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Confronting the reality of climate change

Excerpts from the special report by The Initiative for Global Environmental Leadership (IGEL) and Knowledge@Wharton and sponsored by Willis Towers Watson

Capital, Science and Policy Practice

November 14, 2018

In this report by IGEL and Knowledge@Wharton, key sponsor, Willis Towers Watson provides its perspective on risk management and recovery from extreme weather events.

Environmental risks and associated third-party liabilities have never posed a greater threat to the financial health of organizations. Increasingly stringent national and international legal frameworks, together with continued focus on corporate governance obligations, wider influence of regulatory authorities and emerging risks such as climate change have magnified the need to evaluate environmental risk management requirements.

The emerging risk of climate change was recently explored in a special report sponsored by Willis Towers Watson and developed by the Initiative for Global Environmental Leadership (IGEL) and Knowledge@Wharton. The report discusses the science of climate change as well as how state/local governments (and business) can work together to be more resilient in the face of extreme weather events.

Anthony Wagar, executive vice president of the environmental practice at Willis Towers Watson, provided his perspective:

  • Business will have to work with government, and step up with comprehensive adaptation plans. As a result of extreme weather event, non-traditional liability exposures are emerging. Risk management has to be proactive, in place, and acted upon. Fortunately, companies are becoming more transparent with environmental disclosure, and the impacts they’re facing.
  • Extreme weather events are uncovering new kinds of catastrophic losses. An example is a flooding event that carried industrial pollution into previously uncontaminated areas and toxic mold that grew in the aftermath of major storms. In some areas, flood waters overwhelmed water treatment plants, sending untreated sewage into nearby waterways.

Willis Towers Watson helps clients identify and assess their environmental exposures and then deliver customized solutions that complement their commercial objectives and risk philosophy.

Confronting the reality of climate change
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Confronting the reality of climate change PDF 4.4 MB
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