New Zealand urged to fast-track climate action amid growing risks
New Zealand urged to fast-track climate action amid growing risks | Insurance Business New Zealand
Catastrophe & Flood
New Zealand urged to fast-track climate action amid growing risks
Current pace of adaptation deemed insufficient
Catastrophe & Flood
By
Roxanne Libatique
The Climate Change Commission has released its inaugural assessment of New Zealand’s national adaptation plan, revealing that the country’s current efforts to address climate change are insufficient despite New Zealanders calls for improved measures to mitigate climate risks.
The report, unveiled by the Minister of Climate Change, evaluates the implementation of the plan – which was introduced in 2022 – and provides an evidence-based review of its effectiveness.
New Zealand’s efforts to address climate change are inadequate
The report’s key finding is that adaptation is not occurring at the necessary scale or speed. The commission has identified the need for a shift from reactive measures to a more proactive approach in managing the risks posed by climate change.
Dr Rod Carr (pictured), chair of the Climate Change Commission, underscored that severe weather events such as flooding, landslides, and wildfires have become more frequent and intense, with escalating economic and social costs across New Zealand.
“Climate change is making severe weather events like those felt across the motu in recent years more frequent and intense. The impacts can be widespread and long lasting, and as they occur more frequently, the costs – economic and otherwise – will rise too,” he said.
Extreme weather-related insurance claims during 2022-23 financial year
According to the report, New Zealand experienced nearly NZ$4 billion in insurance claims related to extreme weather during the 2022-2023 financial year.
Additionally, the cost of damage from events such as the Auckland Anniversary floods and Cyclone Gabrielle could be as high as NZ$14.5 billion.
Recommendations to address climate change impacts
Climate Change Commission’s report set out recommendations to addressing the impacts of climate change, with an emphasis on:
enabling local communities to plan effectively;
clarifying how adaptation costs will be shared; and
supporting iwi/Māori in their adaptation efforts.
It also calls for enhancements to the science and research framework, workforce development, and better information sharing.
The recommendations are aimed at improving the national adaptation plan’s effectiveness and ensuring that New Zealand is better prepared for the ongoing impacts of climate change.
The progress assessment is part of a series that will be updated biennially as required by the Climate Change Response Act.
The survey, which involved 1,005 respondents, showed that 65% believe more resources should be directed towards mitigating climate risks.
It also highlighted a growing dissatisfaction with the government’s response to climate change. For the first time, more respondents rated the government’s actions as “poor” rather than “good,” with fewer than one-third believing the country is on the right track in addressing climate risks.
As New Zealand faces the growing financial and social impacts of climate change, the insurance industry’s role in managing these risks has become a focal point. The survey indicated that nearly 70% of respondents view natural disasters as a key factor driving up insurance premiums. To address rising costs, 61% suggested that reducing climate hazard risks should be a priority.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
