Australia’s national science agency, CSIRO, has partnered with the Commonwealth Bank of Australia (CBA) to explore the effects of climate change on the financial sector.
CBA is contributing funding and providing anonymized data from various industries affected by climate change, including manufacturing, infrastructure, and agriculture. CSIRO will analyze this data to create sector-specific assessments and scenarios. Subsequently, CBA will integrate economic and financial insights to illustrate the differing impacts on the Australian economy.
Results from this collaborative research will be accessible through a digital platform under the Climate Resilient Enterprise initiative. Matt Comyn, CEO of Commonwealth Bank, emphasizes that this partnership aims to enhance the capacity of financial institutions, their customers, and communities to adapt to climate change.
He stated, “By combining advanced scientific insights with our extensive data, CSIRO and CBA are well positioned to assist businesses in understanding their risks, adapting effectively, and identifying opportunities in a low-carbon economy.”