Allianz and other members of the United Nations Environment Programme Finance Initiative on how to mitigate climate change impacts.
 | Click on the image to download the studyAdaptation and Vulnerability to Climate Change: The Role of the Finance Sector |
The UNEP Finance Initiative's Working Group on Climate Change warns that dangerous changes in weather patterns will disrupt economic activity. Disaster losses, the report reads, could reach over 1 trillion USD in a single year by 2040.
Climatic changes will accelerate if emissions continue on a “business-as-usual” trajectory. For that reason, the Climate Change Working Group (CCWG) advocates an aggressive policy of mitigating greenhouse gases, but further warming is inevitable.
Impacts will be worse in developing countries, where capacity to manage disasters is lower. A new integrated approach, the authors demand, is necessary to optimise the response of key actors in business, government and civil society.
A key issue of the paper, therefore, is that adaptation has to be integrated with development policy and disaster management. Developing countries require input from other nations to build capacity and finance infrastructure.
Part II of the report illustrates that with case studies. Part III suggests the way forward and contains clear recommendations for policy makers as well as for the financial industry.
