Original article by Michael Roddan
The Australian – Page: 1 & 2 : 20-Dec-19
Australian financial services providers may be required to disclose their exposure to climate risks in their financial statements. It is amongst reforms that are likely to be implemented by the Australian Prudential Regulation Authority and the Reserve Bank of Australia, which include subjecting banks and insurance companies to stress-testing with regard to climate change-related risks. The reforms have been proposed by the Network of Central Banks & Supervisors for Greening the Financial System. The RBA has been a member of it since 2018, while APRA has observer status.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, RESERVE BANK OF AUSTRALIA, NETWORK OF CENTRAL BANKS AND SUPERVISORS FOR GREENING THE FINANCIAL SYSTEM