Climate change is an ongoing topic of discussion across the country, but it’s the ag sector that is really feeling the impact.
For those in the supply chain, the question of what it all means for business is a big one. Recently CommBank embarked on a major research project to start to answer that question.
At HC, we get excited when our clients do something exciting and different for the betterment of their industry. This research is something that will drive bigger conversations and have a real impact not just for CommBank’s customers but for the whole agri sector.
The bank worked with climate consultants Energetics and CSIRO on the potential impact’s climate change may have on Australian agribusiness productivity across grains, livestock and dairy.
The findings showed potential for significant decline in productivity within some sectors and regions as a result of climate change, but in positive news, it also found that the future could be turned around by adaptation in most cases.
The bank is using the findings to inform the future management of its agriculture portfolio, including building better tools to manage and monitor any risks. It will also focus on supporting customers operating in those areas of Australia that, according to the modelling, may be significantly impacted by climate change.
We’re excited to see CommBank taking the first step towards deeply understanding this tricky topic, in order to be ready to support customers.
It will be interesting to see how other big industry groups and businesses proceed now that CommBank has taken this bold step.