Insurance to play "key role" in environmental future
The environmental impact of energy consumption and its effect on the insurance and financial services sectors is unveiled in the latest "Future Risk" report from the Chartered Insurance Institute (CII), the third in a series of special reports marking the CII centenary year as a Chartered professional body.
Entitled "Climate change and energy security - global challenges and the implications", the report sets out three potential future scenarios based on the insights of five world leading experts in specially-commissioned essays:
- Dr Faith Birol of the International Energy Agency reports on recent energy trends and future projections.
- Professor Sir John Beddington, chief scientific adviser for the Government considers the global implications of climate change.
- Dr Swenja Surminski of the Granthan Research Institute looks at the impact of extreme weather events on developing countries.
- Professor Lord Julian Huntand and Dr Yulia Timonoshkina of University College London (UCL) tackle the relationship between climate change, natural hazards and megacities.
- Professor David Crichton Hon. Professor at UCL and Chartered insurance practitioner discusses the role of insurance in adapting to climate risk.
Using the arguments put forward by these experts, the report outlines three possible scenarios, each offering very different visions of the future and a sliding scale of risk for financial services and society as a whole.