ASIC, Australia’s corporate regulator, released a report into climate risk disclosure by listed Australian companies.
They are not great. While 40% of ASX100 companies (based on a sample of 20) made some form of disclosure about material climate change risks in an appropriate place — the Operating and Financial Report — only 1 in 20 of the sample from the ASX100–200 did the same. And the quality of those disclosures is so poor as to be almost useless. For example:
“A recurring observation from our entity-level surveillance was the absence of any broadly consistent approach to defining climate risk or…
A new paper from the European Bank of Reconstruction & Development will likely be very influential on shaping thinking about understanding and disclosing impacts of climate change for companies and asset owners/managers.
I’m very much on board with the paper’s assertion that “physical risk” is an under-examined aspect of the FSB’s Task force on Climate-related Financial Disclosures, and made this point in a Centre for Policy Development paper last November.
Corporate sustainability professionals abhor a vaccuum, so this EBRD paper (which is jointly published with the Global Centre of Excellence on Climate Adaptation) is important. It’s probably the…
AKA: stuff that piqued my interest and still does, even months later
More important things happened, for sure, but here are some I remembered, brought up in conversation, went looking for later… and could easily find.
1.Ratings agencies are starting to reconsider giving AAA ratings to debt issued by states and cities that are actually sinking
Except for Fitch, which seems to think repairing ruined infrastructure and falling real estate prices will be a net good. But S&P and Moody’s are kind of getting there. …
I wrote this short Twitter thread for journalists in particular. I know when something big happens internationally, like Trump’s Paris announcement, it’s tempting to get into horse race mode about the “domestic implications” and start throwing around words like “emboldened”.
Before you try to read too much into it, consider this:
2. The lack of proper climate policy is costing us MORE than any proposed carbon price — because it stymies investment. Here is the Australian Energy Council: “Government inaction to progress our energy and climate policy has…
Noah Smith’s “2 paper” rule and the climate change silo
As someone who relishes interdisciplinary debate, I quite liked Noah’s 2 paper idea. It’s constructive when people with deep expertise can discuss their work with outsiders, no matter how annoying it can be for the experts themselves.
But the 2-paper rule also immediately worried me with regard to climate change, which is my current area of focus.
So I was glad that Tyler Cowan made an excellent point:
Still, this didn’t quite get at the heart of the problem.
Limitations of the “2 paper” approach in considering climate change go…
Economist Jeffrey Sachs wrote in HuffPo last month* that the WSJ isn’t serving its audience because it misinforms them. The WSJ editorial on the outcome of the COP21 climate summit sneered:
“If climate change really does imperil the Earth, and we doubt it does, nothing coming out of a gaggle of governments and the United Nations will save it.”
Heidi Moore was irked by Sachs’ post and pointed out, absolutely correctly, that there is good journalism in the WSJ and that some good people write for it. …
Below is my transcript of responses from the RBA’s Guy Debelle and APRA chair Wayne Byres when asked about climate risk on September 16. Please check it against the original recording (an official transcript doesn’t appear to exist). More details below.
QUESTION: Elayne Grace, Actuaries Institute. The BoE is undertaking, or has committed to undertake, a study on climate risk to the economy, and stranded assets. I’m wondering whether the RBA or APRA have taken any similar studies or plan to in future?
BYRES: We’re certainly thinking about that issue. Have we done the sort of detailed studies the BoE…
Climate finance & policy person. @FT and @FTalpha alum.