Australia bank regulator expects climate to be included in risk management

SYDNEY, March 20 (Reuters) - Australia's banking regulator said on Wednesday it expects lenders and insurers to include climate as one of the material risks they manage to ensure they meet obligations to depositors and policy holders.

"APRA has advised that these risks are material, foreseeable and actionable now," the Australian Prudential Regulatory Authority (APRA) said in a statement.

The move follows comments by a senior central banker this month, who said climate modelling should start to be mapped into the Reserve Bank of Australia's economic scenarios.

(Reporting by Paulina Duran; Editing by Christopher Cushing)

2019-03-20 02:48:00

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