Advancing capacity to adapt to climate change: addressing information needs in the Australian property industry

Abstract

Purpose The purpose of this paper is to understand the sources of climate change information used and trusted by key stakeholders in the Australian property industry, their information needs and their capacity to translate that information into decision-making. Design/methodology/approach Qualitative research applying in-depth interviews with 24 key stakeholders from a diverse range of property/real estate companies in Australia. Findings This research identified a wide range of information types used by key stakeholders, ranging from reliance on unsophisticated mass media reporting to detailed analysis of scientific research. The capacity of stakeholders to translate this information for their organisation was polarised; 11 of the 24 interviewees indicated they had the capacity, while the other 13 indicated they did not, often owing to time horizons or lack of current interest within the organisation or from clients. Research limitations/implications This research was limited to 24 in-depth interviews and is not intended to be a representative sample. However, this limitation is offset by the fact that a diverse range of stakeholders were interviewed and an in-depth and rich understanding has been provided about their approach to climate change. Practical implications The results can inform the development of better communication channels for climate change for the property industry by supporting science-practice collaborations in the timely and effective dissemination of research. This is important to understand given the identified need to bridge the gap among research, policy and practice. Social implications Climate change poses significant challenges and risks for built environments. The property industry, as a key stakeholder, has great potential to influence current practices. The results reported here assist in addressing these challenges. Originality/value At present, limited research globally has been conducted about climate change actions in the property industry. This research responds to this gap.

Physical and climate change-related risk identification in valuation practice: an Australian perspective

“…In the context of understanding climate change risks, for many of the extant risks noted, climate change will exacerbate the extent, severity and frequency of event-based risks like floods, storm surges, extreme weather events, droughts, heatwaves and bushfires (see Warren-Myers and Hurlimann, 2021 for a list of property-specific implications). There is some emerging evidence that flooding and storm-surge considerations (due to hurricanes) are manifesting as a sea level rise threat, and the need for protection measures has seen early investigations on property prices (Beck and Lin, 2020; Bernstein et al , 2019; Walsh et al , 2019).…”

“…As recent research has established, climate change events have and will have, detrimental and significant effects for property and property values (Bienert, 2014; Intergovernmental Panel on Climate Change, 2014; Warren-Myers, 2016; Warren-Myers and Hurlimann, 2021). However, climate change risks have received less industry attention (Baldauf et al , 2020), as they are often harder to identify than property-specific risks (Cradduck et al , 2020).…”

“…However, climate change risks have received less industry attention (Baldauf et al , 2020), as they are often harder to identify than property-specific risks (Cradduck et al , 2020). Warren-Myers et al (2020a) noted an urgent need for better information, data and quality of information for the property sector. In addition to a range of barriers currently preventing the ability of the industry to take broadscale action in response to climate change risks (Warren-Myers et al , 2020b).…”

“…Warren-Myers et al (2020a, b) noted that barriers to broader property engagement with climate change risks and consideration are linked with the availability and robustness of the data and guidance available from industry bodies. This is reminiscent of valuers' examination of environmental contamination risks, which has seen improvement over recent decades due to:Improved techniques for assessment;Availability of data and ability to identify number, types and locations of properties that are affected by certain environmental risks;Cost implications (economic costs for remediation or removal and social costs or risks to health) andProcesses for understanding the effect of these risks on a property (Roddewig, 1996).…”

“…The rationale for this research is that the identification and specification of climate change risks is an evolving area of concern (Cradduck et al , 2020; Warren-Myers and Hurlimann, 2021; Warren-Myers et al , 2020b). In particular, the issue of what party bears liability for such risks requires direct consideration.…”