of climate-related disclosures for insurers, asset owners and banks, consistent with the TCFD
on approaches, methods, assumptions, and data for estimating future costs that are disclosed
of climate science, impacts on extreme events and data requirements
Developing open-source technical business and scientific standards for climate physical risk projections of future repair and replacement costs of residential and commercial buildings and infrastructure in Australia.
As an industry-led collaboration between insurers, banks, scientists, regulators, reporting standard professionals, service providers and supporting parties, the Climate Measurement Standards Initiative (CMSI) will increase/build confidence by providing standards for disclosure.
The project will integrate the disciplines of climate science, hazard science, catastrophe modelling and financial modelling to provide a set of open source standards for the disclosure of climate-related physical risks for companies with financial interests in physical assets, including residential and commercial buildings or other infrastructure in Australia.
These voluntary standards will be:
There will be three parts to these standards, which will provide meaningful and practical regulation: financial disclosure guidelines, scientific guidelines and three reference scenarios.
The initiative is being coordinated by a steering group led by Climate-KIC Australia, the National Environmental Science Program, Earth Systems and Climate Change Hub and a group of industry partners, these include: QBE, Suncorp, IAG, RACQ, National Australia Bank, Westpac, Commonwealth Bank of Australia, HSBC Australia, Munich-Re, Swiss-Re, Leadenhall CP, MinterEllison and Investor Group on Climate Change.
All information developed will be published under an open source licence by Climate-KIC Australia in 2020.