Banks warned of 'regulatory action' as climate change bites global economy

Australian Prudential Regulation Authority says it is quizzing companies about their actions to assess climate risks

Australia's financial regulator has stepped-up its warning to banks, lenders and insurers, saying climate change is already impacting the global economy, and flagged the possibility of "regulatory action".

Geoff Summerhayes from the Australian Prudential Regulation Authority (Apra) revealed it had begun quizzing companies about their actions to assess climate risks, noting it would be demanding more in the future.