Nicola Ranger joined Jo Paisley (President, Global Association of Risk Professionals) on the GARP Climate Risk Podcast. In a wide-ranging discussion they talked about the need for greater investment in climate adaptation, the importance of accounting for physical and nature risks, and the role and challenges of scenario analyses.
A dividing line is often drawn between the competing priorities of mitigation and adaptation. Put simply, mitigation measures are actions taken to reduce greenhouse gas emissions, while adaptation measures are based on reducing our vulnerability to the impacts of climate change.
The GARP podcast has often featured discussion about mitigation efforts, but comparatively few conversations about adaptation. This imbalance between mitigation and adaptation is one that can be found throughout the financial sector. Despite its clear importance, and the often urgent adaptation efforts taking place outside of the financial domain, it continues to receive relatively little attention. This episode asks:
- Why is this the case?
- What would an appropriate balance between the mitigation and adaptation look like?
- And how can the financial sector drive progress on adaptation efforts?
Listen to the podcast on the CGFI website