The assessment will involve deposit-taking entities,such as banks,credit unions,insurance and superannuation firms,estimating the potential physical impacts of a changing climate - including increased extreme weather events - on their balance sheets.
The move came as the international body that monitors and makes recommendations about the global financial system,the Financial Stability Board,joined with leading finance officials from the world's 20 biggest economies at the weekend to raise concerns over the implications of more frequent extreme weather events on the world economy.