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188bet投注网站冠状病毒向我们展示什么气候变化中断n Could Look Like

Mark Carney的最后几年作为英格兰央行的州长可以通过他的努力来打破他称之为气候变化的东西地平线的悲剧:尽管对气候变化的发生灾难性影响达成了共识,但国际社会被谴责无所作为,因为只有这些影响才会受到传统业务和政治周期的视野。“换句话说,”卡尼说,“一旦气候变化成为金融稳定的定义问题,它可能已经太晚了。”

Carney, now United Nations special envoy for climate action and finance, has been in the habit recently of reminding us that we can’t self-isolate from climate change. The current crisis is being viewed as one more opportunity not to be wasted to break the tragedy of the horizons.

When a Risk Turns Into a Runaway Event

Covid-19引起的全球死亡和破坏不是气候变化的直接结果;然而,中断的规模和性质平行,在许多方面,科学家们告诉我们一个气候变化不受控制的世界。

For the first time in generations, we see the very real social and economic disruption wrought by a hard-to-imagine natural event that arrives gradually and sporadically, but quickly morphs into a runaway systemic threat. This time, it is a virus. Next time, it will be temperature rises and extreme weather events.

Physical risks of climate change will shutter businesses, disrupt supply chains and diminish the health and well-being of employees. The transition risks will bankrupt unprepared companies, lead to job losses and exacerbate inequalities. While temperatures will rise gradually over the coming decades, left unchecked, climate change will eventually reach the critical point at which the scale and velocity of change will quickly overwhelm societies, disrupt political systems, inflame geopolitical tensions and create conflict over essential resources.

How to Break the Tragedy of Horizons

然而,视野悲剧的核心挑战保持不变:气候变化的物质风险均在迄今为止与传统商业周期相比大多数决策者的地平线。那么政策制定者和投资者如何重新恢复能力,使得企业在经济上煽动到今天以来的恢复力来管理年满可能的风险?

The climate and sustainable development agendas will be defined over the coming years by efforts to break the tragedy of the horizons with policy changes that allow businesses and investors to price long-term climate risks and ascribe greater value to resilience. In this way, as Guenther Thallinger, chair of theNet Zero Asset Owner Alliance, said, the global climate agenda has become a capital markets agenda.

The Task Force on Climate-Related Financial Disclosures (TCFD) has already made great strides in ensuring climate risks are transparently communicated by businesses, so investors understand the potential value at risk if the business fails to invest in resilience.

市场开始调整

The TCFD’s agenda will continue to be pushed across sectors and calls will grow for its mandatory implementation. The Canadian government本周宣布在大流行中要求公司寻求紧急贷款的公司承诺实施TCFD建议。

Climate stress tests at central banks are another proposed measure for pricing the risks companies may face as a result of climate change. Unlike TCFD, stress-testing could have immediate economic implications for financial services firms potentially required to hold more capital against certain climate risks.

一个有弹性的企业,可以在经营和经济上的天气恶劣的震动,将在长期为投资者和社会创造更大的价值。

Net-zero targets and investment portfolios that align with the Paris Agreement goals are other leading approaches to signaling which businesses and economies are building resilience to the physical and transition risks of climate change.

Covid-19带来了视野

Frans Timmermans,欧盟的绿色贸易署强调,绿色交易将是任何恢复努力的核心,欧盟将在原始时间表上与框架的关键支柱向前迈进。这包括拟议的新人气候法, making it legally binding for all EU-27 member states to achieve net-zero emissions by 2050.

即使在危机中也是在英特尔,贝壳,总,雅各布工程集团和哈佛大学禀赋中公布的新净零点,而不是在向COP26的道路上进行评价。

All these measures — climate risk disclosure, climate risk stress-testing and net-zero targets — are being advocated as means of bringing forward and breaking the tragedy of the horizon by helping to price tomorrow’s risk and value resilience in today’s dollars.

华尔街日报叫PG&E 2019年破产“第一次气候变化破产。“加州野火,在过去十年中迅速增长,对加利福尼亚最大的实用性,破坏性资产,扰乱运营和降低盈利能力导致了显着的物理损害。

For institutional investors holding PG&E stock, as well as those with investments in businesses similarly at risk, this was a wake-up call. The financial risks of climate change are here now, not on some distant horizon.

A Bull Market in Resilience

As with the PG&E bankruptcy, the current crisis gives investors and businesses a lens into the world once believed to be far on the horizon.

通过这种方式,目前的危机正在改变行为,而不是由谴责气候承诺来抵御近期收益的行为,而是通过加速活动来建立恢复力,现在对地平线的自然风险。

作为经营理念的康复,首席执行官Aron Cramer表示社会责任的业务, “has suddenly gone from overlooked buzzword to urgent objective.”

一个有弹性的企业,可以在经营和经济上的天气恶劣的震动,将在长期为投资者和社会创造更大的价值。

毫无疑问,将会继续mul的例子tilateral climate conferences postponed, sustainability initiatives put on pause and government climate policy delayed. But, amidst these near-term events is a coming bull market on resilience. Businesses that break the tragedy of the horizon and get ahead of policymakers by valuing resilience now will capture sustained competitive advantage.

Elizabeth Littlefield

Senior Counselor and Sustainability Practice Lead at Albright Stonebridge Group

Elizabeth Littlefield is senior counselor and sustainability practice lead atalbright stonebridge组。她是海外私人投资公司(OPIC)的前任总统兼首席执行官。

    尼克安斯特

    Senior Director at Albright Stonebridge Group

    尼克安斯特is a senior director atAlbright Stonebridge Groupand manages the firm’s sustainability practice. He works with financial institutions and other businesses on corporate sustainability; development finance; cross-sector partnerships and critical environmental, social and governance issues in global markets.

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