Climate Ready Sectors
Home to some of the most resilient businesses in Victoria
To strengthen and support resilient businesses, we are focused on enabling local businesses and workers to leverage their strengths to drive sustainable community outcomes while growing our competitive advantages.
Our resilience goals
What We Value
As a region, we also have many valuable assets that enrich our economy. Businesses that are already acting on climate change are reaping benefits, including cost-savings enhanced reputation and increased investor confidence.
In the Loddon Mallee, our overall gross regional product is $21 billion, with manufacturing, construction and agriculture the top industries in terms of economic output. Our top employing industries are health care, retail/trade and manufacturing, with professionals, managers, technicians or trade workers, and labourers the most common professions. Most businesses in the region a are small, sole traders with only 16 businesses employing more than 200 people. The median income is below the state average, with two thirds of workers earning less than $1000 per week. The youth unemployment rate remained low in 2020 despite the pandemic. Prior to the COVID-19 outbreak, a small minority of the population worked from home and a high number of people travelled to work by car. It is expected to be the reverse for 2021.
Through our engagement we learnt that access to localised and trusted information is a key requirement for businesses and workers to understand and be able to communicate the risks of climate change. A majority of businesses engaged with lacked appropriate tool to access climate risks while one quarter had completed a formal risk assessment.
Respondents also reported current funding and development opportunities as key barriers to climate change adaptation. Grants processes and short-term funding opportunities were discussed as limiting access to support, with a lack of completed adaptation projects raised as a limiting factor to business confidence in implementing new solutions. For the agriculture sector, concurrent threats of falling commodity prices, extreme heat stress, and below average rainfall were highlighted as an example for the need to focus on business continuity during crisis; disruptions only made worse by the COVID-19 pandemic. Many opportunities were proposed to cater to the region’s sole traders, specifically in relation to increasing investment, introducing new insurance products, and collaborating to develop local innovation initiatives.