Australia's financial regulator says the transition to a low-carbon economy "is in motion" and local companies can opt to "float with the transitional current" or fight "against the rising tide”.
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| The market for so-called green bonds soared from $US11 billion in 2013 to more than $US65 billion so far this year. |
Geoff Summerhayes, an executive board member of the Australian Prudential Regulation Authority, told a seminar on Wednesday the transition would be motivated in part by the investments needed to achieve the Paris climate goals.
The World Bank estimates that sum to be worth $US22 trillion ($29 trillion) to hit the 2030 targets. Meanwhile, the market for so-called green bonds – earmarked for environmental or climate projects – had soared from $US11 billion in 2013 to more than $US65 billion so far this year.
Read Peter Hannam’s story in today’s Melbourne Age - “APRA’s Summerhayes says 'weight of money' now driving response to climate change.”
