Very few companies in Australia give climate change much attention, either in terms of corporate planning or in assessing future risks to their businesses, according to survey of more than 100 companies by the government's National Climate Change Adaptation Research Facility.
Government expects the private sector to adapt to climate change, yet it gives few, if any, incentives to promote changes in corporate behavior.
"The private sector's failings in assessing and managing existing climate risks are becoming increasingly evident," the report said. The transport sector knows little about about the potential impacts of climate change. The tourism industry has done little to prepare for what the report describes as considerable cascading effects of changes in climate.
And the property and real estate sector faces "a phenomenal challenge," with an estimated 81 billion Australian dollar ($84 billion) worth of property vulnerable to a rise in sea levels and more than half a million homes at risk of floods,