Australia’s banks likely to reduce lending to regions and sectors at risk of climate change impacts, regulator says

Apra finds country’s banks may be more vulnerable to economic downturns as they face threefold increase in lending losses

Banks expect to reduce lending to households and businesses in northern Australia and to fossil fuel industries across the country as the risk of losses due to the climate crisis escalates, the industry regulator says.

A new report by the Australian Prudential Regulation Authority (Apra) found climate change could make banks more vulnerable to economic downturns as they face up to a threefold increase in lending losses by 2050, but that the system should be able to absorb the impact.

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(SOURCE) https://www.theguardian.com/australia-news/2022/nov/30/australias-banks-likely-to-reduce-lending-to-regions-and-sectors-at-risk-of-climate-change-impacts-regulator-says

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