Risk Day 2021: Climate change: financial risks and opportunities
Policymakers and investors are increasingly recognising the important implications of climate change for the financial industry. As a result, industry and government are required to carefully consider their climate change risk management and develop a range of options and policies, as well as an effective regulatory framework. The 10th annual Financial Risk Day had a focus on these core issues as well as other themes related to the impacts of climate change risks and opportunities for the financial industry.
The welcome address was given by Professor Amanda Barnier, Pro-Vice-Chancellor at Macquarie University. In his keynote speech, Brad Archer, the Chief Executive Officer of the Climate Change Authority highlighted the opportunities and risks of climate change for the economic landscape in Australia. A regulatory perspective on climate change disclosure and governance was then shared by Claire LaBouchardiere, who is a Senior Executive Leader at the Australian Securities and Investments Commission.
A panel discussion on financial risks and opportunities related to climatic change was moderated by David Orsmond, Professor of Economics at Macquarie Business School. Panellists included Brad Archer, Claire LaBouchardiere, Rade Musulin, a Principal at Finity Consulting, and Professor Martina Linnenluecke from Macquarie University’s Centre for Corporate Sustainability and Environmental Finance.
The afternoon session included presentations by Rade Musulin on the role insurance can play in managing climate risk, by Richard Matear, Chief Research Scientist at CSIRO Oceans and Atmosphere, on how climate science can help to inform the financial industry and risk management, by Stefan Trück, Professor of Business Analytics at Macquarie Business School on company’s voluntary carbon disclosures, and Graham Sinden, Head of Climate Risk at APRA, who addressed climate risk and its impact on the Australian finance sector.
Closing remarks by the three Co-Directors of the Centre for Risk Analytics, Professor Jeffrey Sheen, Professor Pavel Shevchenko and Professor Stefan Trück were followed by a cocktail reception at the end of the event. Please visit our website for further information as well as some of the presentation slides from this years’ Financial Risk Day.
