Australia Sued For Not Disclosing Climate Risk in Sovereign Debt

Australia’s government is being sued for not adequately disclosing the impact of climate change on its sovereign debt, Bloomberg Green reported. The class action filed in the Federal Court in Melbourne on Wednesday alleges the Australian Office of Financial Management and the Treasury have misled or deceived investors by failing to disclose climate change alongside other financial risks in its exchange-traded bonds, according to court documents. The lawsuit seeks promotion of the debt to be halted until the disclosures are made. Climate change is “definitely going to have a huge impact on our society, and definitely on our economy,” Kathleen O’Donnell, a 23-year-old student who is bringing the case, said by phone. “Investors need to be aware of this and the government needs to tell the truth about the climate risks that we’re all going to be facing.” Read more

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