Transitioning to a resilient carbon-neutral economy requires stepping up global financing of both climate mitigation and adaptation measures, with a more integrated approach. Insurers, as risk managers and investors, play a critical role.
Significant capital is needed for the large-scale deployment of new technological solutions to enable and expedite the decarbonisation of key sectors. Yet new technologies and infrastructure systems come with myriad risks that need to be assessed and managed with a full life cycle view, to attract large-scale capital.
On the other hand, acute and chronic physical risks of climate change are already more severe and widespread with significant impacts on people, communities, businesses and governments around the world. While investing in climate change mitigation is fundamental to keeping the cost of climate adaptation under control, this needs to be complemented with measures to reduce and prevent physical climate risks.
This conference explored innovative risk management solutions and the critical role of re/insurers within the complex ecosystem of public and private stakeholders to help expedite and scale-up climate action.