Australia Climate change "first order risk": RBA

01:32  14 october  2021
01:32  14 october  2021 Source:   aap.com.au

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discharging. those. first - order . risk . management. Climate change has major effects on the planet, and its consequences on today’s society are undeniable. Climate change is the cause of the increased frequency and intensity of extreme weather events including floods. Flood management in Europe has experienced a significant change due to the emergence of the Flood Directive and its implementation in national regulations.

Keywords: climate change , impacts, risk management, greenhouse gas, mitigation. [Show full abstract] included global mean temperature change , greenhouse gas stabilisation targets, catchment sensitivities to climatic change , and the seasonality of runoff, rainfall, and evaporation. Model simulations provided estimates of the first - order risk of climate change to Australian catchments, with several regions having high likelihoods of experiencing significant reductions in future runoff.

The independent Reserve Bank of Australia has weighed into the debate over climate change just weeks out from the United Nations COP26 conference in Glasgow, warning it is a "first-order risk for the financial system".

RBA Deputy Governor Guy Debell says most Australian financial institutions see climate as a risk. © Lukas Coch/AAP PHOTOS RBA Deputy Governor Guy Debell says most Australian financial institutions see climate as a risk.

RBA deputy governor Guy Debelle has told an online conference climate change has a broad-ranging impact on Australia, both in terms of geography and in terms of Australian businesses and households.

"Most Australian financial institutions now recognise climate as a risk," he told the CFA Australia Investment Conference.

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Technical report. Impacts of climate change on water resources phase 1: first order assessment and prioritisation 2011/01. DISLAIMER The Department for Water and its employees do not warrant or make any representation regarding the use, or results of use of the information Preferred way to cite this publication Wood, C, and Green, G, 2011, Impacts of Climate Change on Water Resources, Phase 1: First Order Risk Assessment and Prioritisation, DFW Technical Report 2011/01, Government of South Australia , through Department for Water, Adelaide.

First, climate change policy narratives are an important product and driver of the shifting rationalities of government with respect to adaptation and mitigation. In the case of Cambodia, policy narratives of donors have dominated, but have also been co-opted by national government. These alternative approaches to managing uncertainty about the first - order risks to society from future flooding are shaped by institutional concerns with managing the second-order, ‘institutional’ risks of criticism and blame arising from accountability for discharging those first - order risk management responsibilities.

"The assessment of climate risks has evolved considerably over the past five years, but there remains considerable scope for further improvement."

He said in recent years in Australia, climate risks have increasingly entered the discussion with foreign investors.

"To date, we have only isolated example of divestment from Australia because of climate risk, but the likelihood of more significant divestment is increasing," Dr Debelle told the conference on Thursday.

He said investors will adjust their portfolios in response to climate risks as governments in other jurisdictions implement net zero policies, effectively increasing the cost of emissions-intensive activities in Australia.

"So, irrespective of whether we think these adjustments are appropriate or fair, they are happening and we need to take account of that," Dr Debelle said.

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future climate change in the CBA. The climatic uncertainty is included in the PDF of the annual maximum discharge . as currently considered by the local water management authorities. To our knowledge, this is the first risk -based application. of a fully quantitative, continuous (not scenario-based) decision making framework for sequential flood protection planning. that probabilistically includes future decisions and discharges.

Climate risks stem from continued changes in climate means and the increase in frequency and intensity of extreme weather events. We ask whether companies also apply the usual process of corporate risk management to climate risks. In seeking to answer this question, we review several literature streams in order to set out an initial theoretical reflection. Based on this we conducted an exploratory case study with 11 electric utilities. Our results illustrate that these companies perceive climatic changes as a material issue for their business.

"The material risk is that these forces are going to intensify from here."

He said while the debate over climate change has been cast in a negative light, he says there are plenty of opportunities for Australia.

"Australia has been an energy exporter for many decades. And there is no reason why this should change," he said.

"Australia is also endowed with resources that have the potential for Australia to continue to be an exporter of energy – but renewable rather than emissions-intensive fossil fuels."

He said the Council of Financial Regulators - Treasury, the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission - is actively engaged in the work taking place globally on climate risks and the financial system.

The cornerstone of the work is the Climate Vulnerability Assessment that APRA is leading with assistance from the RBA and Treasury that focuses on the climate risk of the five largest Australian banks.

"The lending books of the five banks encompass all parts of the Australian economy," Dr Debelle said.

"Because of the breadth of this work, our expectation is that this exercise will provide useful data and methodology for other Australian financial institutions, particularly asset managers. It should also help Australian companies with their disclosures of climate risks."

A warning from the adults in the room: the financial impacts of climate change are coming, like it or not .
While the political farce over climate policy goes on, the Reserve Bank has been trying to work how best to protect our financial system from the 'first order risk' that is climate change.While the political class and its media enablers engage in more distraction and theatre on climate, the adults in the room at the Reserve Bank have been spelling out the nature of climate risks to the Australian financial system. In a speech yesterday, deputy RBA governor Guy Debelle specifically referred in his words above to companies engaging in greenwashing and the problem of verifying the green claims made for products. But they were perfectly applicable to the farce in Canberra.

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This is interesting!