Climate change presents unprecedented risks for the financial industries
by Giampaolo Crenca and Frank Schiller
|Giampaolo Crenca, Vice Chairperson of the Actuarial Association of Europe|
|Frank Schiller, Member of the Board of the Actuarial Association of Europe|
Climate change and its consequences present unprecedented risks for the financial industries – as well as for humanity. Inaction is not an option.
The climate crisis is already urgent: in 2020 global heating saw temperatures pushed to 1.2°C higher than preindustrial levels, with clear impacts on weather events and natural phenomena.
It is widely accepted that a rise beyond 1.5°C will be disastrous, and that crossing the 2°C threshold will lead to catastrophic and irreversible effects.
This article represents the opinion of the authors, and not necessarily the opinion of the AAE.
This article was published in The European Actuary No. 34 – June 2023