Join UNEP FI and members for an in-depth discussion on climate-related physical risk and a major announcement from ten financial institutions.

UNEP FI is hosting a side event at the Climate Adaptation Summit which will also see leading financial institutions announce their commitment to climate-related physical risk assessment and disclosure, while making a ‘call to action’ to the finance sector and governments around the globe to address the principal obstacles to greater disclosure.

Building on their recommendations to the Global Commission on Adaptation in the 2019 report, Driving Finance Today for the Climate Resilient Society of Tomorrow, UNEP FI and the Global Center on Adaptation have convened a leadership group of financial institutions from banking, investment and insurance. Through panel discussions and case studies, learn more about how financial institutions are mainstreaming climate-related physical risk assessment and disclosure into their businesses.

The virtual event will comprise two recorded sessions. Participants will be able to ask questions via the online platform.

15.30 CET | Part 1. Introduction and Panel Event discussing the physical impacts of climate change

Emma Howard Boyd, the UK’s Commissioner to the Global Commission on Adaptation, Bas Rüter, Rabobank’s Director of Sustainability and Eric Usher, UNEP FI Head, will summarise this important ‘call to action’, explain why this is crucial for financial institutions and place this call to action in the context of wider initiatives such as the Race to Resilience and COP26.

According to UNEP’s 2020 Adaptation Gap report adaptation funding is not increasing sufficiently to meet the estimated annual costs of adaptation of between USD 140 and 300 billion annually by 2030 in developing countries alone.

Remco Fischer, Climate Lead at UNEP FI will lead a discussion on the physical impacts of climate change and how adaptation finance can be boosted with three finance sector experts. Niranjan Banodkar, CFO at Yes Bank, will convey how financial institutions are addressing climate change in India, emphasising the need to identify opportunities to build climate resilience. Adi Mukherjee, Head of Climate Risk Management at Standard Chartered, reflects on the role of banks in risk management.  The role of regulators and central banks is underlined by Antoine Boirard, climate expert at the Banque de France and Network for Greening the Financial System.

Register for the first session here.

17.00 CET | Part 2. Physical risk case studies: how to practically integrate climate risk assessment and disclosure into mainstream financial decision making?

UNEP FI’s TCFD Programme lead, David Carlin, will give an overview of the series of pilot projects conducted by UNEP FI to help financial institutions from across banking, investment and insurance apply the TCFD’s recommendations in relation to physical and transition risks.

Case studies will be presented by two of UNEP FI’s member institutions: Marieke Bonekamp will present Rabobank’s analysis of drought impacts on wooden piled foundations in the Netherlands, and David Goldsworthy will explain Standard Bank’s approach to analysing wildfire and agriculture risks in South Africa.

Register for the second session here.