No more 'business as usual' for Australia as climate change hits economy for $8bn

Risks around extreme weather are high for Australian companies, but there are also plenty of opportunities to benefit from the 'business boom'

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This week, world leaders are meeting in Paris to reach a new climate agreement to keep global temperature rise to no more than 2C above pre-industrial levels. Yet the responsibility for tackling climate change, and sustainability issues more broadly, does not rest on the shoulders of politicians and diplomats alone.

Australian business also has an important role to play and there are two reasons they should care: risk and opportunity. Climate change is a massive risk to the business community. Every industry must consider its specific risk to income and expenses but most commonly these will include physical impacts, regulation, competition, insurance, changing markets, investment, energy infrastructure and litigation.

Lost productivity and absenteeism due to extreme heat is costing the Australian economy almost $8bn a year

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