The financial sector must be doing more to help prevent the
material risk of climate change – both for the good of
the planet and to mitigate its own exposure.
The financial impact that the undeniable force of climate
change is having and will continue to have on an exponential
scale is unfathomably high.
The impact can be seen across the world. The
recent droughts and wildfires in Australia have had untold
effects on the country's economy;
hurricanes have been ravaging the Caribbean for several
Sub-Saharan African cyclones left millions without homes in
2018 – and these are all just the tip of the (melting)
iceberg. The list is long and destructive, and each of these
instances causes untold damage to affected economies.
Although poorer countries are likely to lose more of their
economic output, the financial cost is not localised –
but felt across the world. Damage to the...