The Geneva Reports

Total Page:16

File Type:pdf, Size:1020Kb

The Geneva Reports www.genevaassociation.org The Geneva Reports - The Geneva Reports Risk and Insurance Research The insurance industry and climate change – Contribution to the global debate No. 2 • July 2009 The Geneva Reports Risk and Insurance Research www.genevaassociation.org The insurance industry and climate change – Contribution to the global debate by The Geneva Association Climate change brings new risks but also new opportunities for the insurance sector. The insurance industry is forward-looking by nature and has a long-term comprehensive approach shared by few other economic actors. In the context of insurance and climate change, two main issues are addressed in this report: • Climate change is happening and calls for mitigation and adaptation measures. These differ between industrial countries and developing countries. From an insurance perspective, specifi c weather-related hazards will need to be identifi ed, quantifi ed and prioritized on a local level. • A low-carbon economy is the agreed societal vision and a transition to a more sustainable economy is inevitable for all countries to reach a low-carbon future. The transition to these low-carbon approaches will change the economic structure of many countries, hence the risks and opportunities for the insurance No. 2 • July 2009 industry as well as its relationship with the economic actors involved. No. 2 The report shows that climate change is about more than just extreme weather events. It analyses what July 2009 insurance companies are already doing, what they could do in the future and where they need the cooperation of governments and other partners to succeed. ISSN 1662-3738 The Geneva Association (The International Association for the Study of Insurance Economics) The International Association for the Study of Insurance Economics, or by its short name “The Geneva Association”, is a unique world organisation comprised of a maximum of 80 chief execu- tive offi cers from the most important insurance companies in the world (Europe, North and South America, Asia, Africa and Australia). It is a non-profi t organisation. Its main goal is to research the growing importance of worldwide insurance activities in all sectors of the economy. It tries to identify fundamental trends and strategic issues where insurance plays a substantial role or which infl uence the insurance sector. In parallel, it develops and encourages various initiatives concerning the evolution—in economic and cultural terms—of risk management and the notion of uncertainty in the modern economy. The Geneva Association also acts as a forum for its members, providing a worldwide unique platform for the top insurance CEOs. It provides a framework for its members to exchange ideas and discuss key strategic issues, especially at the General Assembly where once per year the top insurance CEOs gather. The Geneva Association serves as a catalyst for progress in this unprecedented period of fundamental change in the insurance industry. It seeks to clarify the key role that insurance plays in the future development of the modern economy. President: Dr Nikolaus von Bomhard, Chairman of the Management Board, Munich Re Group, Munich. Vice Presidents: Mr Michael Diekmann, Chairman of the Management Board, Allianz SE, Munich; Mr Kunio Ishihara, Chairman of the Board, Tokio Marine & Nichido Fire Insurance Co., Tokyo; Mr John Strangfeld, Chairman and CEO, Prudential Financial, Inc., Newark. Members of the Board: Dr Carlo Acutis, Vice President, Vittoria Assicurazioni S.p.A., Turin; Mr Antoine Bernheim, President, Assicurazioni Generali S.p.A., Trieste; Ms Stine Bosse, CEO, TrygVesta Group, Ballerup; Mr Henri de Castries, Chairman of the Management Board and CEO, AXA Group, Paris; Mr Patrick de Larragoiti Lucas, President, Sul America Seguros, Rio de Janeiro; Prof. Denis Kessler, Chairman and CEO, SCOR, Paris; Mr Patrick M. Liedtke, Secretary General and Managing Director, The Geneva Association, Geneva; Dr Stefan Lippe, CEO, Swiss Re Group, Zurich; Mr José Manuel Martinez, Chairman, MAPFRE SA, Madrid; Mr Andrew Moss, CEO, Aviva plc, London; Mr James J. Schiro, CEO, Zurich Financial Services, Zurich; Mr Donald A. Stewart, CEO, Sun Life Financial Inc., Toronto; Mr Patrick Thiele, President and CEO, Partner Re Insurance Co., Pembroke; Mr Mark Tucker, Group Chief Executive, Prudential plc, London; Dr Richard Ward, CEO, Lloyd’s, London. Secretary General and Managing Director: Mr Patrick M. Liedtke, Geneva. Vice Secretaries General: Prof. Gerry Dickinson (Insurance and Finance), London; Prof. Jan Monkiewicz (PROGRES), Warsaw; Mr Walter Stahel (Risk Management), Geneva. Heads of Research Programmes: Dr Christophe Courbage, Health and Ageing, Geneva; Ms Geneviève Reday-Mulvey, Four Pillars, Geneva. Head of Communications: Mr Anthony Kennaway, Geneva. Network Chairmen: Dr Bruno Porro (Chief Risk Offi cers), Zurich; Dr Kai-Uwe Schanz (Chief Communications Offi cers), Zurich. Chairman of the Communication Advisory Council: Mr Robert Hartwig, President, Insurance Information Institute, New York. Chairman of the Scientifi c Advisory Committee: Prof. Harold Skipper, Georgia State University, Atlanta. Former Presidents of The Geneva Association: Mr Raymond Barre, Paris (1973-1976); Mr Fabio Padoa, Trieste (1976-1983); Mr Julius Neave, London (1983-1986); Prof. Dr Dr e.h. Reimer Schmidt, Aachen (1986-1990); Sir Brian Corby, London (1990-1993); Drs. Jan H. Holsboer, Amsterdam (1993-1999); Mr Walter Kielholz, Zurich (1999-2003); Mr Henri de Castries, Paris (2003-2008); Mr Martin J. Sullivan, New York (2008); Mr Jacques Aigrain, Zurich (2008-2009). The insurance industry and climate change Contribution to the global debate The Geneva Association 53 Route de Malagnou, CH-1208 Geneva, Switzerland E-mail: [email protected] Tel: +41-22-707 66 00 Fax: +41-22-736 75 36 www.genevaassociation.org July 2009 © The Geneva Association Editor-in-Chief: Patrick M. Liedtke Editorial Managers: Susanne Le Roux and Françoise Jaffré The Geneva Reports - Risk and Insurance Research No. 2. The insurance industry and climate change – Contribution to the global debate Published by The Geneva Association (The International Association for the Study of Insurance Economics) ISSN 1662-3738 “As the economy and society have grown and developed, so too has the insurance industry; what began with marine insurance has expanded to encompass such risks as fire, natural disasters and automobile accidents. Global warming is a new risk which represents a clear business opportunity for the insurance industry. Today, I take the fact that the leaders of the world’s insurance companies are holding a conference on the topic of global warming as an indication of the industry’s resolve to actively contribute to the fight against global warming.” “I believe that it is when all the world’s players take part in combating global warming that we will be able to see results. And it is my hope that the financial industry, including insurance, will actively contribute by serving as an intermediary in the conveyance of funds and information for the different players involved in economic activity.” Shinzo Abe, former Prime Minister of Japan at The Geneva Association’s 36th General Assembly in Kyoto on 29 May 2009 Acknowledgements This fi rst report of the CC+I project, published as Geneva Report No. 2, was written by a working group of insurance executives and climate change experts, in the period between September 2008 and May 2009. The working group is chaired by Mr Kunio Ishihara, Chairman, Tokio Marine & Nichido Fire Insurance Company and Mr Michael Butt, Chairman, AXIS Capital Holdings Ltd. The CC+I Project is directed by Walter R. Stahel, assisted for the fi rst year by Ryoichi Nakai. They both coordinated the activities of the working group and the input to the report. We thank the following authors for their contribution: Ms Stine Bosse, Mr Mathieu Choux, Dr Eberhard Faust, Mr Kim Dyrhauge Hansen, Mr Hiroyuki “Rocky” Hata, Dr Celine Herweijer, Mr Anthony Knap, Mr Patrick M. Liedtke, Dr Robert Muir-Wood, Mr Trevor Maynard, Dr Michael Menhart, Mr Benedikt Rauch, Mr Andreas Spiegel, Mr Rolf Tolle and Dr Koko Warner. The report was copy-edited by Susanne Le Roux and Françoise Jaffré who also did the layout of this publication. Contents Foreword 1 The CC+I Project 1 Strategically situating the insurance industry 1 Monitoring the change 3 Working group and reviewers 4 Moving forward 5 Kyoto Statement of The Geneva Association 7 Customers 7 Policy-makers 7 United Nations Climate Change Conference (COP15) 8 Insurance industry 8 Chapter 1 The relevance of insurance to climate-sensitive economic development 9 1. Insurance and climate change: understanding a complex link 10 2. The intricate position of the insurer 10 3. Insurers as risk managers and experts 11 4. Insurance as a dynamic and tightly regulated industry 12 5. The size of the insurance industry 13 6. Insurance, capital and economic stability 15 7. Insurance, savings and risk spreading over time 16 8. The effects of insurance beyond the fi nancial dimension 17 9. Insurance as a knowledge industry 18 10. Insurance and behavioural impact 19 11. Conclusion 21 Chapter 2 Physical effects of climate change from an insurance perspective 23 1. Introduction 24 2. Weather, climate and climate change 24 3. What has been observed so far 28 4. Projections of future climate change from a regional perspective 31 Chapter 3 Impact of climate change on the world economy in a “business as usual” scenario 37 1. Introduction 38 2. Climate change impacts on physical, biological and human systems 38 3. Direct economic impacts of unmitigated climate change 43 4. Conclusion 46 Chapter 4 An overview of the response to climate change: mitigation and adaptation 47 1. Mitigation 48 2. Adaptation 55 3. Summary 59 Chapter 5 Insurance and climate change—from reaction to pro-action 61 1. Introduction 62 2. Insurance of climate perils 62 3. Insurers as stakeholders in reducing societal risk 63 4. Insurers as proactive players to reduce GHG emissions 65 5.
Recommended publications
  • Climate Action Plan Executive Summary
    Climate Action Plan Executive Summary Commission on Climate Change August 2008 Executive Summary climate action plan • 3 Report Overview n April 20, 2007, Governor Martin O’Malley signed Executive Order 01.01.2007.07 (the Order) establishing the Maryland Commission on Climate Change (the Commission). Sixteen State agency heads and six members of the General Assembly comprise the Commission. The principal Ocharge of the Commission is to develop a Plan of Action (the Climate Action Plan) to address the drivers of climate change, to prepare for its likely impacts in Maryland, and to establish goals and timetables for implementation. The Order emphasized Maryland’s particular vulnerability to climate change impacts of sea level rise, increased storm intensity, extreme droughts and heat waves, and increased wind and rainfall events. It recognized that human activities such as coastal development, burning of fossil fuels, and increasing greenhouse gas (GHG) emissions are contributing to the causes and consequences of climate change. While noting Maryland’s recent climate initiatives, the Order emphasized that continued leadership by example by Maryland State and local governments is imperative. The Commission is supported by three Working Groups whose members were appointed by the Commission Chair, Shari T. Wilson, Secretary, Maryland Department of the Environment (MDE): Scientific and Technical Working Group (STWG), chaired by Donald Boesch, President, University of Maryland Center for Environmental Science, and co-chaired by Frank W. Dawson, Assistant Secretary of Maryland’s Department of Natural Resources (DNR); Greenhouse Gas and Carbon Mitigation Working Group (MWG), chaired by George (Tad) Aburn, Director of MDE’s Air and Radiation Management Administration, and co-chaired by Malcolm Woolf, Director, Maryland Energy Administration (MEA); and Adaptation and Response Working Group (ARWG), chaired by John R.
    [Show full text]
  • Second Progress Report on the German Strategy for Adaptation to Climate Change (DAS)
    Second Progress Report on the German Strategy for Adaptation to Climate Change (DAS) CONTENTS A. The German Adaptation Strategy (DAS): objectives, principles and processes ............................... 4 A.1. The DAS: principles and objectives ................................................................................................................. 4 A.2. The DAS reporting cycle ................................................................................................................................. 5 A.3. The DAS, APA and Progress Report in review ................................................................................................. 8 A.4. European Union and international integration ............................................................................................ 11 B. Current findings and results ........................................................................................................ 13 B.1. Monitoring: climatic changes, impacts and adaptation responses ............................................................. 13 B.2. Vulnerability assessment ............................................................................................................................. 18 B.3. APA II implementation and APA III preparation process .............................................................................. 33 B.4. Adaptation measures by other actors .......................................................................................................... 35 B.5. Evaluation of
    [Show full text]
  • Integrating Insurance Into Climate Risk Management
    INTEGRATING INSURANCE INTO CLIMATE RISK MANAGEMENT Conceptual Framework, Tools and Guiding Questions: Examples from the Agricultural Sector HOSTED BY Authors Gaby Ramm (Munich Climate Insurance Initiative − MCII advisory group member) Kehinde Balogun (Munich Climate Insurance Initiative − MCII) Matthias Range (Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH − GIZ) Co-authors Maxime Souvignet (MCII) We thank our contributors for their • Olu Ajayi (Technical Centre for Agricultural and Rural Cooperation − CTA) strong partnership and dedication • Florent Baarsch ( International Fund for Agricultural Development – IFAD) to provide in-depth feedback as • Daniela Bohl (GIZ) Peer Reviewers to this document: • Toon Bullens (Microinsurance Association Netherlands − MIAN) • Emily Coleman (IFAD) • Massimo Giovanola (IFAD) • Michael Hamp (IFAD) • Rachael Hansen (MCII) • Jon Hellin (International Maize and Wheat Improvement Center − CIMMYT) • Peter Hoeppe (MCII Chairman) • Vilma Hossini (Bundesanstalt Technisches Hilfswerk − THW) • Rhea Katsanakis (United Nations International Strategy for Disaster Reduction − UNISDR) • Nina Koeksalan (Food and Agriculture Organization – FAO) • Soenke Kreft (MCII) • Thomas Loster (Munich Re Foundation) • Jennifer Phillips (MCII) • Sandra Schuster (GIZ) • Mia Thom (Centre for Financial Regulation and Inclusion − CENFRI) • Branko Wehnert (GIZ) • Sebastian Wiegele (GIZ) • Michael Zissener (MCII) • Sabrina Zwick (MCII) 2 Abstract Today, emerging new risks from climate change and increasing GmbH (GIZ) have
    [Show full text]
  • CDP Climate Change Questionnaire 2018
    CDP Climate Change Questionnaire 2018 Page 1 CDP Climate Change Questionnaire 2018 C0 Introduction Introduction (C0.1) Give a general description and introduction to your organization. Response options This is an open text question. MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. MetLife is providing the answers to this Questionnaire at the request of CDP. The statements contained herein do not constitute warranties, guarantees, obligations or commitments. Any forward-looking statements contained herein are based on present knowledge and circumstances, may turn out to be incorrect and are not guarantees of future performance. MetLife is not obligated to correct, revise or update information given in this Questionnaire. (C0.2) State the start and end date of the year for which you are reporting data. Response options Please complete the following table. You are able to add rows by using the “Add Row” button at the bottom of the table. 2017-01-01 - 2017-12-31 (C0.3) Select the countries for which you will be supplying data. Response options Please complete the following table: Page 2 Country Hong Kong Greece Select all that apply: India Hungary [Country drop-down list] Japan Ireland Brazil Malaysia Italy Chile Nepal Poland Argentina South Korea Portugal Australia Vietnam Romania Bangladesh Bulgaria Russia Colombia Cyprus Slovakia Ecuador Czech Republic Spain Mexico France Turkey United States of America China Oman Uruguay Ukraine Qatar Egypt United Kingdom Saudi Arabia Jordan Bahrain United Arab Emirates Kuwait Lebanon (C0.4) Select the currency used for all financial information disclosed throughout your response.
    [Show full text]
  • California Climate Risk: Insurance-Based Approaches to Mitigation and Resilience
    California Climate Risk: Insurance-Based Approaches to Mitigation and Resilience July 23, 2019 UCLA School of Law Welcome California Climate Risk: Insurance-Based Approaches to Mitigation and Resilience July 23, 2019 | UCLA School of Law Keynote Address: California Insurance Commissioner Ricardo Lara California Climate Risk: Insurance-Based Approaches to Mitigation and Resilience July 23, 2019 | UCLA School of Law Panel 1: Physical Risk Assessment, Impact Mitigation, and Insurance • Alex Hall, UCLA Center for Climate Science • Alice Hill, Hoover Institution • Kristen Torres Pawling, County of Los Angeles • LeRoy Westerling, UC Merced School of Engineering Moderator: Sean Hecht, UCLA School of Law California Climate Risk: Insurance-Based Approaches to Mitigation and Resilience July 23, 2019 | UCLA School of Law Break California Climate Risk: Insurance-Based Approaches to Mitigation and Resilience July 23, 2019 | UCLA School of Law Panel 2: Nature-based Solutions • Secretary of Ecology and Environment Alfredo Arellano, State of Quintana Roo, Mexico • David BurtonPerry, Swiss Re • Deborah Halberstadt, UC Davis Coastal and Marine Sciences Institute • Raghuveer Vinukollu, Munich Re Moderator: Louis Blumberg, Blumberg West Consulting California Climate Risk: Insurance-Based Approaches to Mitigation and Resilience July 23, 2019 | UCLA School of Law Parametric Insurance Policy to Cover Beaches Recovery and Coral Reefs Quintana Roo, México California Climate Risk: Insurance-Based Approaches to Mitigation and Resilience Panel 2: Nature-based Solutions July, 23, 2019 Alfredo Arellano Guillermo Ministry of Environment State Government of Quintana Roo, México [email protected] Beach Erosion 2010 Playa del Carmen 2017 Hotel Porto Real Coastline 2010 Coastline 2017 Coral Reefs on Risk Coral Reefs are affected by: • Diseases • Water Pollution • Bleaching • Recreational activities • Hurricanes: Experts consider that hurricanes category 4 and 5 passing less than 65 km from the reefs are very likely to damage it (Alvarez-Filipp, et.al.
    [Show full text]
  • Task Force on Climate-Related Financial Disclosures
    Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures June 2017 June 2017 Recommendations of the Task Force on Climate-related Financial Disclosure i Contents A Introduction .................................................................................................................................................... 1 1. Background ................................................................................................................................................................... 1 2. Structure of Recommendations .................................................................................................................................. 2 3. Application of Recommendations .............................................................................................................................. 3 4. Assessing Financial Impacts of Climate-Related Risks and Opportunities ............................................................ 4 B Recommendations ....................................................................................................................................... 11 C Guidance for All Sectors .............................................................................................................................. 14 1. Governance ................................................................................................................................................................. 14 2. Strategy .......................................................................................................................................................................
    [Show full text]
  • How Insurance Can Support Climate Resilience Swenja Surminski, Laurens M
    opinion & comment COMMENTARY: How insurance can support climate resilience Swenja Surminski, Laurens M. Bouwer and Joanne Linnerooth-Bayer Insurance is gaining importance in and beyond the climate negotiations and offers many opportunities to improve climate risk management in developing countries. However, some caution is needed, if current momentum is to lead to genuine progress in making the most vulnerable more resilient to climate change. as 2015 ‘the year of climate of governments and individuals across value for money. Some critics point out insurance’? Statements emerging the world. that traditional insurance is an expensive Wfrom the G7 leaders and COP21 mechanism with high transaction and in Paris certainly suggest so. Article 8 of the … but some scepticism remains capital costs, making premiums far higher Paris Agreement includes “Risk insurance Any new insurance scheme in developing than expected losses. This suggests that facilities, climate risk pooling and other countries needs to overcome difficult adaptation funds might be better spent on insurance solutions” as areas of action1. challenges, including lack of risk data, other types of safety net rather than on Earlier in the year, at their summit in limited financial literacy, and weak financial buying insurance cover from international Germany, the leaders of the G7 launched a infrastructure; it also needs high levels of insurance markets8. new Initiative on Climate Risk Insurance support to make it viable for people with Critics further caution that subsidized (InsurResilience), pledging to bring very low income. Many of the new pilots insurance can dampen incentives to reduce climate insurance to 400 million currently and pools have been designed with this risks.
    [Show full text]
  • Chapter 7 IPCC SRCCL
    First Order Draft Chapter 7 IPCC SRCCL 1 Chapter 7: Risk management and Decision Making in Relation 2 to Sustainable Development 3 4 Coordinating Lead Authors: Margot Hurlbert (Canada), Jagdish Krishnaswamy (India) 5 Lead Authors: Edouard Davin (France), Francis Johnson (Sweden), Carlos Fernando Mena 6 (Ecuador), John Morton (United Kingdom), Soojeong Myeong (Republic of Korea), David Viner 7 (United Kingdom), Koko Warner (United States of America), Anita Wreford (New Zealand), Sumaya 8 Zakieldeen (Sudan), Zinta Zommers (Latvia) 9 Contributing Authors: Rocio Diaz-Chavez (Mexico), Minal Pathak (India), Darshini Mahadevia 10 (India), Charlotte Strick (Germany) 11 Review Editors: Regina Rodrigues (Brazil), B.L. Turner II (United States of America) 12 Chapter Scientist: Thobekile Zikhali (Zimbabwe) 13 Date of Draft: 08/06/2018 14 15 Do Not Cite, Quote or Distribute 7-1 Total pages: 135 First Order Draft Chapter 7 IPCC SRCCL 1 Table of Contents 2 Chapter 7: Risk management and Decision Making in Relation to Sustainable Development ..... 7-1 3 7.1 Executive summary .............................................................................................................. 7-4 4 7.2 Introduction and Relation to Other Chapters ....................................................................... 7-7 5 7.2.1 Findings of Previous IPCC Assessments and Reports and Gaps ................................. 7-7 6 7.2.2 Emergent, Emerging, and Key Risks ........................................................................... 7-8 7 7.3 Characterising
    [Show full text]
  • Better Understanding Insurance Mechanism in Dealing with Climate Change Risk, with Special Reference to China
    International Journal of Environmental Research and Public Health Commentary Better Understanding Insurance Mechanism in Dealing with Climate Change Risk, with Special Reference to China Feng Kong 1,2,* and Shao Sun 3,* 1 College of Humanities and Development Studies, China Agricultural University, Beijing 100083, China 2 Center for Crisis Management Research, Tsinghua University, Beijing 100084, China 3 National Climate Center, China Meteorological Administration, Beijing 100081, China * Correspondence: [email protected] (F.K.); [email protected] (S.S.) Abstract: Climate change risk has become an important challenge for global sustainable development. The insurance industry can play an important role in coping with the increasingly severe climate change risk. This paper first describes the increasing climate change risk and the difficulties of the insurance mechanism in dealing with it. Then this paper summarizes the international practice of using the insurance mechanism to deal with climate change risk from ten different aspects. Based on the summary of the role of the insurance mechanism in dealing with this risk in developing countries, this paper puts forward the main application areas for climate change risk insurance and discusses the policy implications of developing climate change risk insurance in China. Keywords: global climate change; coping with climate change risk; insurance mechanism; compre- hensive disaster risk prevention; China Citation: Kong, F.; Sun, S. Better Understanding Insurance Mechanism in Dealing with Climate Change Risk, 1. Introduction with Special Reference to China. Int. J. Global climate change has become one of the most serious challenges facing human Environ. Res. Public Health 2021, 18, society [1–3], causing frequent natural disasters such as temperature rise, sea level rise, 2996.
    [Show full text]
  • Comprehensive Climate Risk Management Promising Pathways to Avert, Minimise and Address Loss and Damage
    Comprehensive Climate Risk Management Promising pathways to avert, minimise and address Loss and Damage Impacts of climate change – a growing challenge Averting, minimising and addressing Loss & for sustainable development Damage – international policy discourse Impacts of climate change can already be felt today. Recent The topic of growing risks from climate change is reflected in climate projections anticipate a significant increase in the fre- the international policy agendas of the Sendai Framework, as quency and/or magnitude of extreme weather events such as part of the United Nations International Strategy for Disaster storms and floods as well as slow-onset changes, for instance Reduction (UNISDR) and the United Nations Framework sea level rise and desertification. These trends pose a growing Convention on Climate Change (UNFCCC). Under the UNFCCC, risk in all countries to achieve the sustainable development the topic of L&D has gained growing attention, which led to goals, particularly for poor and vulnerable people in develop- the establishment of the Warsaw International Mechanism ing countries. They affect livelihoods, ecosystems, economic for Loss and Damage (WIM) in 2013. In 2015, the Paris Agree- performance, key assets and jeopardise poverty eradication ment emphasised its importance by introducing L&D as achievements. standalone article. Irrespective of ongoing climate policy efforts, some degree “ Parties recognize the importance of of residual risk of climate change remains in all countries for averting, minimizing and addressing loss all plausible scenarios. They affect human and natural systems and damage associated with the adverse and may result in economic and non-economic losses and damages. To effectively respond to the entire spectrum of risks, effects of climate change….” the diverse set of adaptation approaches needs to be under- ARTICLE 8 OF THE PARIS AGREEMENT stood as complementary pieces of a puzzle, linking existing with more innovative tools in a more comprehensive way.
    [Show full text]
  • Preparing for the Worst: the Case for Solar Geoengineering Research
    Preparing for the Worst: The Case for Solar Geoengineering Research and Oversight 2019 AUGUST 6 Bradie S. Crandall American Institute of Chemical Engineers The Case for Solar Geoengineering Research and Oversight | 1 “The Earth is the only world known so far to harbor life. There is nowhere else, at least in the near future, to which our species could migrate. Visit, yes. Settle, not yet. Like it or not, for the moment the Earth is where we make our stand.” -Carl Sagan The Case for Solar Geoengineering Research and Oversight | 2 Table of Contents EXECUTIVE SUMMARY…………………………………………………………………………………………………. 5 FOREWORD………………………………………………………………………………………………………………….. 6 About the Author……………………………………………………………………………………………………. 6 About the WISE program…………………………………………………………………………………………. 6 Acknowledgements…………………………………………………………………………………………………. 6 Acronyms…………………………………………………………………………………………………………………….. 7 1. INTRODUCTION………………………………………………………………………………………………………… 8 1.1 The Climate Crisis…………….………………………………………………………………………………… 8 1.2 Global Decarbonization Efforts………………………………………………………………………….. 9 1.3 Solar Geoengineering………………………………………………………………………………………… 10 2. BACKGROUND………………………………………………………………………………………………….......... 11 2.1 History………………………………………………………………………………………………………………. 11 2.2 Recent Interest…………………………………………………………………………………………………… 11 2.3 Technological Readiness and Feasibility……………………………………………………………… 14 3. KEY CONFLICTS AND CONCERNS………………………………………………………………………………. 16 3.1 Research Echo Chamber…………………………………………………………………………………….. 16 3.2 Research vs Implementation………………………………………………………………………………
    [Show full text]
  • Climate Risk Insurance for the Poor & Vulnerable
    CLIMATE RISK INSURANCE FOR THE POOR & VULNERABLE: HOW TO EFFECTIVELY IMPLEMENT THE PRO-POOR FOCUS OF INSURESILIENCE An analysis of good practice, literature and expert interviews NOVEMBER / 2016 1 AUTHORS LAURA SCHAEFER and ELEANOR WATERS CONTRIBUTORS KOKO WARNER, MICHAEL ZISSENER, GABY RAMM, and TANVI MANI DESIGN NATALIA RODRIGUEZ MUNICH CLIMATE INSURANCE INITIATIVE 2016 This study by the Munich Climate Risk Insurance Initiative (MCII) has been funded through a grant provided by the Global Programme on Risk Assessment and Management for Adaptation to Climate Change (Loss and Damage) at the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ GmbH)/InsuResilience Interim Secretariat, commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ). 2 ACKNOWLEDGEMENTS The authors thank the MCII Executive Board members – Peter Höppe, Christoph Bals, Simone Ruiz-Vergote, Joanne Linnerooth-Bayer, Thomas Loster, Armin Haas, Aaron Oxley and Paul Kovacs – for their valuable input and support. We are sincerely grateful to the following people who provided helpful input and feedback in the peer-review process (in alphabetical order by organization): Jonathan Reeves (Action Aid UK); Andrew Dlugolecki (Andlug Consulting); Sabine Minninger (Brot für die Welt); Thomas Hirsch (Climate and Development Advice); Sönke Kreft (Germanwatch); Leif Heimfarth (Hannover Re); Reinhard Mechler (IIASA); Craig Churchill (ILO); Daniel Edward Osgood (International Research Institute for Climate and Society The Earth Institute at Columbia
    [Show full text]