T +61 2 23 5744 F +61 2 9232 7174

1- Ensuring affordable access to insurance for individuals and business enterprises The increased frequency and severity of extreme weather events will increase the cost of maintenance, repair, and replacement of residential and commercial buildings as well as critical transport, energy, and telecommunications infrastructure. [...] The draft vision and key objectives of the National Adaptation Plan may need to more explicitly detail the purpose of the plan, the framework to which the plan will be held to account and the expectations of participants involved. [...] Australia’s economy, society, and natural and built environments are being managed and invested in, to reduce climate impacts and harness any opportunities now and into the future – by all levels of government, business and community.3 The role of financial intermediaries is critically important to ensure that financial flows are directed to adaptation and resilience projects. [...] An alternative vision statement could be framed as, Australia’s economy, society, and natural and built environments’ exposure and vulnerability to acute and chronic climate change impacts are minimized to the greatest extent possible, by harnessing the role of all levels of government, business, financial, insurance and superannuation sectors, and a closely engaged community. [...] Recommendation 7: The vision and objective should be internationally aligned with the IPCC’s AR6 and complement the role of the National Climate Risk Assessment that aims to identify hazards, exposure and vulnerability.