(13 December 2022 – Australia) The Australian Banking Association (ABA) welcomed a major government initiative to advance Australia’s sustainable economy and position the country as a green energy trailblazer.
The Australian federal government announced two substantial initiatives including the release of a consultation paper on the development of an Australian climate risk disclosure framework and the development of a comprehensive sustainable finance strategy to be consulted on in 2023.
“The initiatives are long overdue and will provide banks and business with the certainty they need to manage their climate risks and to grasp the opportunities from the new green industrial revolution” commented ABA CEO Anna Bligh.
“Government and industry now have the opportunity to genuinely work together to drive Australia’s economic shift to a low carbon future. Australian banks have led the way in climate disclosures as adopters of the Task Force on Climate-related Financial Disclosures (TCFD). We support clear, globally consistent, transparent reporting of climate financial risks.”
“The consultation paper is a critical step towards establishing comprehensive sustainability reporting, in line with international standards.”
“This initiative will show the world that Australia is not just committed to sustainability but is taking decisive action as we strive towards a net zero economy by 2050” she said.