Key takeaways:
The Australian Prudential Regulation Authority
(APRA) is ramping up regulations on
climate–related risks and taking submissions for its new
guidelines.
The guidelines are not enforceable requirements, but it shows
that regulators are pushing the financial services sector to adopt
a more formal approach to climate-related risks.
Non-bank financiers, investment managers, and operators of
Managed Investment Schemes and other financial services providers
that are not regulated by APRA are likely to be subject to similar
obligations to formally disclose climate-related risks.
The Australian Securities Investment Commission
(ASIC) has already begun writing to companies they
consider are 'lagging' in their disclosure of these
risks.
