Australia To Restrict Coastal Development Due to Global Warming

Climate change must be factored into all new planning to safeguard coastal developments against sea level rise, flood and other disasters or effects on the environment, the State Government of Victoria in Australia has decided.

Earlier this year, significant coastal property was found to be exposed to risk. Now, housing sprawl along coastal strips must be curtailed and new residential developments along canals banned under the State Government’s new coastal planning strategy. In September The Sydney Moring Herald had noted that:

“One general insurer has estimated that the value of coastal property in Australia at risk to rising sea levels and erosion is between $50 billion and $150 billion.”

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Heeding warnings from climate change experts, the Government has ruled that new developments must assume at least the most conservative estimates and prepare for sea level rise.

The new law follows the minimum sea-level risk mitigation recommended by insurers consulted in the planning.

The British insurer Lloyds of London had warned earlier this year that worldwide, without adaptation, insurance losses from coastal flooding for high-risk properties could double by 2030.

”With over half the world’s population expected to live within 100 kilometres of the coastline in 25 years’ time, it is imperative that we address this risk now by starting to adapt.

The world cannot insure its way out of climate change, but the insurance industry can play a key role in the fight against it by encouraging adaptation. If this doesn’t happen, insurance will become more expensive and less available.”

The new law will not be retroactive, but take effect on Monday.

Photo by Flikr user Maureen G
From: the age.au

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