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Australian Financial Regulator Mandated to Adopt Climate Reporting Standards
August 1, 2023In June 2023, the Australian government published an updated Statement of Expectations for the Australian Prudential Regulation Authority (APRA), requiring it to, among other things, “promote prudent practices and transparency in relation to climate-related financial risks and the adoption of climate reporting standards by regulated entities.” This includes promoting transparency in relation to financial risks and the adoption of climate reporting standards. The new Statement of Expectations follows a consultation that was launched in December 2022 by the Australian government on whether to develop a disclosure framework for organizations, including financial institutions.
