Climate Change & the Financial Sector
An Agenda for Action
Climate change poses a major risk to the global economy: It affects the wealth of societies, the availability of resources, the price of energy and the value of companies.
At the same time, the need to revolutionize the way we use energy opens up a new universe of options for economic development and social benefits. The financial industry has a two-fold responsibility. On the one hand, it needs to prepare itself for the negative effects that climate change may have on its business and on its customers. On the other hand, it can significantly help mitigate the economic risks and enter the low-carbon economy by providing appropriate products and services.
Allianz Group and the World Wide Fund for Nature (WWF) have joined forces to produce a report that will advance the debate in the financial community, and to propose solutions. The report identifies risks for the sector which are due to climate change, and develops actions that demonstrate how integrated financial services companies, such as Allianz Group, can turn these risks into opportunities. Implementing these actions will mean big steps forward indeveloping sound business for a living planet.
WWF and Allianz Group will work together to implement the actions of this report and to make bold steps to help solve this global problem. Allianz and WWF strongly believe that companies that are ready to seize these new opportunities will ultimately be able to reap significant economic benefits.
This cooperation between Allianz and WWF is the first milestone towards raising the awareness of climate change among the financial industry and towards a broader dialogue aimed at improving the management of environmental risks.
This report has been prepared by
Dr. Andrew Dlugolecki & Dr. Sascha Lafeld
Andlug Consulting 3c climate change consulting
June 2005
Download the complete report here.
All greenhouse gas emissions caused by production and delivery of this report are offset through high quality emission reduction projects.
