By 2030 indicative potential damages could be around $115 billion for Victoria due to climate change. This is a very conservative estimate as it doesn’t include costs of floods and bushfires, pollution, damage to environmental assets, and biodiversity losses that result from temperature increases.
Currently, many investment barriers are impacting our local businesses. The major challenge is the limited amount of investment mechanisms available for adaptation projects and activities. Funding offered through governments are not always equitable. Small business not used to grant processes and high reporting requirements find them inaccessible.
The lengthy timeframes and uncertainty surrounding climate impacts are also a barrier. It’s difficult for a business to determine the problem, let alone provide that evidence to an investor. This is true for government services too, where the investor is the taxpayer or ratepayer.