One of Australia's financial regulators has explicitly addressed for the first time the topic of financial risk created by global warming.
An executive board member of the Australian Prudential Regulation Authority (APRA), Geoff Summerhayes, in a speech yesterday that APRA now views climate change as a 'here and now' risk.
It made the recommendation due to three main influences: the Paris climate agreement, recommendations by the G-20 Financial Stability Board, as well as a legal opinion issued late last year.
APRA says it expects big companies to carefully consider these risks, warning that company directors could be liable if they fail to do so.
