Climate change impacts every part of our lives – from our health, wellbeing and the safety of our communities, to the stability and security of the financial and economic systems on which we depend. Unless we take strong action this decade to address its drivers by rapidly cutting emissions, Australians face escalating and compounding risks now and for decades to come.

Key findings:

• Climate change has the potential to become a systemic risk to Australia's financial system, with grave consequences for the economy and society.
• Banks can enable enormous social good, but are bankrolling fossil fuel expansion and driving the climate crisis instead. This is compounding climate risks in the broader financial system.
• Improving the visibility of climate risk is welcome, but isn’t enough on its own to drive capital out of fossil fuels and into clean energy at the speed and scale needed now to tackle the climate crisis.
• A coordinated effort involving banks, the Australian Government and financial regulators is needed to protect the financial sector, and enable every part of Australia's economy to rapidly phase out the use of coal, oil and gas.