The world’s biggest central banks risk creating a ‘dog’s breakfast’ of global climate disclosure rules unless Canberra engages more aggressively with the rest of the world, say investors.
APRA warns of ‘irreversible’ climate risk By Lachlan Maddock 22 April 2021
The prudential regulator has warned businesses that they must work quickly to understand “the unprecedented nature of climate change” if they want to avoid havoc in the financial system.
APRA has urged businesses to recognise climate risks as different from those they’ve faced in the past, warning that a “strategic approach” is necessary for managing “the potential for irreversible changes in climate, leading to impacts that may not be easily mitigated or reversed”.
“Since the Australian Government became a party to the Paris Agreement, APRA has been raising awareness of climate-related risks to the financial sector. Given the unique and long-term nature of the risks, however, processes to measure, monitor and manage climate-related financial risks are still developing,” said APRA chair Wayne Byres.
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Three major forces are converging to drive the popularity of responsible investing in Australia, and finance will need to move fast if it wants to ride the wave. The amount of capital committed to A
Both the Planning Institute of Australia and the Property Council of Australia voiced strong backing for the bill during the inquiry, which Steggall said had received about 6,200 submissions.
Simon O’Connor, the chief executive of the Responsible Investment Association Australasia, said policy uncertainty was risking a loss of billions of dollars in investment across multiple sectors.
The association has 350 members, including superannuation funds and investment managers, which collectively manage about $9tn of assets globally.
O’Connor said parliament should consider the bill, which was a “strong step” in creating the certainty for investors that would help unlock billions more in investment.