The International Court of Justice (ICJ) recently issued an advisory opinion ruling that its Member States have a legal obligation to protect the environment from greenhouse gas emissions.

As the United Nations’ principal judicial body, the ICJ stated that (its member) countries must act with due diligence and cooperate to fulfil this obligation, or face legal consequences, including ceasing the wrongful conduct, providing guarantees of non-repetition and making full reparation where appropriate.

This marks a significant step in reinforcing climate accountability at the international level 💼⚖️🌱

At its core, the CSPC advocates for the role actuaries can play in helping businesses and society develop ambitious, just and orderly net zero transition plans, managing transition risk, driving adaptation and increasing resilience.

If you’d like to be a part of this important work, we are seeking enthusiastic volunteers for three exciting sub-committees: Accounting Standards and Reporting Initiatives, Education and Research.

This is a fantastic opportunity to enhance your expertise, contribute to sharing knowledge about climate change and sustainability with the wider Institute membership and make a meaningful impact in this area.

Applications close on 12 December, with meetings to commence in February 2026.

In Q3, the CSPC responded to the International Actuarial Association’s (IAA) request for a final review of ISAP8, a principles-based guidance for actuaries involved in IFRS S2 Climate-related Disclosures.

We have also been working with the IAA on developing IAN200, an educational note designed to support actuaries producing work for IFRS S2 disclosures. An exposure draft has recently been published, with consultation open until 17 January 2026.

In addition, to further support local application, the CSPC is working on an Australian supplement to IAN200 that provides further details and examples on topics of particular interest to Australian actuaries.

Join us today, Tuesday 25 November, for a briefing from the Australian Climate Service on key insights from Australia's first National Climate Risk Assessment. In-person at the Actuaries Institute Events Space or virtual.

The Australian Actuaries Climate Index (AACI) is a quarterly index designed to track changes in the frequency of extreme weather and sea level conditions across Australia, providing an evidence base to support climate risk assessment. First launched in 2018, the AACI has now been updated with the release of Version 2.0, delivering a clearer, more consistent view of climate extremes across the country.

Key improvements include the adoption of globally recognised ERA5 reanalysis data, refined regional boundaries for improved geographic precision, and the introduction of high-wind metrics into the composite index that were previously excluded due to data limitations. These enhancements have strengthened the signals of temperature extremes and sea-level rise, particularly along Australia’s east coast, and provide greater reliability for tracking physical climate risk over time.

We gratefully acknowledge the expert contributions of Finity Consulting, whose technical work underpins the development and rigour of this release and is commissioned by the Actuaries Institute to produce the Index.

AACI updates will continue to be published every three months, but will now be available approximately 2-3 weeks after the end of each season on this part of the Institute website. Future possibilities include the addition of other components, subject to investigations, such as soil moisture and sea surface temperature.

Adaptation finance and climate-related disclosures featured prominently across the Summit’s numerous climate and sustainability sessions.

In a world where climate risks are escalating faster than finance can keep up, the Scaling up Adaptation Finance: balancing climate resilience and commercial returns session tackled the US$194–366 billion annual adaptation finance gap head-on. Fergus Pitt (IGCC), Prof. Ben Newell (UNSW), and CSPC’s Alison Drill shared insights on how the re/insurance sector, behavioural science, and institutional investment can work together to drive scalable, climate-resilient solutions.

Meanwhile, in Emission Impossible? - Measuring insurance-associated carbon emissions, CSPC’s Alan Greenfield and Sarah Wood explored methods for estimating insurance-associated emissions and highlighted the potential contributions actuaries can make in this field.

The Climate and Sustainability Resource Centre has recently been updated with new content, including:

• CSPC’s quarterly newsletters
• recent climate and sustainability Actuaries Digital articles
• submissions on climate and sustainability-related consultations
• general climate and sustainability resources and reference documents to help you upskill in the field.
   

We encourage all members working in or interested in climate and sustainability to explore both the microsite and the learning resource.

Kevin Fergusson presented a physical model of river flows within the Brisbane River catchment area, using river, rainfall and topographical data. Supplemented by property data, the model is used to estimate potential flood insurance claim amounts for Brisbane properties.

Steve Somogyi, Jodie Barns, Scott Ferraro and Rob Brimblecombe shared their experience in leading net-zero initiatives and how climate and sustainability factored into board decision-making.

Held in the UK from 30 June–3 July, the conference warned that warming beyond 1.5°C is already triggering irreversible impacts, including coral reef decline worldwide.

APRA’s new plan recognises climate change as a major financial risk and launches a Climate Vulnerability Assessment with Australia’s largest insurers to examine affordability and exposure.

Following Australia’s 2035 emissions target, the Insurance Council of Australia released a Guide to Scope 3 Emissions — helping insurers measure and manage indirect emissions across portfolios and supply chains.

The TNFD and partners released a new guide to help boards and executives integrate nature-related risks into strategic decisions.

Meanwhile, the ASFI’s Valuing Natural Capital Report highlights growing recognition of nature’s role in financial resilience.