Economics, Environmental Risk and Hazards
A/Prof Stefan Trueck
Dr Ram Ranjan
It is of significant concern that climate change will exacerbate the frequency and severity of extreme events such as floods, storms, droughts and bushfires that may cause significant damage to the community and economy as a whole. As the value of properties under risk will most likely also increase due to economic and population growth, these economic and financial risks may become even more severe. The research group dealing with ‘Economics, Environmental Risk and Hazards’ will focus on the economic and financial modelling of environmental and climate-change impacted risks as well as adaptation and mitigation management options.
Key issues to be investigated:
(1) Quantification of catastrophic losses and threats to the Australian economy due to climate-change impacted hazards.
(2) Cost-benefit analysis of climate change adaptation and mitigation measures at the local and national scale.
(3) Options to achieve economic and ecological resilience.
(4) Insurance and pricing of catastrophic and climate impacted hazards.
(5) Analysis of cost and benefits as well as impacts of a price on carbon (tax or emissions trading scheme) on the economy.
(1) Recognition of the work through publication in major international journals.
(2) Establish partnerships with key players both in the public sector and the financial industry.
(3) Improve collaborations between Macquarie and high profile international researchers in the area of climate change economics.
(4) Enhance a multidisciplinary approach by fostering collaborations with researchers from science (biology, environment, geography, climatology) and arts (business law) faculty.
(5) Apply and possibly obtain external funding for collaborative research projects.