An Australian Prudential Regulation Authority (APRA) Executive Board Member, Mr Geoff Summerhayes, gave a speech this week at the Insurance Council of Australia Annual Forum.
The speech highlighted a number of recent crucial developments in the field and emphasises the importance of scenario-based assessment of climate risks and opportunities. Mr Summerhayes' remarks outline APRA’s emerging considerations on how climate-related risks might manifest at the individual company level and systemically.
Commissioner for Environmental Sustainability, Dr Gillian Sparkes, and Mr Summerhayes, both recently participated in a business roundtable to discuss a legal opinion by Noel Hutley SC. A section of Mr Summerhayes speech drew from Hutley's legal opinion, which progresses matters of climate change in corporate law by putting the onus on director's and their duty to mitigate environmental risk.
The full speech can be found here. [BROKEN LINK]