Executive member of the Australian Prudential Regulatory Authority Geoff Summerhayes says he expects the renewable transition in the energy sector to have largely played out by 2030, and stressed that climate change is a unique type of financial risk facing the global economy.
Summerhayes, who serves on the executive of APRA, that sits alongside ASIC and the RBA as one of Australia’s core financial regulators, has strongly advocated for the treatment of climate change as a financial risk.
In comments to the Investor Group on Climate Change Summit in Sydney, Summerhayes expressed optimism about the pace of change that will occur in the energy sector, predicting that the transition towards lower emissions sources of energy will have largely played out by 2030, due to accelerating technological innovation.
“There is a lot of focus on energy, of course, that is one of the big systems that has to transition, and it is my view that the energy system transition will play out a lot quicker than everyone thinks. I think that will have played out by 2030,” Summerhayes said.
“I love the Bill Gates quote, that ‘we always overestimate the change that will occur in the next two years…
