An asset management strategy to accommodate a changing climate

Climate change is a significant factor that will affect how people live and work in future. In light of this and of international initiatives on limitations of emissions, the changing climatic conditions will affect the existing building fabric, and inflict a different kind of user demand on corporate property portfolios. A comprehensive literature review has shown that there is an absence of tools and metrics for facilities managers to evaluate the impact of climate change on their organization and develop mitigation and adaptation strategies for their existing and new built corporate property portfolios. There is a little augmentation for accommodating the existing and future climate changes into management of corporate property portfolio. This paper will argue the need to construct a comprehensive strategy for management of corporate property portfolio of large organizations, which will take into consideration climate change mitigation and adaptation

Identification of disaster knowledge factors: preliminary findings

Disasters bring about the loss of lives, property, employment and damage to the physical infrastructure and the environment. The number of reported disasters has increased steadily over the past century and risen very sharply during the past decade. While knowledge management can enhance the process of disaster management, there is a perceived gap in information coordination and sharing within the context of disaster management. Identification of key disaster knowledge factors will be an enabler to manage disasters successfully. The study aims to identify and map key disaster knowledge success factors for managing disasters successfully through capturing the good practices and lessons learned. The objective of this paper is to present the interview findings on influence level of disaster knowledge factors in managing disasters successfully and the means they influence throughout the disaster management cycle. While all the respondents agreed that the influence level of social factors in managing disasters is very high, a number of respondents agreed that the influence level of technological factors is significant. Operational/managerial, economic and technological factors seem to influence the whole disaster management cycle including mitigation/preparedness, immediate relief and reconstruction/recover

Spatial modelling of adaptation strategies for urban built infrastructures exposed to flood hazards

The recent 2010/2011 floods in the central and southern Queensland (Australia) prompted this research to investigate the application of geographical information system (GIS) and remote sensing in modelling the current flood risk, adaptation/coping capacity, and adaptation strategies. Identified Brisbane City as the study area, the study aimed to develop a new approach of formulating adaptation/coping strategies that will aid in addressing flood risk management issues of an urban area with intensive residential and commercial uses. Fuzzy logic was the spatial analytical tool used in the integration of flood risk components (hazard, vulnerability, and exposure) and in the generation of flood risk and adaptation capacity indices. The research shows that 875 ha, 566 ha, and 828 ha were described as areas with relatively low, relatively moderate, and relatively high risk to flooding, respectively. Identified adaptation strategies for areas classified as having relatively low (RL), relatively moderate (RM), relatively high (RH), and likely very high (LVH) adaptation/coping capacity were mitigation to recovery phases, mitigation to response phases, mitigation to preparedness phases, and mitigation phase, respectively. Integrating the results from the flood risk assessment, quantitative description of adaptation capacity, and identification of adaptation strategies, a new analytical technique identified as flood risk-adaptation capacity index-adaptation strategies (FRACIAS) linkage model was developed for this study

Climate change adaptation in industry and business

This report delivers a best practice framework to integrate financial risk assessment, governance and disclosure with existing governance principles around climate change adaptation.AbstractThe Australian business community has long been aware of the risks and opportunities associated with greenhouse gas mitigation and climate change policies. Some businesses have taken initial steps to adapt to the expected effects of climate change; however, most enterprises are only vaguely aware of the breadth of adaptation that may be required. Associated with strategic adaptation are the principles of financial/operational risk management and governance, as well as financial impact disclosure to investors and regulators. We develop a consolidated framework in which boards and executive managers can develop a robust approach to climate change adaptation governance, climate change risk assessment and financial disclosure. The project outlines a matrix of disclosures required for investors to enable them to evaluate corporate exposure to climate change risk.The project initially comprised a set of workshops with members of the Australian business community, industry representatives, regulatory authorities and academics with expertise in business risk and disclosure effects. Each workshop focused on a separate theme that built upon the work of previous workshops. A set of follow-up discussions was held with some of the key members who contributed to the project, including the Australian Stock Exchange (ASX) Investor Group on Climate Change (IGCC), the Australian Accounting Standards Board (AASB) and the Australian Institute of Company Directors. This discussion permitted each body to comment on the final report, advise on the mechanics of the costing, reporting and disclosure approaches of climate change adaptation, and lend their expertise to the formulation of an appropriate framework.The scope of the research is constrained to firm behaviour and the requirements for investor disclosure and governance of adaptation activities. The project therefore focuses on financial analyses – including real options – undertaken by firms with regard to investing in climate change adaptation activities and projects. While the economic costs and benefits are important to organisational adaptation activities, they represent a secondary level of analysis that may need to be carried out on either an independent or cumulative scale by governments or other bodies to measure the wider effects.As the degree of sophistication in climate change adaptation activities, modelling and cost estimation increases, along with the anticipated growth in interest of both company boards and managers, it is expected that accounting standards, ASX listing rules and disclosures required under the Corporations Act would need to explicitly reflect these corporate actions. The asset allocation of banks, mutual funds, superannuation funds and other investments is also likely to adapt as companies quantify their exposure to climate change. The makeup of assets in investment portfolios may therefore markedly shift, and thus indirectly adjust to the climate change adaptation activities of companies in the broader market

Working as one: a road map to disaster resilience for Australia

This report offers a roadmap for enhancing Australia’s disaster resilience, building on the 2011 National Strategy for Disaster Resilience. It includes a snapshot of relevant issues and current resilience efforts in Australia, outlining key challenges and opportunities. Overview Natural disasters cause widespread disruption, costing the Australian economy $6.3 billion per year, and those costs are projected to rise incrementally to$23 billion by 2050. With more frequent natural disasters with greater consequences, Australian communities need the ability to prepare and plan for them, absorb and recover from them, and adapt more successfully to their effects. Enhancing Australian resilience will allow us to better anticipate disasters and assist in planning to reduce losses, rather than just waiting for the next king hit and paying for it afterwards. This report offers a roadmap for enhancing Australia’s disaster resilience, building on the 2011 National Strategy for Disaster Resilience. It includes a snapshot of relevant issues and current resilience efforts in Australia, outlining key challenges and opportunities. The report sets out 11 recommendations to help guide Australia towards increasing national resilience, from individuals and local communities through to state and federal agencies