Stock Groups

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.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are provided by market makers and are therefore not necessarily accurate. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from relying on data including charts, buy/sell signals, and quotes. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

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.