In another sign of how the real world is rapidly undermining the fantasies of the climate denialists in the Morrison government, the government’s own prudential regulator has directed financial institutions to elevate their recognition of climate change risks given the threats’ “irreversible” and “unprecedented” nature.
The Australian Prudential Regulation Authority (APRA) yesterday released a draft guidance on managing climate change risks for banks, insurers and superannuation funds on the basis that “the financial risks associated with climate change have a number of elements that distinguish them from other financial risks, and necessitate a strategic approach”. These include the “the potential for irreversible changes”, “the far-reaching impact that climate risks pose” and “the unprecedented nature of climate change”.
The draft guidance doesn’t create new requirements or obligations. But as APRA chair Wayne Byres said, “since the Australian government became a party to the Paris Agreement, APRA has been raising awareness of climate-related risks to the financial sector. Given the unique and long-term nature of the risks, however, processes to measure, monitor and manage climate-related financial risks are still developing.”
The proposals are aligned with the recommendations from the Financial Stability Board’s Task Force on Climate-related Financial Disclosures.
Meanwhile the Morrison government is getting on with funding more fossil fuels, approving coal mines and peddling scams like carbon capture and storage. It has also attacked financial institutions for recognising climate risks.
Last October, Morrison ministers led by National David Littleproud’s attacked the ANZ for daring to release an updated climate change statement that outlined plans to prepare for zero net emissions and to incorporate that goal into its lending policies.
The move brought the ANZ in line with rivals Westpac and the Commonwealth Bank, but Littleproud actually threatened ANZ with the withdrawal of government deposit guarantees — a major threat to the stability of the Australian financial system.
By coincidence, Littleproud was a bank branch manager for ANZ’s competitor NAB in regional Queensland for 12 years. So you’d assume Littleproud would have come out hard against APRA for further encouraging financial institutions to address climate risk, which he clearly regards as a fiction invented by warmists, Greens and other forces of evil. But the only thing Littleproud had to say was to declare victory in a wine war with Canada.
Perhaps Littleproud has been told to stop threatening the stability of the financial system, or to pull his head in on the vaccination rollout given that’s been so awful a disaster for Morrison that he’s been forced to turn to the states for help.
Gosh! Do you mean to tell me that climate change is real??? So the LNP have been lying to us for 15 or so years? Geez, who would have thunk it!
In future I’m gonna introduce myself as a warmist!
Thanks Glenn & Bernard
It’s a term from the US – used by Bolt for years.
Peddling scams is the one great skill the LNP actively cultivate.
So many willing participants, and so many of us voters stupid enough to vote for them…..early election please, and let’s see if enough of us have finally woken up.
We have a PM who sincerely believes in a God that is in charge of the climate. As do many Australians. It’s a sort of hallowed cop-out. Then there are the cohorts that can’t imagine a better power source than fossil fuels, those that earn a living from mining the stuff, those that work in service stations, mechanics and the list goes on, to include those people who think all Greens are idiots. Not to mention people who don’t believe the science because they are entitled to their uninformed opinion. Ask anyone with a black car or dark roof. I am, you are, we are Australian. Anyway, as long as all these people outnumber the rest of us, we’re screwed. Pray for a miracle.
ps I expect many mechanics drive white cars and vote Green. I do not mean to insult anyone. Much of our industry revolves around fossil fuels. Soon none of it will. The faster this happens the better for us and the planet’s biomass in general. There will be more jobs, and better, after the change. So, Allelujah!
A PM who can see we are screwing up God’s plan – now that would be a miracle.
He can’t see anything other what he told to say. Its not a human experience, poor stupid fool
Its a idiot play acting
How good is Australia
Nothingproud is doing his usual: nothing.
Do people like Proudfoot not have any conscience?
Does he not look at his kids and wonder what they’ll think of him in the future?