A landmark report released on Monday warns that rising oceans and flooding due to climate change could effect 1.5million Australians by 2050.

This assessment comes just ahead of the country’s announcement of new emissions reduction targets later this week.

The national climate risk assessment highlights that rising temperatures will produce “cascading compounding, concurrent” effects on life in Australia, which is home to over 27 million people. Climate Minister Chris Bowen emphasised, “We are living climate change now. It’s no longer a forecast, a projection or prediction it is a live reality, and it’s too late to avoid any impacts”.

The report, prepared independently for the government indicates that by 2025, 1.5 million residents in coastal areas will be at risk from sea level rise. By 2090, this number could rise to approximately 3 million.

Furthermore, property value losses in Australia are projected to reach Aus$611 billion (US$406 billion) by 2050, with estimates increasing to $770 billion by 2090.

The report also warned that these temperatures rise by 3°C, heat related deaths in Sydney, the country’s most populous city could increase by over 400%.

As one of the world’s largest fossil fuel exporters, Australia has faced criticism for viewing climate section as a political and economic burden.

However, the centre-left Labor government has intensified its efforts in recent years to lower emissions and promote renewable energy.

This report is timely as Australia prepares to unveil its latest emissions reduction targets, fulfilling a critical commitment under the Paris climate agreement.

Many citizens hope the government will announce more ambitious goals.