The Commonwealth Bank and CSIRO are joining forces to study how climate change will affect different sectors of the economy, with the CBA planning to use the data to reduce emissions from large corporate clients.
As Glasgow Climate Summit shines a light on challenges facing the financial sector in financing decarbonization, CBA and the country’s leading science body launch project to help financial companies manage climate risks .
As part of this partnership, ABC provides funds and data from a wide range of industries likely to be affected by climate change, including manufacturing, infrastructure and agriculture.
The ABC said CSIRO will use the data to develop scenarios for different industries, which will help companies understand the risks they face and how they might adapt.
The results of the project will feed into what the ABC calls “glide paths” for carbon reduction. The bank has already worked on glide paths for high-emitting sectors – thermal coal mining, upstream oil, upstream gas, and power generation – and last week it announced it would soon be announcing “glide paths” for all industries.
CSIRO chief executive Dr Larry Marshall said the project seeks to help businesses adapt to climate change, which could be a form of competitive advantage for Australia.
“Australian businesses can lead our national response, especially when they have access to Australia’s world-class science and knowledge to guide meaningful and impactful investments in growth opportunities balanced by risk mitigation.” said Dr Marshall.
CBA Managing Director Matt Comyn said CBA and CSIRO will work together to help businesses understand the risks they face, how they might adapt and investment opportunities from economy to economy. low carbon emission.
“We believe our collaboration with CSIRO will better inform our approach on how to play a leadership role in supporting Australia’s transition to a more sustainable economy,” he said.