Jonathan Kearns RBA Head of Domestic Markets spoke at the Credit Law Conference ‘Managing Financial Services Risks in an Age of Uncertainty’ – titled Climate Change Risk in the Financial System.
https://www.rba.gov.au/speeches/2022/sp-so-2022-08-24.html
He says climate change can have a significant impact on the structure of the economy, and the pricing and return on assets. This means climate change has implications for the efficiency and stability of the financial system. As such, it is critical for central banks and financial regulators to carefully analyse and respond to climate-related risks.
In Australia, the Council of Financial Regulator agencies work closely with each other, international peers and financial institutions to improve the quality and consistency of the information available for managing the financial risks associated with climate change. These are complex issues and our understanding of how best to respond will evolve over time. But it is critical that financial market participants and regulators act now to best manage the financial risks and facilitate the associated opportunities.
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