The financial effects of climate change are coming

While the political bullshit over climate policy continues, the Reserve Bank is working on how to best protect our financial system from the ‘primary risk’ of climate change.

Guy Debelle, Deputy Governor of the Reserve Bank of Australia (Image: AAP/Kelly Barnes)

“Words are not going to address climate change, actions are needed. To turn things around, we need policies and actions implemented that lead to real change, rather than just being talked about.”

As the political class and media providers get more climate distractions and drama, adults in the room at the Reserve Bank explain the nature of climate risks to the Australian financial system. in a speech yesterdayIn his remarks above, RBA deputy governor Guy Debelle specifically referred to greenwashing companies and the problem of verifying green claims made for products. But they could be applied perfectly to the bullshit in Canberra.

Climate change is not just another risk, Debelle said at an investment conference. “Climate change is a primary risk to the financial system.” This is even without the various fiscal policies proposed by members of the government, such as removing deposit guarantees from banks that refuse to finance coal mines, or forcing Australians to pay higher interest rates so that sinister international financial forces do not dictate policy. We.

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