Across Australia this week, headlines were dominated by the release of the Australian Climate Service’s first National Climate Risk Assessment. The results paint a daunting picture – the potential for 1.5 million people, primarily in Queensland, to be impacted by sea level rise by 2050, decreasing property values, skyrocketing insurance premiums, plus more floods, fires and other extreme weather events.  

For Queensland businesses, particularly those in sectors like agriculture, tourism, retail, and logistics, the stakes are high. But understanding these risks also presents an opportunity to take informed action to reduce the impacts – and there are plenty of steps businesses can take today to safeguard their operations for the future. 

Understanding climate risk in a Queensland context

Over the next 35 years, Queensland is expected to incur the largest increase in costs related to extreme weather events of any state in Australia, with an increase of more than $466 billion.  

When thinking about climate risk, these extreme weather events represent the physical risk – for example, of floods, bushfires, and heatwaves – but there are also transition risks businesses need to be aware of, including regulatory changes, market shifts, and reputational pressures as the economy moves toward net zero. Queensland’s unique geography and climate make it particularly susceptible to both. 

The size of our state also means the risks for business can differ significantly across the regions. In some areas there’s the potential for direct damage to property and resources or supply chain disruptions, in others there’s the risk of decreasing crop yields and limited water availability.  

Queensland-specific climate insights 

In addition to the National Climate Risk Assessment, the Queensland Government’s Regional Climate Change Impact Summaries provide detailed snapshots of projected climate changes and potential impacts across every region in Queensland. The information in these summaries is based on Queensland Government climate projection data.   

This is essential information for Queensland businesses.  

The first step in ensuring you’re well prepared for a changing climate is to build an understanding of the risks and opportunities it may present for your business, then you can decide what actions you need to take. For example, if where you’re located places you at greater risk of supply chain disruptions with roads being cut off by more regular flooding, you may need to plan for contingencies like alternative routes or warehousing arrangements. 

This is especially important for smaller businesses because they’re generally less able to absorb major losses, such as building repairs or extended shutdowns, in the same way that larger businesses can. 

Support for Queensland businesses to navigate climate risk 

Business Chamber Queensland’s ecoBiz program recently launched a new climate risk and adaptation module, designed to help Queensland businesses navigate and prepare for climate risks. The module includes a Climate Risk and Opportunity Assessment tool. 

Drawing on Queensland Government climate projection data, the tool pre-populates the main climate hazards in each region, helps users determine the likelihood, potential impact and vulnerability of their business to these hazards, and creates an easy-to-follow action plan.  

The module also includes a learning pathway to help businesses build their knowledge of climate risk and adaptation – and it’s all completely free for small and medium-sized businesses across Queensland.  

While the climate risk data being captured at both the national and state levels highlights the potential for serious future challenges for Queensland businesses – from rising sea levels and extreme weather to regulatory and market shifts – it also presents a critical opportunity. By understanding climate risks and opportunities relevant to their region and industry, businesses can take proactive steps to adapt, build resilience, and even gain a competitive edge.  

With tools like the ecoBiz climate risk module and regional climate insights now available, Queensland businesses are well-positioned to turn their climate awareness into strategic action. 

Find out more about ecoBiz and sign up today.