This report applies a full-cost economics approach to climate change adaptation, using the aluminium industry as a case study to illustrate the complexity of the policy challenge. The report examines the positive value of jobs within the upstream aluminium industry, and the negative value of carbon emissions from the sector. It estimates the value which flows from aluminium jobs to individual workers and to the wider community. The report provides a demographic survey of aluminium towns and finds that aluminium towns are less economically vibrant than the Australian economy as a whole, with lower median incomes (despite high aluminium wages), lower employment and lower workforce participation. This highlights the critical importance of aluminium to these towns, employing thousands of local workers at an average wage more than double the national median.