In last week's address to a Centre for Policy Development public forum, RBA Deputy Governor Dr Guy Debelle said climate change will have "first order economic effects" and could have major consequences for financial stability if transitions are disorderly and abrupt.
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| Reserve Bank deputy governor Guy Debelle focused on how climate change can complicate setting interest rates. |
Hot on Debelle's heels, APRA subsequently released its first climate risk stocktake, calling for banks, insurers and superannuation funds to step up their responses. Its survey of 38 large entities suggests many are dragging the chain on climate-related financial analysis and disclosure.
The laggards can expect pressure to mount. APRA, its international counterparts and investors have signalled they want a little less conversation and a lot more action.
Read the story from The Age by Sam Hurley - “Heavyweights now speaking with one voice on climate change risks.”
(Listen to Dr Guy Debelle on Climate Conversations)
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