Climate Change and the Financial Services Sector: An Appreciation of the UNEPFI Study

Climate change poses a major risk to the global economy. The increasing frequency of severe climatic events, coupled with the unwise nature of economic development, has the potential to create unsustainable levels of damage for the commercial and public financial sectors. The greenhouse gases that c...

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Bibliographic Details
Published inGeneva papers on risk and insurance. Issues and practice Vol. 28; no. 3; pp. 382 - 393
Main Authors Dlugolecki, Andrew, Loster, Thomas
Format Journal Article
LanguageEnglish
Published London Blackwell Publishers 01.07.2003
Palgrave Macmillan
SeriesThe Geneva Papers on Risk and Insurance - Issues and Practice
Subjects
Climate change
Credit insurance
Finance companies
Financial institutions
Financial services
Financial services industries
Insurance industry
Insurance providers
Insurance regulation
Investors
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Summary:Climate change poses a major risk to the global economy. The increasing frequency of severe climatic events, coupled with the unwise nature of economic development, has the potential to create unsustainable levels of damage for the commercial and public financial sectors. The greenhouse gases that create this problem are long lived, so action is urgently needed. The Kyoto Protocol is an important step, but it does not go far enough. A longterm international political framework is required based on the principles of precaution and equity. This can be achieved most effectively through market solutions. The financial sector has a key role to play but there are cognitive, political, analytical and operational barriers. These obstacles can be overcome by creating a focus for key actions, and through close collaboration with policymakers.
ISSN:1018-5895
1468-0440
DOI:10.1111/1468-0440.00232