Australia fires: The TRUE costs of the Australia fires as climate crisis continues

He said: “The long-term impacts of the fires on Australia’s economy are hard to fathom – widespread health issues due to the mass exposure to smoke, fall in revenues from tourism, productivity losses.

“We’ve seen in California, with the power shutoffs, that preventing fires can also be a costly exercise – there is no simple or cheap solution to stopping and preventing wildfires.

“Politicians may not be ready to shift their view on climate, but markets are getting the signal very clearly – climate change is an immediate, costly, systemic thread to corporate assets, to real estate, and to the economy at large.

“We expect an acceleration of the uptake of climate risk screening and a fuller integration of climate risk into due diligence and risk management, particularly in the real estate sector, as the fires push the boundaries of what is at threat.”

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