Just as Paris is remembered for finally bringing consensus to the 1.5☌ warming target, Glasgow must be remembered as the COP where practical solutions to close the emissions gap were accelerated.Īccurate pricing of climate risk is the first step to ensure an orderly transition. The 1.5☌ target to limit global warming above pre-industrial levels was settled at Paris in 2015, and yet current commitments to cut emissions put us on track for 2.7☌ warming, according to a recent report from the UNFCCC. And while they can already see what’s at stake with their own eyes wherever they are in the world, these same policymakers already know what’s required to avoid catastrophic climate change.
With heads of state and their negotiators meeting in Glasgow for the Conference of Parties (COP26), the UN’s flagship climate summit, a summer of deadly floods and fires will be front of mind. As incoming CEO of Willis Towers Watson, one of our top priorities is to help our clients manage their climate risks and support their transition to a net zero economy. When flood waters come close to Wall Street, in one of the richest cities in the richest country in the world, we know we have a perfect storm to demonstrate the need for action on climate change and secure a more resilient future for all. It is estimated to join the top costliest hurricanes measured by insured losses along with Katrina and Sandy. I personally witnessed the devastation caused by Hurricane Ida in my home city of New York, which caused more than 100 deaths across the country.
In the insurance business, we are used to painful wake-up calls.
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