More than $57bn of public infrastructure across Victoria will be at risk from extreme weather by 2030, with bushfires, flooding and heat posing the greatest threat, according to new research by Infrastructure Victoria.

The independent adviser assessed risks to $318bn in government-owned or regulated assets, finding that transport, energy and health assets were the most exposed to climate hazards. By 2070, the value at risk could increase to more than $71bn.

Dr Jonathan Spear, chief executive of Infrastructure Victoria said it highlighted the importance of climate resilient infrastructure.

Following a summer that saw bushfires, flooding and landslides hit many Victorian communities, we know extreme weather is a reality now.

The government needs to update and fund its adaptation plans. Funding high-priority, cost-effective infrastructure adaptation actions can save millions in recovery costs and lost productivity.

Erwin Jackson, the head of Australia programs at Climateworks Centre – who was not involved in the research – said:

The policies at a high level need to start integrating both reducing emissions and adaptation, but also focusing on the key risks, whether that be heat, bushfire, coastal inundation.

Part of the challenge was the scale of investment required to make infrastructure more resilient, he said. So, governments needed to identify the communities and assets that were most vulnerable, and work with the private sector to unlock investment in adaptation and resilience building.