Australia's financial system ill-prepared for climate change

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xtreme weather events, underinsurance and banks invested in a nation of coastal properties mean the economy is vulnerable, Climate Institute says.

The Guardian quotes the Climate Institute saying that Australia’s financial system is ill-prepared for the impacts of climate change.

It reports that, “A new discussion paper warns of threats to Australia’s banking, insurance and superannuation sectors not mentioned in the Abbott government’s inquiry led by David Murray.

“It says although several submissions made to the financial system inquiry in 2014 referred to climate risk, its final report made no mention of the issue.”

Read the Guardian story - “Australia's finance sector heavily exposed to climate risk, report says”.