The federal government has agreed to settle a world-first court case accusing it of misleading investors by failing to disclose the risk climate change poses to its bonds.
The government has agreed to publish a statement saying climate change may affect its sovereign bonds
In 2020, Melbourne woman Katta O'Donnell, then a 23-year-old law student, sued the federal government for allegedly deceiving investors, as part of a class action representing all current and potential investors in government bonds. The proposed settlement would mark the first time a country with an AAA credit rating has formally acknowledged that climate change is a systemic risk that could impact bonds, lawyers acting for Ms O'Donnell said.
"Since then, Australia has better incorporated climate change into legislation, policy and in the budget." The investor can sell their bonds early and get the market value, or hang onto them and receive the face value back when it matures.
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