Infrastructure Financing for Climate Change Adaptation in Australia: Practitioners’ Perspectives

Abstract

With increased climate-related risks and natural disasters, impacts on infrastructure assets are intensifying. As the need for adaptation actions increase, how finance is used to enable adaptation plays a vital role in the resilience of infrastructure. This research aims to understand how infrastructure adaptation measures are carried out, focusing on how financing is used to aid such efforts. Exploratory interviews with infrastructure and finance practitioners from a broad range of organisations were conducted to understand the dynamics of how infrastructure adaptation occurs. The findings reveal that infrastructure agencies conduct adaptation activities to maintain the serviceability of assets under climate change risks, with most climate financing targeting mitigation rather than adaptation. Most actions are taken at individual asset or agency level with little collaboration across agencies and sectors. The results illustrate a need for a more holistic, systems-level approach to adaptation across the infrastructure sector in Australia.