Financial Climate Risk Management
Fossil Fuel Companies Acknowledge Climate Litigation Threatens Their Bottom Line
Fossil fuel companies facing climate-related litigation are starting to acknowledge in their financial disclosure forms that these legal challenges could harm their business. Dozens of companies have been named in more than a dozen climate liability lawsuits filed by communities across the country. Those lawsuits seek to recover climate-related damages and attempt to hold […]
Governor of the Bank of England Issues Climate Change Warning
The global financial system faces an existential threat from climate change and must take urgent steps to reform, the governors of the Bank of England and France’s central bank warned. Mark Carney, the Bank’s governor, and François Villeroy de Galhau, the governor of the Banque de France, said financial regulators, banks and insurers around the world had to […]
UK’s Largest Money Manager Issues Climate Catastrophe Warning
The world is facing a climate catastrophe and businesses around the world must address it urgently or face the ultimate sanction for a public company, shareholders who refuse to back them any more. That is not a message from an environmental action group but from the largest money manager in the UK, Legal & General Investment […]
Morgan Stanley Issues Warning re Climate Change
While governments and corporations are starting to protect themselves from the impacts of climate change, Morgan Stanley says private businesses need to do more. Read the entire article at AXIOS. What to watch: The investment bank’s strategists are recommending companies strongly consider preparing for a world with more frequent and intense weather events, […]
Climate Economic Risks Threaten Systemic Collapse
The gathering storm of human-caused threats to climate, nature and economy pose a danger of systemic collapse comparable to the 2008 financial crisis, according to a new report that calls for urgent and radical reform to protect political and social systems. Read the entire article at The Guardian. The study says the combination of […]
Insurance Industry Increasingly Concerned about Climate Risks
Major insurance carrier AXA has been surveying risk professionals for five years on their key emerging risks. Climate change has always ranked high. But this year’s survey produced a stunning result: of the 1,235 risk professionals, including 1,060 AXA employees all over the globe, the percentage of respondents pointing to climate change as their key concern rocketed up […]
Investment Funds Urge Action on Climate Change
A global group of 415 investors managing $32 trillion in assets just released a combined statement urging governments to accelerate their actions to mitigate climate change. Read the entire article at Forbes. The group warns that ignoring action against climate change could cause permanent economic damage up to four times the size of the […]
Up to 30% of Manageable Assets Globally at Risk to Climate Change
Climate change could soon be “the defining issue for financial stability” according to Mark Carney, governor of the Bank of England and former head of the Financial Stability Board, the international body established to make recommendations to prevent financial collapse. To take that out of econo-speak: Failure to fully comprehend climate risks — droughts, floods, […]
Climate change will get worse. These professional investors are betting on it.
A top investment strategist for JPMorgan Asset Management sent a note to clients earlier this year with a dire forecast. Despite global efforts to stop climate change, sea levels are likely to rise dramatically, threatening the 40 percent of Americans who live along the coast. There will be investment opportunities in sea walls. Read […]
The World is Dangerously Lowballing the Economic Cost of Climate Change
Leading global forecasts widely underestimate the future costs of climate change, a new paper warns. Current estimates for how much climate change will cost take different forms. One recent study looked at projected damage by U.S. county, finding that some counties in low-lying Florida, for example, would see costs of up to 30 percent of their […]
