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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We are entering the last days of the BCSC 2020, with insightful discussions on a number of climate security challenges still to come, as well as the launch of our “21st Century Diplomacy: Foreign Policy Is Climate Policy” essay series. Building on the high-level political Part I of BCSC 2020 back in July, this second part aims to bring together the field’s various actors in the realm of climate, development and security policy in one digital space to meet the strategic goals of sharing good practice on what works on the ground and help inform policy processes.
The novel corona virus has had the world in its grip for months. Most countries’ immediate response was to focus on internal issues: they resorted to nationalistic approaches, closing borders and even competing for equipment, even though a multilateral approach was necessary. In the longer term, will this crisis strengthen the ties between nations? Or exacerbate the flaws of today’s multilateralism?
The pandemic and racial justice protests call for justice and crisis preparedness – an opportunity also to act on climate change. Successfully taking advantage of this momentum, however, requires a climate strategy that ensures everyone has a voice and a stake. Here, Paul Joffe builds on a previous correspondence about how to begin that effort in this time of crisis.
Now in its second decade, the ambitious African Union–led restoration initiative known as the Great Green Wall has brought close to 18 million hectares of land under restoration since 2007, according to a status report unveiled by the UN Convention to Combat Desertification (UNCCD) at a virtual meeting on Monday, 7 September.