Financial Aspect Of Climate Risk Management - 1040 Words

Financial Aspect of Climate Risk Management Climate change is a lethal and destructive force. In the recent past major climatic events like floods, tsunamis etc. have led to substantial destruction of wealth. Such events have highlighted the need of mechanisms for risk sharing of the losses and restoring the lost human and infrastructural capital. The climate change agreement declared on December 12, 2015 was one of the highlights of the year. It showcased the resolve of various nations in fighting climate change. It was a welcome change from Copenhagen. Climate Change and its Effects The major target for financial sector is to provide jobs, economic welfare to the thriving population, without damaging environmental balance. It is the role of the financial sector to help in managing climate risk and help society recuperate from it. Any climate risk directly or indirectly affects the financial sector in a huge manner. Whenever a climatic catastrophe occurs, the number of insurance claims rise exponentially. Global Insurance claims have risen from 5.1 billion US dollars annually in the 1970’s to 27 billion US dollars per year in 2014. Figure 1: Losses due to various climate scenarios Source: World Resources Institute Climate variability also affects agricultural sector in a major way. It affects food availability and security and may lead to rise of poverty as well. As a natural calamity affects the agricultural sector, it leads to loss of income of agricultureShow MoreRelatedCrs Is An Independent Risk And Insurance Advisor1360 Words   |  6 PagesCRS is an independent risk and insurance advisor. Our professionals have deep domain expertise, deliver unbiased advice and navigate virtually any risk. Realizing our mission by serving as true fiduciaries, setting the highest standard of advocacy and solving problems to achieve superior results. Offering the clients something they cannot get anywhere else, which is efficient and timely risk management service to the entire spectrum of their companies and respective portfolio companies. Helping ourRead MoreClimate Changes And Climate Change1081 Words   |  5 PagesThe concept of climate change has been around for quite a while. The earliest mention of climate change dates back to the 19th century. Swedish scientist, Svante Archenius was the first scientist to study the effect of CO2 on climate. (Rodhe et al 1997) The Intergovernmental Panel on Climate Change (IPCC) defines climate change as â€Å"A change in the state of the climate that can be identified (e.g by using statistical tests) by changes in mean and/or the variability of its properties and that persistsRead MoreThe Goals Of Disability Management Programs1419 Words   |  6 Pagesdisability to perform work productively. In light of financial and legislative realities, organizations develop disability management programs to prevent workplace injury and illness and to accommodate workers in a manner that facilitates early and safe return to work. The goals of disability management programs include promotion of safe workplace; coordinated programming in health, rehabilitation, and accommodation interventions. Disability management programs are most effective when developed and appliedRead MoreObjectives Of Implementing The Vision1133 Words   |  5 Pagesyou should give good examples for each! Goals: To gradually progress to a low or zero carbon economy to mitigate the effects of drastic climate change. Develop strategies internally in the government bodies to have clear short term plans, help to other entities to plan for the future goals and review the progress to accommodate the changing scenario (Climate Change Authority, 2014). 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