APRA and RBA up their interest in climate change

There is a strong rise in interest from the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA) on climate change, according to the Actuaries Institute, as Autumn 2019 is ranked the second-highest for extreme temperature since 1981.

The Australian Actuaries Climate Index found Autumn 2019 was the second most-extreme month in the number of hot days ever recorded over the three months to May 2019, since the index was created in 1981.

It said the frequency of extreme high temperatures in Autumn 2019 was 96% above the long-term average, a near doubling.

Actuaries Institute chief executive, Elayne Grace, said “There is a growing urgency to understand the occurrence of extremes and the impacts of climate change on businesses and communities.

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"We have seen a strong rise in the momentum of interest from various parties, including from Australia's regulators, APRA and the RBA.

Actuaries Institute president, Nicolette Rubinsztein, said: “It is crucial to build the Index over time, so we can assess change based on data and objectively contribute to this important public policy issue”.

She said climate data allowed regulators, companies, scientists and others to monitor trends in extremes.

Tim Andrews, a consultant at data firm Finity, said he expected temperature records to continue to break over the years to come.