Big four banks form climate investment initiative

Australia's four major banks have joined forces with insurers and superannuation funds to back an initiative that aims to reshape the financial system to deal with climate change, in one of the strongest signs yet that the industry is taking the threat of environmental upheaval seriously.

Dubbed the "Australian Sustainable Finance Initiative", the group also includes fund managers, lawyers, academics and industry groups, and will be overseen by the Australian Prudential Regulation Authority.