Climate Change Australia – Danger: Bank Regulator Gets Global Warming Faith

Posted on Tue 02/21/2017 by


Bolt New 01By Andrew Bolt ~

This is frightening. The Australian Prudential Regulation Authority, (APRA) which regulates our banks and superannuation funds, now claims to be expert in (imaginary) global warming catastrophes and declares:   “We see ‘climate risks’ as part of our broader approach to prudential risk management and supervision.”

It’s frightening not just because we cannot actually find proof that global warming is producing the predicted catastrophes.

Cartoon -- Global Warming LiesWorse is that the evidence shows the real disasters are produced by global warming alarmists taking exactly such “prudential risk management and supervision”.

Think of the massively expensive and now mothballed desal plants built in the expectation that global warming would dry up the rain. Think of the hundreds of millions of dollars wasted so far on carbon capture research here. Think of the devastation done to our electricity system, making it both more expensive and less reliable. Think of the money wasted here on dud wave generators and geo-thermal projects. Think of the $2 billion splashed on Labor’s deadly and failed free-insulation scheme. Think of the bungled solar hot water scheme, green loans projects and solar feed-in tariffs.

Terry McCrann:

THE APRA duo Wayne Byres and Geoff Summerhayes have drunk the climate change Kool-Aid and as a consequence wandered way off their regulatory reservation and deep into Loon Pond territory…

APRA … has real-time major relevance in your life — even though you wouldn’t have the faintest idea who Byres is (its chairman) and even less idea of this character Summerhayes (one of its, excuse me, “executive board members”).

Last Friday, Summerhayes spoke to the Insurance Council annual forum. The title of his speech — “Australia’s new horizon: Climate change challenges and prudential risk” — captured the pompous inanity of its contents.

Pompous? How’s this sentence? “We (as in, clever right-thinking people) now have a much more sophisticated, granular, quantifiable understanding of the impacts, risks and probability distributions around climate change.”

It was wall-to-wall climate change/global warming hysteria. Summerhayes mouthed all the verities about the devastation to be, and indeed already being, caused by climate change.

It was delivered with all the pompous climate change pseudoscience certainty, while demonstrating not the slightest understanding that all the hysterical predictions of the “scientists” have failed again and again and again to happen.

My colleague, Andrew Bolt, can provide the utterly clueless Summerhayes near endless chapter and verse on that.

The extreme weather that isn’t. A major Chinese study has found that hailstorms, thunderstorms and high wind events in China have actually halved since 1960.

The massive increase in cyclones and typhoons that isn’t. The overflowing dams that will never fill again — a shout out to our former official national hysteric, Tim Flannery.

The global grain harvests which keep setting higher and higher peaks…

The key concern for policy rationality was the ominous paragraph that suggested APRA was going to “climate change adjust” its mandate and its regulatory intrusion.

“I want to offer some observations about why climate-related risks are likely to be relevant and important, not only for insurers but for all APRA-regulated entities,” Summerhayes pontificated.

And then added: “I will also talk about how we see ‘climate risks’ as part of our broader approach to prudential risk management and supervision.”

These words — “and that APRA wants to be explicit about” — left no doubt that all this was with the direct imprimatur of Byres.

Andrew Bolt writes for the Herald Sun, Daily Telegraph, and The Advertiser and runs Australia’s most-read political blog. On week nights he hosts The Bolt Report on Sky News at 7pm and his Macquarie Radio show at 8pm with Steve Price.

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