Quotes from IGCC Director of Policy, Erwin Jackson:
“The Investor Group on Climate Change welcomes the release of APRA’s initial Climate Vulnerability Assessment of Australian Banks.”
“The assessment of the banks has started to paint a picture of future investment risks, but more is needed to ensure we have a more robust picture of the systemic risk that climate change presents to the economy.
“APRA makes the point well that there’s a lot of variability in the results because the models are new, and the data is incomplete.
“Therefore the government needs to increase funding for the underlying climate science, and the banks need to significantly improve their analysis that translates the science into comprehensive climate risk models.”
“The assessments show banks changing their lending practices; that means pulling back from banking vulnerable industries and regions. Investors are also undertaking similar approaches in response to climate risks.”
“We need to turn divestment into investment.”
“Investors have the capital ready to fund climate solutions. To allocate capital with confidence investors need a reliable picture of the risks and opportunities, requirements for climate risk information from companies, and strong policy to adapt to the impacts of climate change and drive an orderly transition to net zero emissions.”