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APRA releases letter on upcoming climate risk self-assessment survey

The Australian Prudential Regulation Authority (APRA) has released a cross-industry letter to advise on the scope, purpose and timing of its 2024 voluntary climate risk self-assessment survey of APRA-regulated entities. This survey follows on from APRA’s 2022 climate risk self-assessment survey and insights publication.

The survey will improve both APRA’s and industry’s understanding of the approaches being taken by APRA-regulated entities to identify, assess and manage climate-related financial risks. In particular, the survey will gather insights on how APRA-regulated entities are currently managing these risks, using APRA’s Prudential Practice Guide CPG 229 Climate Change Financial Risks, published on 26 November 2021, as the benchmark. This year, the survey will also include additional questions on transition plans and nature risk. 

The letter to industry is available on the APRA website at: Climate risk self-assessment survey.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.