$32 billion of CBA mortgages exposed to extreme weather risks, climate analysis finds | SimoneFoxKoob
, which included an assessment of how the physical and transition risks of climate change could affect parts of its business based on financial projections to 2050.
The report said studies have shown that cyclones would continue to form further south and had the potential to hit populated areas previously not exposed to cyclone risk. The bank also looked at ABS employment data and locations of mines and ports, and analysed the potential timing and scale of changes of Australian coal export demand to estimate the probable impact to economic activity and employment opportunities in areas reliant on the coal value chain.
There was a range of uncertainties when undertaking climate scenario analysis, the bank noted, adding that CBA was still in the early stages of developing the approach and more was needed to improve granularity and accuracy. But they note it’s the rise in climate risk not yet reflected in property prices that is key when considering banks’ exposures in climate-sensitive regions.A CBA spokesman said a key part of their approach was to provide more quality data to help with the transition to net zero. The bank is partnering with the CSIRO to produce emissions transition scenarios for the residential sector, which they intend to make publicly available.
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