, food prices and damage to infrastructure, supply chains and communities have only made this realisation sharper.”

Last year, S&P Global Ratings - one of the world’s three major rating agencies - examined the vulnerability and readiness of 135 countries, including Australia, to climate change.