Australia to acknowledge climate risk to government bonds after world-first court settlement
by Adam Morton Climate and environment editor from Environment | The Guardian on (#6E9SV)
Government to state that climate crisis poses systemic risk to bond value after class action brought by student Katta O'Donnell
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The Australian government has agreed to settle what has been described as a world-first court case that accused it of misleading investors by failing to disclose the financial risk caused by the climate crisis.
In 2020, Melbourne university student Katta O'Donnell launched a class action accusing the then Morrison government of breaching a legal duty and deceiving investors in sovereign bonds by not informing them upfront of the climate risk they faced.
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