The prudential regulator says a third of the companies it regulates have not incorporated climate change risk into strategic planning and almost a quarter do not have any metrics to measure and monitor climate risks.

The Australian Prudential Regulation Authority also said that more than one-third of banks, insurers and superannuation funds surveyed do not have defined roles and responsibilities relating to the management of climate risks across any functions. One in four boards have not formally delegated management of climate risk to senior management.