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Australia: APRA to step up scrutiny of climate risks after releasing survey results

Source(s): Australian Prudential Regulation Authority
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Releasing the results of its first climate risk survey of regulated entities today, APRA called on entities to move from gaining awareness of the financial risks to taking action to mitigate against them.

APRA surveyed 38 large banks, insurers and superannuation trustees last year to assess their views and practices related to climate-related financial risks. The survey found a substantial majority of regulated entities were taking steps to increase their understanding of the threat, including all of the banks, general insurers and superannuation trustees surveyed.

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“APRA’s views on the economic risks of climate change, recently echoed by the Reserve Bank of Australia, are consistent with those of financial regulators internationally. These risks are material, foreseeable and actionable now. Uncertainty over long-term impacts or policy direction is not an excuse for doing nothing,” said Mr Summerhayes, who is also Chair of UN Environment’s Sustainable Insurance Forum.

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Climate change: Awareness to action English

Document links last validated on: 16 July 2021

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Themes Climate change Private sector Insurance and risk transfer Governance
Country and region Australia

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