Join us virtually, by registering here.
Learn more about each event:
- Risk matters: making resilience add up in a Net Zero transition - Tuesday 2 November at 9.15am (GMT)
- Beyond carbon: a new way to measure climate transition risk & value resilience - Wednesday 3 November at 9am (GMT)
- Analytics matters: the bedrock of resilience. Open source data, risk modelling and transfer as a global public good - Monday 8 November at 11.30am (GMT)
Risk matters: making resilience add up in a Net Zero transition
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When: Tuesday 2 November at 9.15am (GMT)
Who should attend: Policymakers, central banks and regulators, insurers/reinsurers, private finance, multilateral development banks, risk specialists and civil society
It is not inevitable that Net Zero targets on their own will naturally result in a climate resilient world. While they may decarbonise the portfolios of investors, or encourage governments to incentivise renewables, without other qualitative considerations in the transition, climate risks may just be pushed around the economic system. Even if Net Zero targets result in an overall global reduction in emissions in line with Paris goals, it is not a given that the environment and society will be allowed to flourish as it is protected from the impacts of an already warming world.
This session will bring together some of the leading figures in finance, risk transfer, academia and analytics to examine questions such:
- Resilience as a public good and what the private sector can do to support systemic resilience
- How analytics makes the flow of information more efficient to help reorient capital;
- How architecture of understanding from pricing climate risk can be transferred to a resilience context;
- How physical and transition risks can be integrated to create an overall valuation for climate risks that can value resilience;
- Financial products available to build systemic resilience, how the paradigm for insurance shifts from an individual asset view, to systemic resilience.
Using a series of case studies our panel will explore impactful examples of new methods and financial tools for risk quantification and examples of successful implementation and experiences at the point of delivery across the three pillars of coastal, rural and urban resilienceSpeakers:
- Moderator, Diana Fox Carney, Willis Towers Watson
- Dr Nicola Ranger, deputy director, UK Centre for Greening Finance and Investment, University of Oxford;
- Ekhosuehi Iyahen, secretary general, Insurance Development Forum;
- Dr Ana Gonzalez Pelaez, fellow University of Cambridge Institute for Sustainability Leadership;
- Andy MacFarlane, head of climate, AXA;
- Rowan Douglas, Climate & Resilience Hub, WTW;
- Elsie Addo Awadzi, deputy governor, Bank of Ghana.
Beyond carbon: a new way to measure climate transition risk & value resilience
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When: Wednesday 3 November at 9am (GMT)
If you are already at COP26, and would like us to join us in the room, please register here.
Who needs to attend: Investors, policymakers, central banks and regulators, energy companies, insurers/reinsurers, private finance, multilateral development banks, risk analysts and civil society
Climate risk measurement and management are key components of building resilience, but most metrics to date have focused on carbon intensity or a carbon price as a proxy for pricing risk. Accurate pricing of climate risk is the first step to ensure an ‘orderly transition’ to a Net Zero and resilient economy.
In this fireside chat we will examine how climate risks transfer through the economy and end up on the government balance sheet, hindering options to manage their transition to a low carbon and resilient economy and implement adaptation measures. The Climate Transition Index (CTI) one such practical solution. The CTI is the first index to use the Climate Transition Value at Risk (CTVaR) methodology, which is a step change in measuring climate risk and therefore a vital component in valuing resilience:
- Beyond carbon – carbon price or exposure only accounts for a small proportion of climate-related financial risk and using carbon as a proxy for risk may in fact distort the real picture for investors.
- Uses forward looking financial metrics rather than historical emissions data;
- Granular, and uses a bottom up asset by asset level approach
- Whole economy – looks at impacts across all industries, etc.
All of this means it provides a more detailed view of what may happen to a company, industry or country during a transition consistent with the goals of Paris.
We bring together the partnerships that have helped launch the CTI, and the the first index to use the Climate Transition Value at Risk methodology. The CTI and the family of indices published by Qontigo STOXX will enable investors, countries and companies to identify transition risk and manage it in a way that will not only align with the goals of Paris, but also help build more social and economic resilience. In short, our metrics for measuring climate risk and our actions to mitigate climate change must go well beyond carbon and target resilience.
While the CTVaR methodology can identify risk in the national economy, the CTI specifically could help governments identify where public finances could be at risk, say through exposures to certain industries such as coal and oil, which is especially important for developing countries – it would provide a pathway to transition and lead to other debt related instruments to support their efforts. The programme transferred from Climate Policy Initiative, where it was foundation and DFI-funded, to WTW at the beginning of the year. While at CPI, we carried out two case studies for South Africa and Uganda.Speakers:
- David Nelson, senior director, Climate and Resilience Hub, WTW
- Craig Baker, chief investment officer, WTW
- Arun Singhal, managing director, Qontigo Stoxx
- Bruce Duguid, head of stewardship, EOS Federated Hermes
- Lord Adair Turner, chairman of the Energy Transitions Commission.
Analytics matters: the bedrock of resilience
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Open source data, risk modelling and transfer as a global public good
When: Monday 8 November at 11.30am (GMT)
If you are already at COP26, and would to join us in the room, please register here.
Who needs to attend: Policymakers, central banks and regulators, insurers/reinsurers, private finance, multilateral development banks, catastrophe risk modellers and physical hazards specialists and civil society
Access to data is a challenge in risk quantification - open source modelling would create more scope for risk transfer by creating trust frameworks to create significant public good. This session is a demonstration led presentation of the latest tools to quantify flood, earthquake and other perils, and how better standards would increase access to transparent data sources to support strategic decisions.
We will also look at global public-private modelling initiatives and their application across different stakeholder communities, their benefits, and the requirements for developing, curating and sustaining global systems and tools, and in particular how these can be applied to support global, regional, and local risk assessment and risk reduction strategies, including examples from the developed and developing world.
This panel event, with additional short presentations from participants showcasing practical examples of how open data sources and models are being, or can be, used to improve climate risk and resilience. In particular, we wish to promote the benefits of public and private sector collaboration in the development and augmentation of data and models towards specific end user goals, including those aligned to increasing resilience against current and future climate risks at local, subnational, national and regional scales, whether though physical, social, financial or economic mechanisms, or in combination.
We will be including an overview of the Global Resilience Index within the session, alongside case studies of practical uses for global physical hazard models as well as the importance of hazard, exposure and risk metric frameworks and standards to enable consistent approaches to the integration of data and models at different scales, to maximise value and impact to key stakeholder’s decisions and helping to inform and guide towards effective risk reduction strategies.
In this session we show:
- How flood data and modelling natural catastrophes supports resilience;
- Data that is curated and validated by the global open source community creates significant public good and expands equitable solutions for those most vulnerable to the impacts of climate change;
- How local knowledge is essential in understanding risk, rather than a reliance on the global market for data.
- The latest thinking on the potential and the limitations of integrating physical and transition risks in understanding how to develop climate resilient economies.
- Matt Foote, Senior Director Climate Resilience Hub, WTW
- Marc Lehmann, Head of Business Development & Partnership, Jupiter Intelligence
- Emma Raven, Technical Director and Climate Change Lead, JBA Risk Management
- Antoine Bavandi, Senior Risk Finance Specialist, World Bank
- Jim Hall, Professor of Climate and Environmental Risks, Oxford University
- Christophe Christiaen, Data, Innovation and Impact Lead, Oxford University, UK Centre for Greening Finance & Investment
- Nick Moody, Risk Modelling Steering Group, Insurance Development Forum
- Nalan Cabi, Head of Flood Risks Research Willis Research Network, WTW
- James Lay, Head of Catastrophe Risk Products, Nasdaq
- John Firth, Senior Director CRH, WTW and founder of Acclimatise
- Nicola Ranger, Deputy Director, UK Centre For Greening Finance and Investment
- John Schneider, General Secretary, Global Earthquake Modelling
- Ruwadzano Matsika, Research Analyst, Quadrature Climate Foundation
- Jeff Neal, Co-Founder and Chief Scientific Officer, Fathom