The ACCC has granted interim authorisation to the Australian Sustainable Finance Institute (ASFI) and its member banks.
This authorisation allows them to engage in discussions aimed at formulating proposals to reform regulatory capital requirements in Australia’s finance sector. This pivotal move is intended to address existing constraints on sustainable finance and investment across the country.
Under the terms of the authorisation, ASFI, along with its member banks, must adhere strictly to a competition protocol concerning the handling of competitively sensitive information. This protocol is designed to ensure that all discussions remain compliant with competitive standards while fostering a collaborative approach to significant financial reforms.
ASFI represents a unique blend of stakeholders from the Australian financial sector, including representatives from civil society, academia, and financial regulators. This collective effort underscores a robust push towards integrating sustainability into the core of financial practices and policies.
In their official statement, ASFI expressed optimism about the interim authorisation. “This authorisation marks a critical step forward in aligning Australia’s financial mechanisms with sustainable practices. We are committed to developing comprehensive proposals that not only enhance financial stability but also promote environmental stewardship.”
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