An Aug. 8 lawsuit in Australia against one of the country’s largest banks alleging it failed to adequately disclose climate change risks is being seen as a wake-up call for other global financial institutions.
The action against Commonwealth Bank of Australia was filed in Federal Court by Environmental Justice Australia on behalf of Guy and Kim Abrahams, who have held shares in the bank for years. The couple says the bank knew—or should have known—that climate change risks might have a material or major impact on the bank’s operations, financial position, and prospects.
