Although economists work to better understand and model the interactions between climate change and the economy, many do not factor in all the latest scientific evidence, disregarding sensitive ‘tipping points’ in the climate system, and overlooking the market impacts of climate-induced hazards such as flooding, wildfires, and extreme heat. We must urgently create bridges between science and finance.
The current rate of temperature and atmospheric carbon dioxide increase is almost unprecedented in Earth’s entire 4.5-billion-year geological history. The only other time global temperatures and conditions changed this dramatically was when an asteroid hit the Earth 66 million years ago, famously triggering an age of mass extinction and a rapid increase of 5 °C in global temperatures that lasted for roughly 100,000 years.
On the 3rd of July, the record for the average global air temperature was broken. The northern hemisphere’s summer reminds us that extreme heat events may be just around the corner. A 50°C day, which climate scenarios gave small comfort was still some time off, could happen any time. How prepared is Victoria’s food system?
One of the challenges of resolving the biodiversity crisis is making it a part of the Victorian community’s consciousness. In a world with so many competing problems, the silent destruction of our unique plants struggles for attention. Gordon Noble offers three simple “nudges” to drive investment in protecting and restoring Victoria’s flora.
The recognition, management, and mitigation of the increasing risk posed by biodiversity loss is not yet a regular part of risk management, as climate change has become. There is still work to do to raise awareness of the economic impact of biodiversity loss, and then to manage and reverse this impact. “Towards Conservation and Recovery of Victoria’s Biodiversity” provides recommendations and practical actions to assist us all.
