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Financial Sector on Climate Risks: ‘What We Don’t Know Can Hurt Us’

June 24, 2021 Leave a comment DRI Admin

Being able to plan for disasters means having the right data to start from. For the financial sector, that’s become one of their biggest frustrations.

According to a recent survey of 122 financial institutions (including global banks, insurers, and asset management firms), the greatest hurdle toward addressing climate risk impacts is a lack of data:

  • 80% said their top concern in transitioning to a net-zero emissions economy was data
  • 75% cited difficulty in making qualitative assessments, and
  • 62% pointed to insufficient expertise in actions required.

Possibly because of this lack of data, only 40% of those polled agreed that today’s level of risk is expected to escalate over time. Similarly, 43% said implementing a net-zero strategy is the most common challenge to limiting global warming to 1.5°C above pre-industrial levels by 2030, as part of the Paris Climate Accords.

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