91ɫ��Ƭ

Around 100 experts from government, academia and industry gathered this week to tackle the growing economic risks of climate change and the race to net zero.

Earlier this week, around 100 researchers, policymakers and industry professionals met for the 91ɫ��Ƭ Institute for Climate Risk & Response’s Economic Impacts of Climate Change Workshop.

The sold-out workshop, held at the 91ɫ��Ƭ Sydney CBD Campus on Wednesday 5 August, brought together experts from academia, government and industry. Throughout the day, attendees took part in short, accessible presentations on new research, alongside discussions and collaboration on the economic consequences of climate change.

Convened by Dr Timothy Neal from the 91ɫ��Ƭ Institute for Climate Risk & Response (ICRR) and 91ɫ��Ƭ Business School, the event closely examined the physical and transition risks of climate change to economies, industries and communities.

Dr Neal says the strong turnout and breadth of participation reflected a growing recognition that climate change is not only an environmental challenge – but a major economic and financial issue.

“It was fantastic to see close to 100 people from government, academia and industry come together for a full day of new research in climate change economics,” he says.

“The sold-out attendance demonstrates the increasing demand for robust evidence about how climate change will affect our economy and how we can design more effective responses.”

The workshop explored a diverse range of subjects, including the current and future macroeconomic impacts of climate change, sea-level rise and storm surge damage, electric vehicle adoption, the climate-risk exposure of bank lending, heat stress and agricultural work, and the role of natural capital.

Opening speaker Zali Steggall OAM MP addressed the importance of rigorous economic research in supporting effective climate policy and accelerating action on climate change.

Professor Tom Kompas from the University of Melbourne delivered the keynote address, examining the many pathways through which climate change can affect the economy and the modelling challenges associated with achieving net zero emissions by 2050.

Other presenters represented the Reserve Bank of Australia, the Australian Treasury, 91ɫ��Ƭ Sydney, Deakin University, Deloitte Access Economics, the University of Sydney, Macquarie University and IDEEA Group.

Dr Neal says the variety of presentations highlighted the value of bringing different disciplines and sectors into the same conversation.

“Climate change affects the economy through many interconnected channels – from worker productivity and agricultural output to financial stability, infrastructure damage and global supply chains,” he says.

“No single model, discipline or organisation can capture the full scale of those risks.

“Bringing researchers and decision-makers together means they can compare evidence and identify where further work is most urgently needed.”

The workshop also created informal opportunities for participants and speakers to develop new professional connections during morning tea, lunch and afternoon networking drinks.

“Our main aim for this day was to help inform the practical decisions that need to be made now about investment, regulation, adaptation and decarbonisation,” Dr Neal says.

The Economic Impacts of Climate Change Workshop forms part of ICRR’s work to support evidence-based climate-risk decision-making and strengthen collaboration between researchers and the organisations responding to climate change.