Investors are, by necessity, experts at taking calculated risks. They scan the horizon of our ever-evolving world for new and sometimes unexpected economic challenges so that they can put their money where it’s most likely to grow. Today, financial institutions are facing one economic challenge that will fundamentally change the way we do business—climate change.
Climate change is a risk that, while significant, is oftentimes misunderstood by the financial community. A warmer world introduces new, complex and interwoven layers of risks ranging from physical, financial, regulatory and reputational. So WRI and the UNEP Finance Initiative (UNEP FI) worked with more than 150 participants from the financial sector to create the Carbon Asset Risk Discussion Framework, a tool to help financial institutions undertake the difficult task of identifying and understanding climate-related risks to their portfolios.
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To fight illegal coca plantations and conflict actors’ income sources, Colombia’s president wants to loosen the ban on aerial glyphosate spraying. However, considering the dynamics of organised crime, the use of toxic herbicides will not only fail to achieve its aim, it will have many adverse effects for the environment and human health, fundamentally undermining ways to reach peace in the country. International cooperation and national policy-makers need to account for this peace spoiler.
As India grapples with the worsening impacts of climate change, the need to strengthen its adaptation efforts has become more significant than ever. Climate diplomacy and mainstreaming climate adaptation into the most vulnerable sectors could provide some solutions to overcoming barriers, such as the lack of sustainable funding.
“Climate Security risks will materialise in very different ways and forms, whether we talk about Lake Chad or about the Arctic, Bangladesh and the Small Island Developing States,” said the EU’s Ambassador to the United Nations in New York, Joao Vale de Almeida, in his opening remarks. “But for the EU, there is no doubt, as underlined in 2016 in our Global Strategy, and reaffirmed by the 28 Ministers of Foreign Affairs, that climate change is a major threat to the security of the EU and to global peace and security more generally,” he said.
The challenges facing the international community are growing while the willingness to cooperate seems to be waning. Foreign policy must help bridge this gap. One way to accomplish this is by pushing forward a major achievement of multilateralism: the 2030 Agenda and its 17 Sustainable Development Goals. At a side event during the 2019 High-Level Political Forum, diplomats and policy experts discussed the role of foreign policy in the global sustainability architecture.