Extreme weather could deal $611bn blow to property values by 2050: report

Australia’s first climate risk assessment, excessive weather incidents can impact a 611 billion dollars of property values ​​by 2050.

The assessment, written jointly by the four independent state institutions, modeled how Australia would be affected when global temperatures increased 1.5C, 2.0C and 3.0C.

The findings were comprehensive by touching all aspects of Australian life from health to property insurance.

Among the sharpest figures, there was a potential impact on property values ​​because the threat of more forest fire and increasing coastal flood increased.

“Australian losses are expected to increase to AUD611.0 billion by 2050 and may rise to Aud770.0 billion dollars by 2090,” he said.

“However, changes in our society such as people and businesses who migrate from high -risk areas and changes in global financial markets leave great uncertainties in financial projections for 2090.”

More will come.

Killer heat

Deaths related to the heat wave will also rise as global temperatures increase.

Excessive heat is the leading cause of climate -related deaths and hospitalization, and the old Australians are particularly at risk.

While the data were mixed, the researchers directly connected at least 354 deaths directly to extreme heat between 2001-2018.

Meanwhile, government data associated this with more than 2000 hospitalization between 2019-20-2021-22.

According to the risk assessment published on Monday, if temperatures are not kept below 3.0C, these figures may climb more than 400 percent in some capitals.

Even keeping temperatures low will lead to significant fluctuations, 2.0C deaths increase by 200 percent and more than 100 percent at 1.5C.

Darwin will be the worst.

“Public health risks will become more pronounced, with the potential of loss of life and coercion in health systems,” the report says.

“The relationship between increasing heat and increasing mortality is not linear, but it increases significantly from +2.0ºC to +3.0ºC.”

Climate Change Minister Chris Bowen, who explained the publication of the evaluation, said that the evaluation is proof that the government is not trying to reduce emissions for entertainment ”.

The parliamentary Assembly told reporters, “Net Zero’ya road is important,” he said.

“We are doing this because the effects of our country are real and most importantly the worst effects can still be prevented.

“Now we are experiencing climate change. It is no longer a prediction, a projection or a prediction – this is a lived reality.”

But not too late to avoid the worst of the effects, ”he added.

Bowen, as the report explained, thirdly, the difference between 1.5 and two degrees warming is very real for Australia, Bow said Bowen.

“Therefore, our efforts to mitigate should continue and continue.”