Climate Risk and Adaptation - Australia has committed 6 billion USD over the next five years to climate adaptation spending [1] - The potential damage bill to infrastructure and property could run into the hundreds of billions of dollars [3] - The amount of adaptation spending required is determined by the amount of warming Australia and the world faces [4] Emissions Targets and Decarbonization - Australia is committed to achieving a 43% reduction on 2005 level greenhouse gas emissions by 2030 [6] - The Climate Change Authority has recommended a target between 65% to 75% below 2005 levels by 2035 [7] - To stay on a pathway of about 1.75 degrees Celsius of warming, Australia's energy-related emissions would need to fall by about 70% on 2005 levels by 2035 [8] Economic Opportunities and Risks - A higher emissions reduction target of 75% versus 65% would reap additional benefits to the Australian economy [12] - Australia has huge resources in lithium and other critical minerals, setting it up to become a clean energy superpower [14] - Insurance costs in Australia due to extreme weather events are around billions of dollars [17] - Extreme weather events have had a real drag on the nation's economy, which will become unmanageable by late this century if action isn't taken [18]