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Climate change impacts every part of our lives – from our health, wellbeing and the safety of our communities, to the stability and security of the financial and economic systems on which we depend. Unless we take strong action this decade to address its drivers by rapidly cutting emissions, Australians face escalating and compounding risks now and for
decades to come. Australia’s Council of Financial Regulators has officially recognised climate change posing a financial risk since 2017. The Council is made up of our three key regulatory agencies – the Reserve Bank of Australia, the Australian Prudential Regulation Authority and the Australian Securities and Investment Commission, alongside the Federal Treasury. Together, these regulators have acknowledged that the risks climate change poses to the Australian economy are “first order” and have knock- on implications for the functioning of our economic system as a whole (RBA 2021).

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