Hello and welcome to GARP’s Climate Risk Podcast series, where we will be investigating how climate change is impacting the world of business and finance and what this means for risk management. Through the course of this series we will be bringing you insights from those working at the cutting edge of climate change. We will be joined by regulators, business leaders and risk practitioners who will help us build up a holistic view of the risks and opportunities that climate change poses and ...
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Climate change trends and the analysis of potential business implications.
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How to Fix Climate Change & Biodiversity Loss at the Same Time
33:38
33:38
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Hear from Prof. Pete Smith of the University of Aberdeen, as we explore the overlap in the challenges from, and solutions to, climate change and biodiversity loss. Climate change and biodiversity loss are often treated separately – in science, policy, and even risk management. But as the connections between these global crises come into sharper foc…
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Carbon Pricing: Harnessing the Power of Markets to Drive Climate Action
35:44
35:44
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Hear from Gordon Bennett, Managing Director at ICE, as we dive into theory and practice of carbon pricing and its important role in driving the transition to net zero. Carbon pricing is the poster child of market-based solutions to climate change. The principle is simple: by assigning a cost to greenhouse gas emissions, we incentivize polluters to …
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Rethinking Natural Catastrophe Modeling: New Approaches for a Changing Climate
34:41
34:41
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34:41
Hear from three leading experts in natural catastrophe modeling, as we explore how climate change is causing the insurance industry to rethink their approach to modeling extreme weather. In the previous episode, we discussed the challenges facing the insurance industry from climate change – so in this episode, we’re going to dive into some of the s…
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Uninsurable: The Future of Insurance in a Changing Climate
34:46
34:46
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Hear from two leading experts, as we explore how insurance is adapting to climate change and the role of the industry beyond underwriting. Insurance plays a critical role in protecting households and businesses from the impacts of climate change, and with physical risks on the rise, it will become ever more important. However, insurers have also be…
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Urban Resilience: How Our Cities Must Adapt to Climate Change
31:58
31:58
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Hear from Emma Howard Boyd CBE, Chair of the London Climate Resilience Review, as we dive into the challenges of climate adaptation and what it means for our cities. 2023 was not only the warmest year on record, it also marked the warmest 10-year period on record. As we witness first-hand the impacts of a warming climate, including heatwaves, more …
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GARP’s Sustainability & Climate Risk Certificate: Register Now
16:47
16:47
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In this special episode, hear from Tony Rooke, Executive Director at Howden Group Holdings and Beth Gould Creller, GARP’s Sustainability & Climate Risk Program Lead, as they discuss the recent improvements to the SCR’s syllabus and learning experience. Long-time listeners of the podcast will have noticed that we often mention GARP’s Sustainability …
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Why NDCs Aren’t Working and How to Fix Them
53:49
53:49
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Hear from Lord Adair Turner, Chair of the Energy Transitions Commission, as we explore the shortcomings of nationally determined contributions and how they might be improved. Nationally determined contributions, or NDCs, are a bit like transition plans for countries, in that they set out what a country plans to do in order to meet the ambitions of …
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Hear from Robin Millington, CEO of Planet Tracker, as we discuss how and why businesses should be thinking about their dependencies and impacts on nature. Sustainability is a complex topic, and for a long time, climate has been at the heart of discussion. Other challenges like pollution and biodiversity loss have often been sidelined. Recently howe…
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Accelerating the Transition: Reflections of a Shareholder Activist
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31:42
Hear from Catherine Howarth OBE, CEO of ShareAction, as we dive into the world of shareholder activism and how it can be used to guide institutional investors towards sustainable behaviours. Moving away from fossil fuels is unambiguously the most crucial step in the transition to a sustainable net-zero world. And yet, governments and institutional …
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AI, ESG and 1.5 Degrees: UNEP FI Reports at the Frontier of Climate Risk
37:48
37:48
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Hear from David Carlin, Head of Risk at the UNEP Finance Initiative, as we dive into their latest reports covering the climate risk tool landscape, the use of AI in disclosures, and 1.5 degree warming scenarios. As the world’s leading authority on the environment, the United Nations Environment Programme (or UNEP), has a mission to inspire, inform,…
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The Psychology of Climate Change: How to Build Consensus through Communication
35:24
35:24
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Hear from George Marshall, Author of “Don’t Even Think About It: Why Our Brains Are Wired To Ignore Climate Change,” as we dive into the psychology of climate change. If you follow this podcast, you probably already have a good understanding of the nature of climate change, the risks it poses and why we need to act decisively and with urgency. But …
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Five Times Faster: Ways to Accelerate the Transition to Net-Zero
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38:00
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Hear from Simon Sharpe, Director of Economics at the UNFCCC Climate Champions, as we explore three key problems that are impeding the transition to net-zero and how to address them. We know that reaching net zero emissions quickly enough to avoid the worst impacts of climate change will be very challenging. But are we making it even more difficult …
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The Inevitable Policy Response Forecast: Optimistic or Realistic?
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34:12
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Hear from Dr. Jakob Thomae, Project Director for the Inevitable Policy Response, as we discuss their latest forecast and what it means for the transition to net-zero. Scenario analysis is the natural tool for anyone wanting to understand how climate-related risks might evolve over coming decades. The vast majority of climate scenarios, regardless o…
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EU Deforestation Directive: Overcoming Challenges in Supply Chain Transparency
36:18
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Hear from Thomas Vaassen, Co-Founder and CEO of Meridia, to learn how the EU Deforestation Directive is changing the nature of data required across supply chains. Supply chains are becoming an ever-greater focus for risk professionals. Firms increasingly want to measure the carbon footprint of their suppliers, or better understand their resilience,…
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What We Learned About Climate Risk in 2023
40:57
40:57
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Hear from Jo Paisley and Maxine Nelson of the GARP Risk Institute as they look back on key learnings from the latest season of the Climate Risk Podcast. As we head into 2024, Jo and Maxine look back at the past year of Climate Risk Podcasts, reviewing key learnings from our guests and discussing ongoing trends in climate risk management. From acade…
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The Power and Pitfalls of Models in Climate Risk Management
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33:56
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Hear from Dr. Erica Thompson, as we examine the modelling ecosystem and when we need to escape it to make real-world decisions. Climate science – like many areas of our lives, such as economics or public health – is based upon models. These models are often used to justify certain courses of action, such as investments in climate mitigation or adap…
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Bridging the Gap between Climate Science and Risk Management
30:24
30:24
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Hear from David Schimel and Pooja Khosla of Entelligent, as we explore the intersection of climate science and risk management. For over 30 years, the Intergovernmental Panel on Climate Change, or IPCC, has reported on the future physical impacts of climate change, based on the best available science. But these predictions have tended to underplay …
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TNFD and Beyond: An Introduction to Nature in Finance
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35:34
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Hear from Simon Zadek, Executive Director at NatureFinance and Senior Advisor to the TNFD, as we explore the growing intersection of nature and finance. With the recent release of the Taskforce on Nature-related Financial Disclosures Framework (TNFD), the idea of nature risk is now in the spotlight for many finance professionals. Even though some m…
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The COP28 Survival Guide: How it Works and What to Expect
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Hear from Nigel Topping, Former UN Climate Change High-Level Champion for COP26, as we set the scene for COP28 in Dubai. The COP, or Conference of Parties, is the annual convention of the signatories of the United Nations Framework Convention on Climate Change (UNFCCC). This is where all the high-level decision-making around the global transition t…
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Dealing with Uncertainty in Scenario Analysis: Stochastic vs. Deterministic Approaches
37:36
37:36
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Hear from Ron Dembo, Founder and CEO of riskthinking.ai, as we apply stochastic thinking to the challenge of climate scenario analysis. One of the most difficult aspects of managing climate risk is its inherent uncertainty. Because we can’t know with absolute confidence what our future climate, economy or society will look like, we therefore can’t …
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License to Drill: What New Oil & Gas Extraction Means for the Energy Transition
26:34
26:34
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Hear from Jane Stevensen of JS Global Advisory, as we examine the overall progress of the global energy transition. We always knew that the transition to net-zero wasn’t going to be smooth. Political realities must be considered, especially during a period of increased concern over energy security. A good recent example of political backsliding is …
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Climate Risk Taxonomies 101: A User Guide
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30:22
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Hear from Bob Buhr of the Imperial College Business School, as we explore ways of organizing the risks from climate change. A risk taxonomy is a key underpinning of enterprise risk management. Used by firms to create a common risk language, it underpins a range of activities, such as risk identification, risk appetite setting and risk horizon scann…
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Why Extreme Climate Physical Risks Are Closer Than You Might Think
32:50
32:50
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Hear from Rohan Hamden, Co-Founder and CEO of XDI, as we examine how climate-related impacts are exceeding our models and why the need for adaptation has never been greater. Despite our best efforts to measure and model the physical risks from climate change, the impacts continue to outpace our expectations. Consequently, we are left dangerously un…
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The Future of the Carbon Markets Explained for Risk Professionals
35:27
35:27
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Hear from Mike Azlen, Founder and CEO of Carbon Cap Management, as we explore the ever-changing carbon markets and the future of emissions trading. The carbon markets can be very confusing. Between offsets, credits, permits, and allowances, it can be hard to understand the many ways emissions can be traded, as well as the different mechanisms for p…
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From Startup to Sustainability: Innovating For The Climate Emergency
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Hear from Nicky Dee, Co-Founder of Carbon13, as we take a closer look at the climate startup ecosystem and how it’s changing the way we decarbonize. Many sectors, especially hard-to-abate ones such as steel and cement, are failing to align with a 1.5-degree world and still require fundamental change to become viable in a low carbon economy. Recogni…
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Powerful Risk Management: Insurance Foundations for High-Integrity Carbon Markets
36:19
36:19
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36:19
Hear from Natalia Dorfman, CEO & Co-Founder of Kita, as we explore the potential role of insurance in boosting the integrity of the voluntary carbon market. The voluntary carbon market will likely be an important tool in the transition to net-zero. Even if the world stopped emitting today, enormous amounts of greenhouse gas would still need to be r…
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Soil: An Invisible Crisis and Massive Climate Opportunity
36:26
36:26
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36:26
Hear from Professor Jo Handelsman on the threats and opportunities that arise from soil – a vitally important resource that many of us take for granted and yet is at significant risk. Humans depend on soil for 95% of global food production, yet it is eroding at unsustainable rates. Climate change is making this worse, for example as rainstorms are …
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Embedding Climate Within Risk Management: A Practitioner’s Guide
35:28
35:28
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Hear from Chris Howland and Lars Popken of Deutsche Bank, as we delve into the complexities of incorporating climate risk within financial institutions. Measuring and managing the risks from climate change is often a challenge for many financial institutions, partly due to a lack of consistent data and analytical tools. As a result, many are still …
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Balancing Mitigation and Adaptation: Insights for the Financial Sector
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36:20
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Hear from Dr. Nicola Ranger, Director of Climate and Environmental Analytics at the UK Centre for Greening Finance and Investment (CGFI), as we discuss the importance of climate adaptation. When discussing humanity’s response to climate change, we often draw a dividing line between the competing priorities of mitigation and adaptation. Simply put, …
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How Film and Television Are Adapting to Climate Change
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32:12
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Hear from Carys Taylor, Director of BAFTA’s albert programme, as we explore the issues of climate change and sustainability through the lens of film and television. The film and television sector may not have the biggest carbon footprint, but it still has an important role to play in the transition to net-zero. With 70% of the global population own…
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What We Learned About Climate Risk in 2022
33:41
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Hear from Jo Paisley and Maxine Nelson of the GARP Risk Institute as they look back on key learnings from the latest season of the Climate Risk Podcast. As we head into 2023, Maxine and Jo once again join forces to review the latest season of Climate Risk Podcasts, gleaning key insights from each guest and discussing ongoing trends in climate risk …
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CFRF Underwriting Guides: Litigation and Physical Risk
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Hear from members of the UK’s Climate Financial Risk Forum, as we dive into their brand-new publications on climate litigation and physical risk. Part 1 | Litigation Risk Underwriting Guide | 00:00:00–00:15:54 Part 2 | Physical Risk Underwriting Guide | 00:15.54–00:36:13 The Climate Financial Risk Forum (CFRF) was set up in 2019 by the UK’s Prudent…
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What climate books do you want for Christmas? Listen in to find out where to start on picking out those stocking fillers. In this special episode, Jo reunites with William McDonnell to discuss their top picks of climate books across all genres, from climate science to politics and economics, covering fiction and non-fiction. Although its light-hear…
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The “Net” of “Net-Zero”: Making Voluntary Carbon Markets Work
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28:46
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Hear from William McDonnell, COO of the Integrity Council for the Voluntary Carbon Market, as we discuss the role of carbon credits in the transition to net-zero, and what changes are needed to ensure that the voluntary market can function correctly. Sign up for GARP’s 2022 Climate Risk Symposium here! Part I: Nov 22, 1:00 - 2:30 pm GMT Part II: De…
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Hear from Bruce Usher, Professor of Practice at Columbia Business School, as we examine the investment opportunities and strategies that have emerged in response to the challenges of climate change. We know that we need to rapidly reduce global greenhouse gas emissions in order to avoid catastrophic levels of climate change. This will require consi…
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Data, AI, and Innovation: Insights from the Frontiers of Climate Science
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Hear from Prof. Emily Shuckburgh OBE, Director of Cambridge Zero, as we explore the potential for machine learning to help us navigate an increasingly difficult transition to net-zero. Time is fast running out to limit end of century warming to 1.5oC. With significant European energy insecurity in the wake of the Ukrainian war, and increasing diplo…
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How Politics Shapes Climate Policy: Insights for Risk Professionals
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Hear from Prof. David Victor and Dr. Danny Cullenward, as we dive into the political forces that mould the climate policy landscape. Designing climate policies that are effective in achieving climate change mitigation and adaptation is a major challenge. Most economists argue for a carbon tax, which helps align incentives appropriately. But the cos…
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30,000 Years in 30 Minutes: Climate Risk from an Archaeologist’s Perspective
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Hear from Prof. Brian Fagan, Distinguished Emeritus Professor of Anthropology at the University of California, as we dig up lessons in climate risk from the ancient world of our ancestors. Humanity has been subject to extreme weather and natural climate change for millions of years, and we can trace its impacts back to even our most ancient civiliz…
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The Green Bond Market Explained (And Why Investors Do Need to Worry About Climate Risk)
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Hear from Sean Kidney, CEO of the Climate Bonds Initiative, as we explore the many ways finance is going green, from the phenomenal growth of the green bond market, to the ongoing revolution in investor sentiment, to the growing financial risks from climate change… and much, much more! There are few challenges facing humanity as important as the tr…
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EU Taxonomy for Sustainable Finance: Everything You Wanted to Know, But Were Too Afraid to Ask
33:21
33:21
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Hear from Eila Kreivi, Chief Sustainable Finance Advisor at the European Investment Bank, as we take a closer look at the EU Taxonomy, including what it is and isn’t, how it developed, and what it means for the future of sustainable finance. A key challenge with tackling climate change is how to channel the vast amount of private sector investment …
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30 Years of Catastrophe Modelling: Lessons for Risk Professionals
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Hear from Fathom’s Matthew Jones and Andrew Smith as we discuss the challenges and opportunities created by climate change for modellers of physical risk. Modelling physical risks, particularly from natural catastrophes, is challenging, requiring specialist knowledge and complex data sets. Additionally, with climate change affecting the frequency a…
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The Oceans & Climate Explained (and Why it Matters to Finance)
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Hear from Julie Pullen, a leading expert in ocean-atmosphere interactions, on how our oceans are being affected by climate change, what we stand to lose, and how we can restore them whilst building resilience. The world’s oceans are critical to all life on Earth. They have also buffered us against the worst impacts of climate change, absorbing abou…
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Supply Chains: Why Sustainability is the Best Form of Risk Management
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Hear from Kevin Dooley, Distinguished Professor of Supply Chain Management, as he talks to us about how managing the sustainability of your supply chain is the best approach to risk management. Supply chains are an absolutely integral part of the modern global economy. But as they grow in complexity, they become more fragile. They are also often op…
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Culture and Capability: An Asset Owner’s Guide to Net Zero
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Hear from Alan Smith, First Church Estates Commissioner, about the culture and capabilities that asset owners look for in the companies they invest in. Asset owners have a fiduciary duty to act in the best interests of their ultimate beneficiaries, which often forces them to take a longer-term perspective than many other types of financial firms. S…
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Achieving Net-Zero: Reframing Climate Change as a Supply Side Issue
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Hear from Mark Campanale, Founder of the Carbon Tracker Initiative, as we dive into the strategies being used to align financial markets to a net-zero economy. Global financial markets play a major role in addressing the challenges of climate change. But is the financial system equipped with the right tools to progress the net-zero transition with …
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Sustainability and Space: Lessons from Low Earth Orbit
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Amidst growing concerns over the sustainability of space-based technologies, Chris Geiger explains his firm’s strategy for overcoming the many challenges at this frontier of engineering. Space-based technologies are an increasingly important part of the global infrastructure and — like all of Earth’s resources — should be managed sustainably. This …
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What We Learned About Climate Risk in 2021
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As we head into 2022, Jo and Maxine look back at the past year of Climate Risk Podcasts, reviewing key learnings from our guests and discussing recent trends in climate risk management. From lawyers to professors, regulators to entrepreneurs, we’ve had a great variety of guests talk about a wide range of topics over the last year. This episode re-e…
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Adapting to Tail Risks: Surviving the Cascading Risks from Climate Change
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By their very nature, it can be extremely difficult to capture the truly disastrous potential of the tail risks associated with climate change. Additionally, the growing complexity of human and natural systems means that tail risks will continue to arise in unexpected and novel ways. In today’s episode, we’ll explore a new perspective on understand…
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Confessions of an Economist: How Imperfect Policymaking Will Shape Transition Risks
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Many of the financial risks that will arise from the transition towards a net-zero economy will be determined by what climate-related policies are enacted, the speed with which policymakers act, and how the economy evolves in response to these policies. Given economics’ critical role in policymaking, the economist’s perspective on climate change pr…
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The Financial Risk & Climate Change Connection
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How do we apply the principles of financial risk management to the challenge of climate change? In this episode, we connect the worlds of climate and finance with renowned economist Dr. Bob Litterman.By Climatrends
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