Banks and insurers are jeopardising their futures if they fail to prepare for climate-related risks, the Australian Prudential Regulation Authority (APRA) has warned.
The stark advice from the industry watchdog was delivered during a speech last night to the Centre for Policy Development in Sydney.
APRA said it had a duty to warn the institutions that it regulates, like banks, superannuation funds and insurers, if it identified a risk that could threaten their stability.