Australia urgently needs a dedicated, independently administered fund to meet the escalating costs of natural disasters due to global warming.
What is the National Climate Disaster Fund?
The National Climate Disaster Fund is proposed as a source of government financing designed to help meet the dramatically increasing costs of disasters faced by Australia as a result of global warming.
The Climate Disaster Fund would be administered by an independent agency established under Commonwealth legislation containing a legislated mandate. It would be governed by an independent council of experts on climate science and natural disaster preparedness and response.
The fund would be financed by a levy on fossil fuel production occurring within Australia, initially set at $1 per tonne of carbon dioxide embodied in the fuel.
The committee would make annual adjustments to the size of the levy with reference to changes in the frequency, intensity and costs of natural disasters. It would distribute funds with reference to the needs of various constituents within the Australian community impacted by natural disasters.
Beneficiaries of the National Climate Disaster Fund?
Funding can be distributed amongst the most disaster impacted regions and sectors in Australia. These include: