Climate Governance Initiative Australia – COP26 Statement

Wednesday, 03 November 2021

The Australian chapter of the Climate Governance Initiative has today joined international directors in calling for boards to place climate transition at the heart of corporate strategy.

The Climate Governance Initiative is a global director network with over 20 national chapters, operating in partnership with the World Economic Forum.

The AICD hosts the Australian Chapter of the Climate Governance Initiative, in collaboration with a working group of Australian experts and advisers.

Today, the international Climate Governance Initiative network has released a statement as the COP26 UN Climate Change Conference meets in Glasgow.

The statement warns that, “Climate change is the single-greatest threat to global systemic financial stability, and its impacts will be felt by all companies. It poses major short, medium and long-term risks, requiring boards to put climate considerations at the heart of their strategy, risk management and disclosure processes.

Directors are urged to “…engage with the impacts of climate change, guide long-term plans and translate these into immediate, practical action.

The full statement can be found here:

AICD CEO and Managing Director, Angus Armour said, “Climate risk is no longer an issue facing select sectors, but a standing item on many board agendas.

“Climate change is now, and will remain, a critical concern for generations of Australian directors. Boards should be looking at both the risks as well as the opportunities facing their organisations.”

Climate change has continued to rank as a key concern for Australian directors in the AICD’s Director Sentiment Index with directors nominating climate change action as a key short and long-term policy priority for the Federal Government.

CGI Australia aims to support Australian directors in lifting governance focus on climate change. In August, the AICD and MinterEllison issued a Director Guide to Climate Risk Governance. Later this month, the AICD will launch a Director Insights report, featuring the results of a recent survey of AICD members on current climate governance practices.

Media contact: Maegen Sykes 0439 167 567

About CGI Australia: The Australian Chapter of the Climate Governance Initiative is hosted by the AICD and supported by a working group comprised of AICD, Deloitte, Herbert Smith Freehills, Minter Ellison, Pollination Group and PwC.  

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