Government to state that climate crisis poses systemic risk to bond value after class action brought by student Katta O’Donnell
Under settlement terms announced on Wednesday, the Albanese government agreed to publish a statement on a Treasury website acknowledging that climate change was a systemic risk that may affect bond value.Climate risk refers to assessments of the expected impact of the climate crisis on investments, including the likelihood that fossil fuel investments will lose value as the world reduces greenhouse gas emissions. Australians own bonds through their superannuation funds.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup O’Donnell said the settlement was an “important first step in realising the risks of climate change”. “As an investor, I am pleased with the proposed settlement. This is the first time a country with a AAA credit rating has acknowledged climate change is a systemic risk when talking about risks to government bonds,” she said.
“As a consequence, there is uncertainty about whether the fiscal impacts of climate change may affect the value of [government bonds],” it says.
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