The “weight of money” is driving the transition to a low carbon economy, and “commercial imperatives such as investment, innovation and reputational factors, is increasingly driving that shift, rather than scientists or policymakers,” according to Geoff Summerhayes, executive board member of the Australian Prudential Regulation Authority (APRA).
Revisiting and expanding on the themes he first raised in a landmark speech earlier this year, Summerhayes this week spoke about APRA’s evolving view on the macro-prudential risks of climate change, and APRA’s work to engage with regulated entities on climate-change related risks. Summerhayes noted that APRA has established an internal Climate Change Financial Risk Working Group to develop their supervisory response.
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