07 November 2022
Climate change is a risk-management problem. Even 1.5°C of global warming is extremely risky with the chance of triggering multiple climate tipping points and multi-meter sea level rise, which may be irreversible. Delivering a stable climate for future generations will require removing historic emissions. This will require going beyond net zero to remove greenhouse gases from the atmosphere, using both technological and natural solutions.
The IFoA has partnered with the Climate Crisis Advisory Group (CCAG) in a joint report looking at how actuarial risk-management techniques can be applied to the climate change problem, including what action to take to mitigate the extreme risks of climate breakdown.
Report co-author and former Chair of the IFoA Sustainability Board, Sandy Trust, has also written a blog about why climate tipping points are a cause for concern and why action needs to be taken now to start mitigating the effects of climate change.
Sandy's blog is available for you to read on the IFoA Blog.
Lutz Wilhelmy, AAE Chairperson said; “The Actuarial Association of Europe (AAE) fully supports the analysis laid out in this IFoA policy briefing that climate change is a risk management problem on a global scale, and that more climate action is urgently needed to avoid catastrophic climate impacts on society”.