Global high impact risks, the actuarial profession and policy implications
|
|
- Karen Cole
- 5 years ago
- Views:
Transcription
1 Challenges Global Foundation Global high impact risks, the actuarial profession and policy implications Nick Silver Founder and director of the Climate Bonds Initiative (CBI) Global Challenges Foundation
2 ations only Risk of Ruin Global high impact risk, the actuarial profession and policy implication Nick Silver September The Actuarial Profession
3 Institute and Faculty of Actuaries Long term risk managers Risk management research and development thought leadership Resource and environment board Legislative requirement for insurers 1 in 200 year event Applying thinking to wider fields (e.g. food, energy, nuclear decommissioning) 2011 The Actuarial Profession 3
4 Hypothetical Example Insurance Company Losses 1 in 200 level 1.2E-08 Probability Distribution for Insurance Company Losses 1E-08 8E-09 Probability 6E-09 4E-09 Loss 1 in 200 2E ,000 Miljontal Losses 2011 The Actuarial Profession 4
5 Capital modelling as a logical framework The regulatory regime A regulatory regime is required because of: Asymmetric information Systemic risks Adverse incentives The regulatory regime has developed/evolved with time Regime generally works Determine by professionals with duty to act in the public interest 2011 The Actuarial Profession 5
6 Capital modelling as a logical framework The regulatory regime The regulatory regime protects policyholders, ensure financial stability and keep risks within acceptable boundaries. Climate change; people will face uncertain but possible catastrophic risks, More important than protecting policyholders! Definition of the climate ruin scenario is a choice The Actuarial Profession 6
7 Trend in Climate Science? As climate science develops, impacts look worse The Actuarial Profession From: J.B.Smith et al PNAS
8 What are large scale discontinuities? Most vulnerable Methane release? From Lenton et al, PNAS 2008, Tipping Elements in the Earth s Climate System
9 Report for the World Bank: Why a 4 C warmer world must be avoided 4 C warmer world would mean: Possible large-scale displacement of populations with adverse consequences for human security and economic and trade systems. Risk of crossing thresholds of nonlinear tipping elements in the Earth system e.g. disintegration of West Antarctic ice sheet leading to rapid sea-level rise. There might also be nonlinear responses within particular economic sectors to high levels of global warming e.g. on crop yields. A 4 C world is likely to be one in which experiences severe disruptions, damage, and dislocation, Given uncertainty remains about the full nature and scale of impacts, there is no certainty that adaptation to a 4 C world is possible. Source: Turn_Down_the_heat_Why_a_4_degree_centrigrade_warmer_world_must_ be_avoided.pdf 9
10 What is the ruin probability for climate change? Use the concept of climate sensitivity. The amount of warming expected at equilibrium of the climate system, for a given amount of greenhouse gas forcing. Normally calibrated to double carbon dioxide i.e. double CO2 from the pre-industrial 280ppm to 560ppm. Warming comes from direct effect of CO2, plus feedbacks. The 2007 Intergovernmental Panel on Climate Change 4 th assessment report, advised that equilibrium climate sensitivity to doubled CO2 was between C, with a probability of 2/3rds The Actuarial Profession 10
11 Estimated Global Average Temperature Rise at Equilibrium of Fast Feedbacks Atmospheric carbon dioxide concentration, ppm But, the yellow area is the 68% confidence interval for climate sensitivity This gives an unacceptably high 16% tail probability. Source: Nature 2012 doi: /nature11574 PALEOSENS project members 11
12 Plot the 95% Confidence interval for Climate Sensitivity 8.0 Global Average Temperature Rise, C, Versus preindustrial % confidence interval 68% confidence interval Stabilisation level of atmospheric Carbon Dioxide, parts per million Source: Nature 2012 doi: /nature11574 PALEOSENS project members 12
13 Read off the carbon dioxide concentration 8.0 Global Average Temperature Rise, C, Versus preindustrial Stabilisation level of atmospheric Carbon Dioxide, parts per million 2.5% Tail For a 2.5% chance of exceeding 4C global average temperature rise CO2 stabilization target is 415ppm 13
14 BUT, the slow feedbacks lead to higher warming, in the long term All conventional climate policy assumes that fast feedback sensitivity is relevant What about the risk that slow feedbacks are relevant to us? Source: Nature 2012 doi: /nature11574 PALEOSENS project members 14
15 Conclusions 1. The carbon dioxide already released into the atmosphere carries an unacceptable risk of severe climate change. 2. Rapid decarbonisation of the economy is the correct risk management response. 3. Probability of political process succeeding too low and too slow 4. Will need to remove CO2 from the atmosphere 2011 The Actuarial Profession 15
16 Recommendations 1. Global governance/regulatory regime cultural theory of risk 2. Clean technology economically viable 3. How to get finance at scale 4. R&D into CO2 sequestration from atmosphere, with particular emphasis on financing 2011 The Actuarial Profession 16
Congress of Actuaries Washington DC, April 2014 Risk of Ruin: A Framework for Reviewing Greenhouse Gas Stabilization Targets
Congress of Actuaries Washington DC, April 2014 Risk of Ruin: A Framework for Reviewing Greenhouse Gas Stabilization Targets Oliver Bettis, Institute and Faculty of Actuaries Resource and Environment Board
More informationTOPIC # 15 WRAP UP: CARBON RESERVOIRS & FLUXES OUT OF BALANCE! Major Carbon Fluxes IN & OUT of the atmosphere. IN BALANCE until RECENTLY
TOPIC # 15 WRAP UP: CARBON RESERVOIRS & FLUXES IN BALANCE until RECENTLY OUT OF BALANCE! Major Carbon Fluxes IN & OUT of the atmosphere http://www.youtube.com/watch?v=bbgue04y-xg&feature=player_embedded#!
More informationStephen H. Schneider*
Stephen H. Schneider* Department of Biological Sciences and Woods Institute for the Environment Stanford University, California, USA. Key Vulnerabilities and the Risks of Climate Change? Michigan State
More informationA Global perspective:
A Global perspective: How is the Actuarial Profession getting ready to respond to Environmental Challenges? Elayne Grace BA FIA FIAA IAA Environment Work Group Sydney, Australia Agenda International Actuarial
More information15.023J / J / ESD.128J Global Climate Change: Economics, Science, and Policy Spring 2008
MIT OpenCourseWare http://ocw.mit.edu 15.023J / 12.848J / ESD.128J Global Climate Change: Economics, Science, and Policy Spring 2008 For information about citing these materials or our Terms of Use, visit:
More informationChallenges for Cost-Benefit Analysis in Supporting and Analyzing the Paris UNFCCC Agreement
Challenges for Cost-Benefit Analysis in Supporting and Analyzing the Paris UNFCCC Agreement Third Annual Campus Sustainability Conference Hartford, CT April 7, 2016 Gary Yohe Wesleyan University, IPCC,
More informationCLIMATE CHANGE LIABILITY
CLIMATE CHANGE LIABILITY Ffion Griffiths Reed Smith Type: Published: Last Updated: Keywords: Legal guide July 2011 July 2011 Climate change; environmental law; state liability. This document provides general
More informationFact sheet: Financing climate change action Investment and financial flows for a strengthened response to climate change
Fact sheet: Financing climate change action Investment and financial flows for a strengthened response to climate change In 2007, a review entitled Report on the analysis of existing and potential investment
More information3. The paper draws on existing work and analysis. 4. To ensure that this analysis is beneficial to the
1. INTRODUCTION AND BACKGROUND 1. The UNFCCC secretariat has launched a project in 2007 to review existing and planned investment and financial flows in a concerted effort to develop an effective international
More informationIPCC policy-relevant information for supporting the UNFCCC process
IPCC policy-relevant information for supporting the UNFCCC process Jean-Pascal van Ypersele Vice-chair of the IPCC SBSTA 34 Research Workshop,Bonn, June 2011 Thanks to the Belgian Science Policy Office
More informationTemperature and CO 2 from Geological to Political Time Scales
Temperature and CO 2 from Geological to Political Time Scales What is the issue with CO 2 and global temperature? What do we know scientifically? What are the predictions? Can we test them? Are the prediction
More informationClimate Change, Adaptation, and IPCC
Climate Change, Adaptation, and IPCC Prof. Jean-Pascal van Ypersele IPCC Vice-Chair, (Université catholique de Louvain-la- Neuve, Belgium) www.ipcc.ch & www.climate.be vanyp@climate.be Climate Change Adaptation
More informationCan we afford the future? The economics of a warming world. Frank Ackerman U. N. Committee on Development Policy November 20, 2007
Can we afford the future? The economics of a warming world Frank Ackerman U. N. Committee on Development Policy November 20, 2007 The latest evidence (IPCC, 2007) Temperature change (relative to 1980-99)
More informationParis Legally Binding Agreement
Submission by Nepal on behalf of the Least Developed Countries Group on the ADP Co-Chairs Non Paper of 7 July 2014 on Parties Views and Proposal on the Elements for a Draft Negotiating Text The Least Developed
More informationGovernance and Management
Governance and Management Climate change briefing paper Climate change briefing papers for ACCA members Increasingly, ACCA members need to understand how the climate change crisis will affect businesses.
More informationWEATHER EXTREMES, CLIMATE CHANGE,
WEATHER EXTREMES, CLIMATE CHANGE, DURBAN 2011 ELECTRONIC PRESS FOLDER Status: 25.11.2011 Contents 1. Current meteorological knowledge 2. Extreme weather events 3. Political action required 4. Insurance
More informationKey Messages. Climate negotiations can transform global and national financial landscapes. Climate, finance and development are closely linked
How Will the World Finance Climate Change Action Key Messages Climate negotiations can transform global and national financial landscapes Copenhagen is as much about finance and development as about climate.
More informationThe earth, humanity, the economy and the actuarial profession
The earth, humanity, the economy and the actuarial profession Sam Gutterman International activities Rob Thomson New economics Taryn Reddy Sam Gutterman Sustainability Climate change mortality and social
More informationGreenhouse Development Rights
Greenhouse Development Rights A approach to equitable global burden-sharing Climate Change and the Road to Rio 11-13 October 2011 Algiers, Algeria Tom Athanasiou EcoEquity Sea level rising faster than
More informationClimate Change and Mortality
International Actuarial Association Climate Change and Mortality November 29, 2017 Webcast Climate Change and Mortality Sam Gutterman FSA, FCAS, MAAA, CERA, HonFIA Co-Vice Chair, IAA Resources & Environment
More informationClimate Change Challenges. Condensed Overview. Climate change scenarios and their impact on funding risk and asset allocation
Climate Change Challenges Condensed Overview Climate change scenarios and their impact on funding risk and asset allocation November 2018 Table of contents Executive introduction....3 Background....4 Where
More informationCatastrophic Fat Tails and Non-smooth Damage Functions-Fire Economics and Climate Change Adaptation for Public Policy 1
Catastrophic Fat Tails and Non-smooth Damage Functions-Fire Economics and Climate Change Adaptation for Public Policy 1 Adriana Keating 2 and John Handmer 2 Abstract South-eastern Australia is one of the
More informationHeed the New Climate-Change Calculus
Heed the New Climate-Change Calculus July 18, 2016 by Rajeev Eyunni, Akhil Kapoor, David Wheeler of AllianceBernstein The United Nations climate accord signed in Paris last December committed 195 countries
More informationDECEMBER 14, Climate Change Emerges as a Risk for Financial Institutions
promontory.com INFOCUS DECEMBER 14, 2016 BY MARY SCHAPIRO, DIDEM NISANCI, STACY COLEMAN, AND JEFF STEHM Climate Change Emerges as a Risk for Financial Institutions Mary Schapiro Promontory Advisory Board
More informationThe 1995 Report on the IPCC (Intergovernmental Panel on Climate Change)
The Geneva Papers on Risk and Insurance, 22 (No. 85, October 1997) 496-500 The 1995 Report on the IPCC (Intergovernmental Panel on Climate Change) Working Group Chapter 17 - Financial Services by Andrew
More informationAdaptation for developing countries in a post-2012 UN Climate Regime
November 2009 WWF Global Climate Policy Position Paper Sandeep Chamling Rai WWF International Adaptation Policy Coordinator Mobile : +65 9829 1890 scrai@wwf.sg Adaptation for developing countries in a
More informationSubject SP2 Life Insurance Specialist Principles Syllabus
Subject SP2 Life Insurance Specialist Principles Syllabus for the 2019 exams 1 June 2018 Life Insurance Principles Aim The aim of the Life Insurance Principles subject is to instil in successful candidates
More informationGreenpeace Copenhagen Outcome Assessment
Greenpeace Copenhagen Assessment STATUS OF THIS DOCUMENT: THIS IS AN INTERIM ASSESSMENT OF THE COPENHAGEN ACCORD, AS AT 14.45 CET, Saturday 19 December 2009 IT IS INTENDED FOR INTERNAL AND EXTERNAL USE
More informationRegional IAM: analysis of riskadjusted costs and benefits of climate policies
Regional IAM: analysis of riskadjusted costs and benefits of climate policies Alexander Golub, The American University (Washington DC) Ramon Arigoni Ortiz, Anil Markandya (BC 3, Spain), Background Near-term
More informationThe impact of present and future climate changes on the international insurance & reinsurance industry
Copyright 2007 Willis Limited all rights reserved. The impact of present and future climate changes on the international insurance & reinsurance industry Fiona Shaw MSc. ACII Executive Director Willis
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES. Proposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 23.1.2008 COM(2008) 17 final 2008/0014 (COD) C6-0041/08 Proposal for a DECISION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the effort of Member States
More informationCRED: Modeling climate and development
CRED: Modeling climate and development Frank Ackerman Stockholm Environment Institute-US Center Climate Change Task Force Institute for Policy Dialogue Manchester, UK July 7, 2010 The logic of a new model
More informationThe Climate Challenge
An Open Letter from Scientists in the United States on the Intergovernmental Panel on Climate Change and Errors Contained in the Fourth Assessment Report: Climate Change 2007 Many in the popular press
More informationCoping with the Uncertainties of Climate Change. Prof. Charles D. Kolstad Stanford University SIEPR, PIE & Economics
Coping with the Uncertainties of Climate Change Prof. Charles D. Kolstad Stanford University SIEPR, PIE & Economics 1 Uncertainty is Complex There are known knowns: there are things we know we know. We
More informationRecent policy developments and the rise of climate-related securities disclosure
Recent policy developments and the rise of climate-related securities disclosure ACC Conference May 8, 2017 Laura Zizzo Founder and CEO Topics We Will Cover Overview of Climate Impacts International and
More informationEmbedding Stress Testing as Part of an Integrated Risk Management Framework
Life conference and exhibition 2011 Alastair Clarkson and David Hare Embedding Stress Testing as Part of an Integrated Risk Management Framework 20-22 November 2011 2010 The Actuarial Profession www.actuaries.org.uk
More informationEnhancing Understanding of Loss & Damage
Warsaw International Mechanism: Enhancing Understanding of Loss & Damage 3/CP18 para 7(a) Dr. Koko Warner Warsaw International Mechanism, Executive Committee Meeting UN Campus, Bonn 25 28 March 2014 0
More informationThe risk of climate ruin
The risk of climate ruin Oliver Bettis, Simon Dietz and Nick Silver November 2015 Centre for Climate Change Economics and Policy Working Paper No. 243 Grantham Research Institute on Climate Change and
More informationEconomics of Climate Change
Economics of Climate Change Week 5: Energy and Climate Policy PB AF 595 Michael Lazarus and Matt Steuerwalt 1 2 Overview Can we afford the future?* The extent and timing of action vs. inaction: what does
More informationSome Specific Comments on the Co-Chairs Draft Decision. Paragraph and Annex. From China
Some Specific Comments on the Co-Chairs Draft Decision Formatted: Line spacing: single Paragraph 13-16 and Annex From China Para.13-16 1013. Invites Parties, pursuant to decision 1/CP.19, paragraph 2(b),
More informationWORK OF THE CONTACT GROUP ON ITEM 3 Section D
AD HOC WORKING GROUP ON THE DURBAN PLATFORM FOR ENHANCED ACTION (ADP) Second session, part eight 8 13 February 2015 Geneva, Switzerland WORK OF THE CONTACT GROUP ON ITEM 3 Section D 9 February 2015@13.00h
More informationAs concern over climate change grows, policymakers
ENERGY & ENVIRONMENT What Is the Right Price for Carbon Emissions? The unknown potential for devastating effects from climate change complicate pricing. By Bob Litterman As concern over climate change
More informationNegotiating the. Indrajit Bose
Negotiating the Indrajit Bose Milestones In this presentation Elements of Paris Agreement Sample the negotiations text Potential areas of conflict Legal Form 2015 Paris?? 1992 UNFCCC 1997 Kyoto Protocol
More informationThis document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
2009D0406 EN 01.07.2013 001.001 1 This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents B DECISION No 406/2009/EC OF THE EUROPEAN PARLIAMENT
More informationESG. Climate Special Issue: Sink or Swim. matters FEATURES:
ESG matters Environmental, Social and Governance thought piece Issue Climate Special Issue: Sink or Swim FEATURES: 08 Guest article by Christiana Figueres, Executive Secretary of the UN Framework Convention
More informationGEOG 401 Climate Change IPCC
GEOG 401 Climate Change The IPCC IPCC Intergovernmental Panel on Climate Change Scientific body Intergovernmental organization of the UN IPCC is the leading body for the assessment of climate change FAQ
More informationThe Dual Function of Financial Market Instruments in an Environment of Climate Change Uncertainty: Protection and Speculation
The Dual Function of Financial Market Instruments in an Environment of Climate Change Uncertainty: Protection and Speculation Dr Harvey Stern Department of Earth Sciences University of Melbourne 1 Background
More informationDECISIONS ADOPTED JOINTLY BY THE EUROPEAN PARLIAMENT AND THE COUNCIL
L 140/136 EN Official Journal of the European Union 5.6.2009 DECISIONS ADOPTED JOINTLY BY THE EUROPEAN PARLIAMENT AND THE COUNCIL DECISION No 406/2009/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of
More informationThe Costs of Climate Change
BACKGROUNDER The Costs of Climate Change Prepared by Clare Demerse, federal policy advisor, Clean Energy Canada November 17, 2016 CLIMATE COSTS IN CONTEXT Canada s governments are developing a climate
More informationEnvironmental impairment liability insurance for geological carbon sequestration projects
Environmental impairment liability insurance for geological carbon sequestration projects I Introduction For some decades now experts have argued about availability, cost and feasibility of climate change
More informationClimate Risk Disclosure & Insurance: Communicating Risks, Communicating Actions
Climate Risk Disclosure & Insurance: Communicating Risks, Communicating Actions Max Messervy, Manager, Insurance Program Ceres Chapel Hill, NC March 20, 2015 0 Presentation Overview 1. Introduction to
More informationClimate change policy. Fulfilling our fiduciary duties on climate
Climate change policy Fulfilling our fiduciary duties on climate As a global investor, we are aware of the risks climate change presents to our investments and as such we are committed to playing our full
More informationRisk management an actuarial approach
Risk management an actuarial approach e risk r the context Measure isk Consider the context be the system Measure Measure the Manage Consider th Manage Describe www.actuaries.org.uk June 2017 Contents
More informationSimon Dietz, Alex Bowen, Charlie Dixon and Phillip Gradwell Climate value at risk of global financial assets
Simon Dietz, Alex Bowen, Charlie Dixon and Phillip Gradwell Climate value at risk of global financial assets Article (Accepted version) (Refereed) Original citation: Dietz, Simon, Bowen, Alex, Dixon, Charlie
More informationCan Green Quantitative Easing (QE) Reduce Global Warming?
Can Green Quantitative Easing (QE) Reduce Global Warming? Yannis Dafermos, Senior Lecturer in Economics at the University of the West of England Maria Nikolaidi, Senior Lecturer in Economics at the University
More informationReal Options as a Tool for Valuing Investments in Adaptation to Climate Change
Real Options as a Tool for Valuing Investments in Adaptation to Climate Change Conference on Economics of Adaptation to Climate Change in Low-Income Countries 18 May 2011 Washington, DC Peter Linquiti
More informationCATASTROPHE MODELLING
CATASTROPHE MODELLING GUIDANCE FOR NON-CATASTROPHE MODELLERS JUNE 2013 ------------------------------------------------------------------------------------------------------ Lloyd's Market Association
More information14.23 Government Regulation of Industry
14.23 Government Regulation of Industry Class 21: Markets for Greenhouse Gases MIT & University of Cambridge 1 Outline The GHG problem Some Economics relevant to Climate Change Marginal damage costs of
More informationEFRA Select Committee Enquiry on Climate Change Submission from the Association of British Insurers (ABI), October 2004
EFRA Select Committee Enquiry on Climate Change Submission from the Association of British Insurers (ABI), October 2004 Climate change will have a direct impact on the property insurance market, because
More informationClimate risk management plan. Towards a resilient business
Type your organisation name here Climate risk management plan Towards a resilient business 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 Click the numbers to select your cover images 1 2 3 4 5 Document control sheet Document
More informationGREEN BOND FRAMEWORK. 22 August /12
GREEN BOND FRAMEWORK http://www.hypovbg.at 22 August 2017 1/12 CONTENTS Green Bond Framework... 1 1. Introduction... 3 2. HypoV Green Bond... 4 3. HypoV Green Bond Framework... 5 3.1 Use of proceeds...
More informationGAO CLIMATE CHANGE. Financial Risks to Federal and Private Insurers in Coming Decades Are Potentially Significant
GAO United States Government Accountability Office Report to the Committee on Homeland Security and Governmental Affairs, U.S. Senate March 2007 CLIMATE CHANGE Financial Risks to Federal and Private Insurers
More informationDiscounting the Benefits of Climate Change Policies Using Uncertain Rates
Discounting the Benefits of Climate Change Policies Using Uncertain Rates Richard Newell and William Pizer Evaluating environmental policies, such as the mitigation of greenhouse gases, frequently requires
More informationLimits to Growth. Objective for this session. Highlights of Life Conference 2013 Dublin
Limits to Growth Highlights of Life Conference 2013 Dublin Nicholas Burke FSAI Colm Fitzgerald FSAI Society of Actuaries in Ireland Wider Fields Group 2 nd April 2014 Objective for this session Summarise
More informationUNFCCC Expert Meeting on Loss and Damage from Climate Change
UNFCCC Expert Meeting on Loss and Damage from Climate Change Asia Regional Workshop Bangkok, Thailand 27 29 August 2012 Session 4 Approaches to Address Loss and Damage at National Level Charles Rodgers
More informationSUPPLEMENTARY INFORMATION
Erin Roberts, Stephanie Andrei, Saleemul Huq and Lawrence Flint This supplementary document elaborates on the synergies between the three post-2015 development processes described in the commentary. As
More informationAMENDED IN BOARD 11/1/2016 ORDINANCE NO Ordinance amending the Administrative Code to prohibit the City from entering into or
FILE NO. 160222 AMENDED IN BOARD 11/1/2016 ORDINANCE NO. 236-16 1 [Administrative Code - Prohibition on Leasing for the Extraction of Fossil Fuels] 2 3 Ordinance amending the Administrative Code to prohibit
More informationPath to Paris: Issues & Strategies. Mahendra Kumar Advisor, Climate Change
Path to Paris: Issues & Strategies Mahendra Kumar Advisor, Climate Change Presentation Background: UNFCCC processes Lima Call for Action Key unresolved issues Adaptation Loss & Damage INDCs Unresolved
More informationFSB Task Force on Climate-related Financial Disclosures. Eloy Lindeijer Amstelveen, 13 October 2016
FSB Task Force on Climate-related Financial Disclosures Eloy Lindeijer Amstelveen, 13 October 2016 Agenda Background Introduction to the Task Force Relevance for the Netherlands Proposed Disclosures Next
More informationSubject ST2 Life Insurance Specialist Technical Syllabus
Subject ST2 Life Insurance Specialist Technical Syllabus for the 2018 exams 1 June 2017 Aim The aim of the Life Insurance Specialist Technical subject is to instil in successful candidates the main principles
More informationManaging the Risks of Climate Change
Managing the Risks of Climate Change A Guide for Arctic and Northern Communities Written By: Robert A. Black, James P. Bruce, I.D. Mark Egener Edited By: Creative Communications TABLE OF CONTENTS Introduction
More informationA New Population and Development Research Agenda for the Post-2015 Era
A New Population and Development Research Agenda for the Post-2015 Era Prof. Jeffrey D. Sachs Director of the Earth Institute and the UN Sustainable Development Solutions Network UN Population Division
More informationCzech Republic s Third National Communication under the United Nations Framework Convention on Climate Change, 2001.
Czech republic Sources of information Czech Republic s Third National Communication under the United Nations Framework Convention on Climate Change, 2001. Reporting Table 1: Information provided on policies
More informationRecent weather disasters Statistics of natural catastrophes Reasons for increasing losses Risk reduction strategies Conclusions
Geo Risks Research Munich Reinsurance Company Topics Recent weather disasters Statistics of natural catastrophes Reasons for increasing losses Risk reduction strategies Conclusions Weather records and
More informationModalities and procedures for the new market-based mechanism
Environmental Integrity Group (EIG) 09.09.2013 Liechtenstein, Mexico, Monaco, Republic of Korea, Switzerland Modalities and procedures for the new market-based mechanism SBSTA 39 The Environmental Integrity
More informationCORDEX 2013 Conference, Brussels, 4 November 2013
johnthescone The IPCC 5 th Assessment Report (AR5) Jean-Pascal van Ypersele (@JPvanYpersele) IPCC Vice-chair CORDEX 2013 Conference, Brussels, 4 November 2013 Thanks to the Belgian Federal Science Policy
More informationCARBON COMPETITIVENESS INCENTIVE REGULATION
Province of Alberta CLIMATE CHANGE AND EMISSIONS MANAGEMENT ACT CARBON COMPETITIVENESS INCENTIVE REGULATION Alberta Regulation 255/2017 With amendments up to and including Alberta Regulation 96/2018 Office
More informationAllianz Global Investors. Climate Risk Investment Positioning
Allianz Global Investors Climate Risk Investment Positioning Climate Risk Investment Positioning Pre-word This investment positioning document aims to summarize Allianz Global Investors (AllianzGI) view
More informationClimate Change and Wetlands: Impacts, Adaptation and Mitigation. Figures
"Wetlands: water, life, and culture" 8th Meeting of the Conference of the Contracting Parties to the Convention on Wetlands (Ramsar, Iran, 1971) Valencia, Spain, 18-26 November 2002 Ramsar COP8 DOC. 11
More informationREASONS FOR INSURANCE COMPANY
RISK & INVESTMENT CONFERENCE 2011 Dokkie Nel REASONS FOR INSURANCE COMPANY 21 June 2011 2010 The Actuarial Profession www.actuaries.org.uk Agenda How to define failure Why insurers are different from banks
More informationCOOPERATION WITH THE INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE. Long-term emissions profiles. Comments from Parties. Note by the secretariat
19 February 1997 ENGLISH ONLY UNITED NATIONS FRAMEWORK CONVENTION ON CLIMATE CHANGE SUBSIDIARY BODY FOR SCIENTIFIC AND TECHNOLOGICAL ADVICE Fifth session Bonn, 25-28 February 1997 Item 3 of the provisional
More informationKey Challenges Reflections from the FSA
Momentum Conference, December 2010 Daniel Draper and Yen Ni Tan Key Challenges Reflections from the FSA 2010 The Actuarial Profession www.actuaries.org.uk Agenda Update from GIAT Issues on the regulatory
More informationSterman, J.D Business dynamics systems thinking and modeling for a complex world. Boston: Irwin McGraw Hill
Sterman,J.D.2000.Businessdynamics systemsthinkingandmodelingfora complexworld.boston:irwinmcgrawhill Chapter7:Dynamicsofstocksandflows(p.231241) 7 Dynamics of Stocks and Flows Nature laughs at the of integration.
More informationEXPERTS ON CLIMATE CHANGE
November 2018 Responsible Investments EXPERTS ON CLIMATE CHANGE Everything you need to know about climate change from a scientific, legal, actuarial, accounting, investment consultant, and portfolio management
More informationINTERGOVERNMENTAL PANEL ON CLIMATE CHANGE
WMO INTERGOVERNMENTAL PANEL ON CLIMATE CHANGE UNEP INTERGOVERNMENTAL PANEL IPCC-XVII/Doc. 4 ON CLIMATE CHANGE (16.III.2001) SEVENTEENTH SESSION Agenda item: 5 Nairobi, 4-6 April 2001 ENGLISH ONLY FUTURE
More informationWestpac Climate Bond Impact Report. May 2017
Westpac Climate Bond Impact Report May 2017 Disclaimer 2 The material contained in this presentation is intended to be general background information on Westpac Banking Corporation ( Westpac ) and its
More informationFINANCIAL SECTOR FRAMEWORK
FINANCIAL SECTOR FRAMEWORK Federal Review Second Consultation Paper September 29, 2017 About The Co-operators The Co-operators Group Limited ( The Co-operators ) is a leading Canadian, diversified, integrated,
More informationERM, the New Regulatory Requirements and Quantitative Analyses
ERM, the New Regulatory Requirements and Quantitative Analyses Presenters Lisa Cosentino, Managing Director, SMART DEVINE Kim Piersol, Consulting Actuary, Huggins Actuarial Services, Inc. 2 Objectives
More informationFinancing the energy transition
Financing the energy transition Deyber Cano Consultant, Project Financial Modelling Brian Scott-Quinn ICMA Centre for Financial Markets, Henley Business School 1. Introduction the crisis in the energy
More information2018 TCFD Disclosure Report
2018 TCFD Disclosure Report Newton Investment Management 2018 TCFD Disclosure Report Our TCFD commitment Responsible investment has been integral to our investment process since our inception in 1978,
More informationJuly 14, RE: Request for Feedback on the IAIS MOCE Proposal and the C-MOCE. Dear Tom,
July 14, 2015 Mr. Tom Sullivan Senior Adviser, Insurance Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W. Washington, D.C. 20551 RE: Request for Feedback on the
More informationConsultation Paper on Proposals to Develop a Guernsey Green Fund
BLANK PAGE Guernsey Financial Services Commission Consultation Paper on Proposals to Develop a Guernsey Green Fund Issued 23 April 2018 2 Contents FOREWORD EXECUTIVE SUMMARY What is the Purpose of the
More informationNational Climate Laws
National Climate Laws Entrenching National Climate Policy and Exploring the UK Experience Eloise Scotford Professor of Environmental Law, UCL Faculty of Laws eloise.scotford@ucl.ac.uk Post Paris: The Common
More informationThe Importance and Development of Catastrophe Models
The University of Akron IdeaExchange@UAkron Honors Research Projects The Dr. Gary B. and Pamela S. Williams Honors College Spring 2018 The Importance and Development of Catastrophe Models Kevin Schwall
More informationSummary report on the SBSTA IPCC special event on advice on how the assessments of the IPCC can inform the global stocktake Bonn, Germany, 18 May 2016
Summary report on the SBSTA IPCC special event on advice on how the assessments of the IPCC can inform the global stocktake Bonn, Germany, 18 May 2016 Note by the Chair of the SBSTA 18 August 2016 I. Introduction
More informationCarbon Pollution Reduction Scheme - Business Implications & Opportunities for Actuaries. Peter Eben
Carbon Pollution Reduction Scheme - Business Implications & Opportunities for Actuaries Peter Eben Agenda Introduction Overview of CPRS Sectoral and business level impacts Opportunities for actuaries Introduction
More informationClimate change: now risk not uncertainty
Climate change: now risk not uncertainty For professional investors only June 2015 1 Executive summary 2 Assessing the risk 3 Towards an investment response 4 Divestment in practice 5 Positioning for outperformance
More informationThe Ministry of Energy consists of the Department of Energy, the Alberta Petroleum Marketing Commission, and the Alberta Energy and Utilities Board.
Energy BUSINESS PLAN 2007-10 ACCOUNTABILITY STATEMENT The business plan for the three years commencing April 1, 2007 was prepared under my direction in accordance with the Government Accountability Act
More informationCopenhagen Consensus 2008 Perspective Paper. Global Warming
Copenhagen Consensus 2008 Perspective Paper Global Warming Anil Markandya Department of Economics University of Bath, UK And Fondazione Eni Enrico Mattei, Italy May 2008 Introduction I find myself in agreement
More informationCongressional Budget Office
Congressional Budget Office November 2, 2017 Effects of Climate Change and Coastal Development on U.S. Hurricane Damage: Implications for the Federal Budget Interagency Forum on Climate Risks, Impacts,
More information