The intergenerational report says climate is a ‘profound’ risk to Australia. But the full picture may be even worse

Drought and heatwaves – two perils facing Australia this summer as landscapes dry out and global temperatures nudge record annual levels – were excluded from the intergenerational report’s assessment. Photograph: David Gray/Reuters

Climate change and the way the world responds to it “may be the most profound driver of change” for Australia’s economy over coming decades, according to the latest intergenerational report (IGR).

The report is easily the most comprehensive attempt to quantify risks and opportunities, with an entire chapter devoted to climate change and energy. There is a fivefold increase in references to “climate change” versus the 2021 IGR, a similar ratio for “disasters” and triple the naming of “renewable”.