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    CBA   AU000000CBA7

COMMONWEALTH BANK OF AUSTRALIA

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Australia's top 5 banks assessing climate risks, regulator says

09/02/2021 | 10:30pm EDT
FILE PHOTO: A lone tree stands near a water trough in a drought-effected paddock located on the outskirts of Walgett, in New South Wales, Australia,

(Reuters) - Australia's financial regulator on Friday outlined details of a climate vulnerability assessment (CVA) being undertaken by the country's top five banks to assess exposure to climate risk and how they can respond to different scenarios.

With weather-related disasters on the rise, costing lives and trillions in losses https://www.reuters.com/business/environment/weather-disasters-killed-2-million-last-50-years-un-agency-says-2021-09-01, regulators and central banks are looking to ready companies and financial systems to cope with the fallout.

The Australian Prudential Regulation Authority's (APRA) climate assessment https://www.apra.gov.au/news-and-publications/apra-publishes-new-details-on-climate-vulnerability-assessment is also looking at how banks can make changes to their business models and take steps to tackle different climate-related scenarios.

Commonwealth Bank of Australia, Westpac Banking Corp, National Australia Bank, Australia and New Zealand Banking Group and Macquarie Bank started participating in the CVA in June.

They all expect to submit their first analysis by the end of 2021, with the combined findings likely early next year.

The two scenarios in the CVA focus on a rapid reduction in emissions by 2050, and conversely on higher emissions with global policies failing to stop things getting a lot worse.

"Climate change is a global challenge and is driving major policy responses and investment decisions around the world," APRA Chair Wayne Byres said in a statement.

"These will have consequences for Australian companies, presenting both risks and opportunities."

A U.N climate panel warned https://www.reuters.com/business/environment/un-sounds-clarion-call-over-irreversible-climate-impacts-by-humans-2021-08-09 in August that global warming is dangerously close to spiralling out of control.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Shounak Dasgupta)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA -0.08% 104.95 End-of-day quote.27.82%
MACQUARIE GROUP LIMITED 0.94% 197.84 End-of-day quote.42.87%
NATIONAL AUSTRALIA BANK LIMITED 0.24% 28.9 End-of-day quote.27.88%
WESTPAC BANKING CORPORATION 0.58% 25.83 End-of-day quote.33.35%
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Sales 2022 24 836 M 18 562 M 18 562 M
Net income 2022 10 294 M 7 693 M 7 693 M
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P/E ratio 2022 18,6x
Yield 2022 3,80%
Capitalization 179 B 134 B 134 B
Capi. / Sales 2022 7,20x
Capi. / Sales 2023 7,04x
Nbr of Employees 44 375
Free-Float 95,7%
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Alan Frank Docherty Chief Financial Officer
Catherine Brighid Livingstone Chairman
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