The Australian central bank says climate risk is first order risk.
BANKING AND CREDIT NEWS-October 14, 2021--The Australian central bank says climate risk is first order risk
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Global Banking News - 14 October 2021
The Australian central bank has suggested that climate risk is a first order risk for Australia.
RBA deputy governor Guy Debelle, while commenting on risks posed by climate change, categorised risks as physical and transition risks. While the first one deals with the direct effect of climate changes, the second deals with risks that accrue due to restructures as the Australian economy moves away from fossil fuels.
The comments from the official came ahead of the 2021 UN Climate Change Conference (COP26) to be held in Glasgow between October 31 and November 12.
According to Daijiworld, the official said, 'Countries and economies...
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