Australian banks must do more on climate risks, RBA official says

reserve-bank-of-australia
The Reserve Bank of Australia

Australian banks need to do much more to prepare for the impact of climate change, a senior central bank official has said.

Jonathan Kearns, the Reserve Bank of Australia’s head of domestic markets, warned that businesses could face litigation if they are not sufficiently prepared. “This risk exists not only when they choose not to take appropriate actions but also if they are not informed to take appropriate actions,” he said today (August 24).

Kearns also said any Australian taxonomy of

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