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Australia’s banking regulator finalises climate change policy guidance -Breaking

SYDNEY – Australia’s banking regulator has released the final guidance for insurers, banks and pension funds on managing climate risk. However, it did not impose new standards.

The Australian Prudential (NYSE:) Regulation Authority (APRA) said the principle-based guide is aligned with the Financial Stability Board’s Disclosures Task Force on Climate-related Financial (TCFD) recommendations but does not impose new regulatory requirements.

Wayne Byres, Chair of APRA, stated that while most APRA-regulated entities recognize the challenges associated with climate change (e.g., new laws, adjustments to asset values), they are not always able to know how best respond.

They requested more information about industry expectations and best practice examples. The guidance paper was created in direct response.

To assess the degree of convergence between the institutions’ climate risk management and the new guidance, the regulator will perform a survey.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.