LAPFF WEBINAR SERIES
Wednesday 2 December to Friday 4 December
Thursday 3 December – Session 2 | 11:30am
Financial reporting on Climate
LAPFF and Sarasin began dealing with the accounting effects of climate change, as distinct from disclosing the risk of climate change well before others also saw the relevance. Some have the view that the risks of climate change are in fact obvious and that the focus on disclosure can be used as a distraction from taking asset write downs for stranded assets. Indeed in the coal sector, Peabody Energy (which has fallen in to Chapter 11 bankruptcy twice) has already received claims for its reclamation liabilities for coal mines in Australia.
As a result of focus from LAPFF, Sarasin and some other concerned asset managers, BP and Shell, whose market capitalisations have fallen considerably have made write downs of assets in the tens of billions, including all of Shell’s gas acquisition in Australia made this decade.
This session will cover the risks to proper accounting from existing institutionalised frameworks, which includes the risk that the large accounting firms and accounting standards setters repeat what has been seen in the banking and insurance sector of setting not merely industry specific standards but ones that soften the effects for certain industries.RegisterFull agenda