Apra says companies must factor climate risks into business outlook

Climate change threatens the financial system and companies should no longer view it as a future problem, regulator warns

Australia's financial regulator has warned that climate change poses a material risk to the entire financial system, and has urged companies to start adapting.

Geoff Summerhayes, from the Australian Prudential Regulation Authority, says it is unsafe for companies to ignore the risks of climate change just because there is some uncertainty, or "even some controversy", about the policy outlook.