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Banks warned of ‘regulatory action’ as climate change bites global economy

November 30th, 2017
Categories: News

Link: http://govtslaves.info/2017/11/banks-warned-regulatory-action-climate-change-bites-global-economy/

Australia’s financial regulator has stepped-up its warning to banks, lenders and insurers, saying climate change is already impacting the global economy, and flagged the possibility of “regulatory action”.

Australian Prudential Regulation Authority (Apra) revealed it had begun quizzing companies about their actions to assess climate risks, noting it would be demanding more in the future, urging them to start adapting to climate change.

Apra also has established an internal working group to assess the financial risk from climate change and was coordinating an interagency initiative with the corporate watchdog Asic, the Reserve Bank of Australia (RBA) and federal Treasury to examine what risks climate change was posing to Australia’s economy.

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