Modelling Climate Risk: Quantifying the Business Impact of Climate Change
In addition to considering the potential dangers of extreme weather, companies should also look at the risks of transitioning to a low carbon economy when formulating a comprehensive climate strategy.
Katie Butterworth, HSBC Chief Operating Officer and Regional Head of Risk Strategy, Asia Pacific Risk, guided members through the process of quantifying the impact of climate change at a webinar on 14 July. She also explained the various tools and methodologies available to companies to take stock and future-proof their assets to mitigate the catastrophic effects of a warming planet.
Peter Reynolds, Partner and Asia Sustainability Lead from Oliver Wyman, who also spoke at the event, provided practical examples of applying climate risk models to such sectors as real estate, shipping, financial services and power supply. He stressed that all businesses would be affected in the global transition to net zero, so there is a compelling need to draw up a long-term corporate strategy on climate change as soon as possible.
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