The Australian government had joined the international Coalition for Climate Resilient Investment (CCRI) to improve climate resilience and build safer communities by integrating climate risk into investment decision-making.
CCRI is a public-private coalition of institutional investors, banks, insurers, rating agencies, and governments, representing over US$10 trillion in assets. The initiative was launched at the UN Climate Action Summit in 2019, with support from the World Economic Forum, to develop consistent frameworks to integrate and accurately price physical climate risks in investment decisions.
As part of the membership, CCRI will help the Australian government mitigate climate change impacts, reduce the country's exposure, and channel more private capital towards building greater resilience across economies and communities.
“We are joining global partnerships and taking the lead in building resilient communities. Climate adaptation is about taking practical actions to help our environment, our communities, and our economy deal with the impacts of climate change that are already taking place. We are focused on the steps we can take now and in the future to create a more resilient Australia,” said Australian Minister for the Environment Sussan Ley.
Carlos Sanchez, the director of climate resilience finance at Willis Towers Watson and CCRI executive director, said the Australian government's decision to join the initiative is a crucial step towards bolstering the necessary frameworks for managing climate risk and accelerating private capital support for climate adaptation measures.
“We look forward to working together in order to help deploy more efficiently the flow of funds for investment in infrastructure projects, enabling a transition to a more climate-resilient, low-carbon, sustainable economy,” Sanchez continued.
