California Releases Climate Draft Plan, Axis Accelerates Retreat from

Insurer Axis Capital Holdings Limited announced a new policy restricting insurance and investment in coal, tar sands oil and arctic oil and gas.

California Releases Climate Draft Plan, Axis Accelerates Retreat from
California Releases Climate Draft Plan, Axis Accelerates Retreat from

Axis committed to discontinue insurance of any company developing coal infrastructure and to phase out all coal business.

Axis says it will not provide insurance for companies that are developing new thermal coal plants or mines or their dedicated infrastructure, and it will provide insurance, alternative reinsurance and investment portfolios in OECD countries and the European Union until 2030. Committed to completely eliminate thermal coal business. and by 2040 globally, according to Insure Our Future, an active campaign involving environmental, consumer protection and grassroots organizations

“At Axis it is our belief that the [insurance/reinsurance] industry needs to be at the forefront of efforts to transition to a low-carbon economy,” said Albert Benchimol, Axis President and CEO, in prepared remarks. "Today's action reflects the determination and commitment of our team to contribute to positive environmental change." According to Insure Our Future, more than 30 insurance companies have announced restrictions on coal insurance, of which seven have committed to eliminating coal altogether.

california

The California Governor's Office of Planning and Research released a draft of the state's climate adaptation strategy this week.

The release of the draft opens a public comment period that lasts until November 17.

The draft strategy is designed to accelerate climate adaptation action in California, identify state agency actions that can fit together to achieve priorities, and learn more since the first climate adaptation strategy in 2009. Can build on lessons.

The final strategy is expected to be released in the form of a website that serves as a hub for state climate resilience action.

"The people of California are experiencing what scientists have been explaining for decades: Climate change is accelerating and threatening our communities and way of life," California Secretary of Natural Resources Wade Crowfoot said in a statement. “Disastrous wildfires, worsening droughts, and record-breaking heat now threaten our communities and natural spaces. This adaptation strategy directly responds to these threats. It ties together many of the already important efforts to protect people and nature from climate change and prioritize additional actions we must take. Simply put, there is no time to waste. "

Three regional workshops and two tribal hearing sessions are scheduled to seek inputs on the draft. Details of those sessions will be posted on the 2021 California Climate Adaptation Strategy web page.

99.9%

According to a survey of 88,125 climate-related studies by Cornell University researchers, more than 99.9% of peer-reviewed scientific papers agree that climate change is primarily caused by humans.

The research updates a 2013 paper that showed at the time that 97% of studies published between 1991 and 2012 supported the notion that human activities are changing the planet. The current Cornell survey examines academic literature published from 2012 to November 2020.

"We are almost certain that the consensus is now over 99% and that this is pretty much the case for any meaningful public conversation about the reality of human-caused climate change," Mark Linas, one of the paper's authors, was quoted as saying. saying in a Cornell Chronicle article on the new research.

The research, titled "Over 99% consensus on human-caused climate change in peer-reviewed scientific literature," was published this week in the journal Environmental Research Letters.

The researchers began with a random sample of 3,000 studies drawn from 88,125 English-language climate papers from 2012 and 2020. The researchers found that only four out of 3,000 papers suspected human-caused climate change.

climate risk management

A new global survey by the Global Association of Risk Professionals has found that more companies are incorporating scenario analysis into their risk assessments.

The survey, "The Third Annual Global Survey of Climate Risk Management in Financial Firms," ​​is on the GARP website. It was organized by the GARP Risk Institute, with participation from 78 financial institutions including banks, asset managers and insurance companies.

The firms participating in the survey were ranked on their climate risk management capabilities in areas such as governance, risk management, scenario analysis and disclosure.

Conclusions include:

Regulatory scrutiny is increasing. About 80% of firms report that their regulators have published formal requirements for climate risk management, while 65% say that regulators now require them to report their climate-related risks.

Most company boards oversee climate risk management – ​​92% of firms surveyed in 2021 have a board oversight of climate risk.

Wide disparity exists in climate risk measurement and tracking. best firm