Department of Jobs, Precincts and Regions
Climate change analysis on the Victorian economy discovers impacts and advises how to unlock economic opportunities.
SGS Economics and Planning was commissioned by the Department of Jobs, Precincts and Regions (DJPR) to analyse the impacts on the state’s economy from a changing climate, along with advice on how to unlock economic opportunities for Victoria as its economy and the rest of the world adapts to the changing climate.
SGS developed a conceptual framework to profile nine identified sectors of the Victorian economy and capture the likely climate impacts and adaptation options for each industry. The sectors analysed were:
- Primary Production
- Trade and transport
- Retail, accommodation, food, and entertainment
The many adaptation options identified through the profiles were then collated into an Opportunity Register and assessed using a Multi-Criteria Assessment (MCA). The opportunities were broadly grouped under eight themes:
- Adapting farming, fisheries, and land management practices
- Building protective and adaptive infrastructure, buildings and other assets which are climate resilient
- Advanced manufacturing to meet future needs for products to enable adaptation, as well as more efficient manufacturing processes
- Diversify and secure supply chains for reliable and affordable inputs, particularly with energy, water, and food
- New and expanded services to finance and ensure adaptation needs and opportunities
- Managing the health impacts of climate change on workers and residents
- New RAFE services
- Responding to global demand and supply factors