For example, the National Institute of Water and Atmospheric Research (NIWA) estimates $ billion of property is already exposed to extreme coastal flooding in New Zealand, and that each 10cm of sea level rise puts another $ billion of assets at risk.3 Climate change also implies transition impacts - such as ‘flight shame’ or a shift to plantbased protein that will pose unique challenges for our highly concentrated export economy.
Agriculture is already staring down the challenge of a triple whammy: emission pricing, changes in consumer demand, and more extreme weather. The Reserve Bank’s climate strategy Our climate strategy at the Reserve Bank has three avenues: incorporating the impact of climate change into our core functions; managing our direct impact on the climate; and leading through experience and collaboration.