New Australian guidelines launched to ensure consistent climate change risks assessments and disclosure

Source(s)
Climate-KIC Australia

Sydney – An Australian-first collaboration between climate scientists, insurers and the finance sector has produced new guidance for assessing the physical risks – such as tropical cyclones, bushfires and floods – of climate change to homes, buildings and critical infrastructure.

The Climate Measurement Standards Initiative (CMSI) has developed a set of open-source voluntary guidelines that will, for the first time, provide Australian banks, financial institutions and insurers with consistent scientific and technical guidance on how to assess the risk of climate-related damage to their buildings and critical infrastructure from extreme weather events.

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“The CMSI provides guidelines specific to Australian conditions. Consumers will have confidence in the resulting disclosures because they’ll be understandable, consistent, comparable and supported by Australia’s leading climate experts.”

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The CMSI has been designed specifically to support the G20 Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD) that made recommendations on disclosing the risks and opportunities associated with climate change and enable stakeholders to better understand the financial system’s exposures to climate-related risks.

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