F0000915058 - Overview of climate-related financial risk disclosures Document listed on Senate Order No 12 - 1 July 2024 to 31 December 2024

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APRA's Accounting Risk Services disclosed its planned actions to integrate climate-related financial risks into routine supervision, aligned with its Corporate Climate Plan. The initiative focuses on three areas: updating policy frameworks for banks and insurers to match international standards (Basel Committee and IAIS guidance); conducting thematic reviews of major banks, insurers, and superannuation funds to identify data gaps against internationally accepted disclosure standards (ISSB and Pillar 3 reports); and refining the supervision framework to maintain alignment with international best practice. The work aims to ensure climate risks—transmitted through traditional channels like credit and market risk—are embedded in prudential oversight to maintain regulated institutions' financial stability. APRA notes the effort balances regulatory burden with proportionality and acknowledges the evolving sustainability landscape, with potential integration of nature-related and connectivity risks.