Australian regulators plan to introduce mandatory stress tests soon that will lo...
SYDNEY - Australian regulators plan to introduce mandatory stress tests soon that will look at the impact of climate change on banks, insurers and the A$3 trillion pension fund industry, sources with direct knowledge of the matter said.
The tests, to be based on measures being developed in England, have been in the works for some time but their introduction has been hastened after a devastating bushfire season, one of the sources said. As part of the stress test, banks will be required to run risk assessments for their loan books and business models under various climate scenarios, the people said, declining to be identified as they were not authorised to speak to media.
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