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Bank Regulators Present a Dire Warning of Financial Risks from Climate Change
Home values could fall significantly. Banks could stop lending to flood-prone communities. Towns could lose the tax money they need to build sea walls and other protections. These are a few of the warnings published by the Federal Reserve Bank of San Francisco regarding the financial risks of climate change. The collection of 18 papers by […]
Central Banks Must Address the Climate Crisis
Read the entire article at The Financial Times. Climate change is a financial problem. Insurers stand to lose billions from wildfires raging in California. Banks will suffer as mortgages in big port cities such as London and New York end up under water. Carbon taxes and renewable energy could make oil and gas assets worthless. […]
Miami Taxpayers Vote to Fund Climate Adaptation
Climate change is not a distant threat for Miami; it’s a daily presence in people’s lives. The city has been fighting to stay above water for decades. It knows that its future as a vibrant international hub for business, tourism, arts and culture depends on making the city more resilient to the impact of global […]
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, […]
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, […]
Storm-proof Affordable Housing for Florida Keys Workers
After the destruction of Hurricane Irma, the Florida Keys Community Land Trust started building affordable cottages that can withstand the next storm. Like other tourist destinations, the Keys — a string of islands off the southern tip of Florida — require workers to staff their restaurants, hotels, and glass-bottom boats. Read the entire article at CityLab. […]
Professional Risk Management: the X Factor for Climate Change Mitigation
In their reports on extreme events during 2017, Munich Re and Swiss Re have estimated worldwide natural catastrophe losses at around $330 billion dollars, the second worst on record. Losses from weather-related disasters were the worst ever, as a result of the hurricanes which hit the United States and Caribbean. It was also a record […]
Emerging Risks: what are the main risks for 2025?
AXA is one of the largest global insurers with over 100 million customers and 165,000 employees in 64 countries. Preparing for tomorrow’s risks means reflecting and taking actions on them today. That is why AXA surveys employees worldwide every year to identify the most important emerging risks for the next five to 10 years. […]
