Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

Australia’s top 5 banks assessing climate risks, regulator says

Published : , on

(Reuters) – Australia’s financial regulator on Friday outlined details of a climate vulnerability assessment (CVA) being undertaken by the country’s top five banks to assess exposure to climate risk and how they can respond to different scenarios.

With weather-related disasters on the rise, costing lives and trillions in losses https://www.reuters.com/business/environment/weather-disasters-killed-2-million-last-50-years-un-agency-says-2021-09-01, regulators and central banks are looking to ready companies and financial systems to cope with the fallout.

The Australian Prudential Regulation Authority’s (APRA) climate assessment https://www.apra.gov.au/news-and-publications/apra-publishes-new-details-on-climate-vulnerability-assessment is also looking at how banks can make changes to their business models and take steps to tackle different climate-related scenarios.

Commonwealth Bank of Australia, Westpac Banking Corp, National Australia Bank, Australia and New Zealand Banking Group and Macquarie Bank started participating in the CVA in June.

They all expect to submit their first analysis by the end of 2021, with the combined findings likely early next year.

The two scenarios in the CVA focus on a rapid reduction in emissions by 2050, and conversely on higher emissions with global policies failing to stop things getting a lot worse.

“Climate change is a global challenge and is driving major policy responses and investment decisions around the world,” APRA Chair Wayne Byres said in a statement.

“These will have consequences for Australian companies, presenting both risks and opportunities.”

A U.N climate panel warned https://www.reuters.com/business/environment/un-sounds-clarion-call-over-irreversible-climate-impacts-by-humans-2021-08-09 in August that global warming is dangerously close to spiralling out of control.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Shounak Dasgupta)

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post