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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“I want you to panic”. This was the message that 16 year-old climate activist Greta Thunberg gave to the World Economic Forum in Davos on 25 January, and in it she struck right to the intergenerational justice issue at the heart of the sustainability project.
The Hague Declaration on Planetary Security signed in 2017 outlines six action areas that require special attention, necessitating “concrete steps” at both global and local levels.
At COP24, India-based Sheela Patel from SPARC talked to Lou del Bello about how climate change affects people in informal settlements the most – and about strategies to address their special needs.
Climate change has been identified and recognized as a security issue and a threat multiplier by the international community, and climate security is now an integral part of security agendas in key international fora from New York to The Hague and Munich. As 2019 kicks off, action and implementation on climate security take centre stage.