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A report published in 2010 by the Australian Building Codes Board found that while the nation could be reasonably confident about the capacity of buildings currently constructed in compliance with Building Code of Australia standards to be reasonably resistant to the effects of global warming under a low emissions scenario (in which temperature rises were limited to 1.8 degrees Celsius in Australia by 2070), this was not the case with regard to the more likely higher emissions scenario (3.4 degree temperature rise).
The report noted at the time that the higher emissions scenario was the more likely outcome and that, if realised, many buildings constructed under today’s standards would be deficient.
In addition to the environmental effects, this will have legal and financial effects upon a number of industry stakeholders.
One critical area revolves around insurance. Rising sea levels and more common extreme weather events are not only expected to impact the overall risk level (and therefore the amount of premiums charged to insure certain properties) but are also impacting how risk is calculated and spawning growing levels of effort on the part of the insurance sector to better understand specific risks at an individual property level. […]