Transitioning from thinking into action

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<title>Transitioning from thinking into action</title>
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<namePart>Gillam, Elizabeth </namePart>
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<namePart>Lombardo, Maria </namePart>
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<dateIssued>2020</dateIssued>
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<abstract displayLabel="Summary">Speaking at a conference in Amsterdam in 2018, Mark Carney, financial adviser for COP26, talked about the transition in thinking and in action. He noted that, while the Paris Agreement had marked a sea change in the way governments and industry thought about climate change and its attendant risks, further work was needed to translate this into action. Writing 2 years later, the time of action is upon us. The trickle of highlevel principles on climate change risk management in the insurance sector has now turned into a flood of new supervisory guidelines and, increasingly, regulatory rules regarding climate risk management and reporting. At the forefront of these new developments is the advancement of climate scenario analysis to enable insurance firms and supervisors to take a forward-looking approach to assessing and managing climate risks, led by the Network for Greening the Financial System (NGFS). While work on the underlying models is still nascent, wait and see is no longer an option. In this series of papers, we will set out the context of this work; review the developments to date by regulators and the industry; and review some of the tools available to insurance companies to make a start on climate risk.</abstract>
<note type="statement of responsibility">Elizabeth Gillam, Maria Lombardo</note>
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