In UN Secretary-General AntÃłnio Guterres’ closing remarks at the Insurance Development Forum held virtually earlier this week, he asserted that the insurance industry is in a ‘race against time’ to make the adaptations necessary for adapting to the speed of climate change.Risk Management
As the climate continues to change rapidly, the risks are altering their shape, size, and frequency.
According to Guterres, carbon neutrality worldwide must be achieved within the next thirty years, global finance needs to align itself with the Paris Agreement, and adaptation breakthroughs must be implemented to provide adequate protection around the planet against the impact of climate change.
‘As insurers and as investors, the insurance sector has a key role to play,’ Guterres said, addressing the insurance industry before broadening his closing remarks.
‘Every country, city, financial institution, and company needs to adopt plans for transitioning to net-zero emissions by 2050. That means taking decisive action now.’