APRA has released an information paper on the Climate Vulnerability Assessment (CVA) that is underway with Australia’s largest five banks.
This analysis will provide insights into the potential financial exposure of institutions, the financial system and economy to the physical and transition risks of climate change.
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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 $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members.