Jodie Bricout

The commission has sent a clear signal with its White Paper released on April 1:  we must take swift action to reduce carbon emissions, but climate change is inevitable and we need to strengthen the resilience of natural and human systems now. Whilst adaptation policies are being carried out in the EU, they are often implemented in a piecemeal fashion and only in a few Member States. The White Paper presents a framework within which the European Union and its Member States can prepare for the impacts of climate change.

The Framework will endeavour to:

• Increase the understanding of climate change and possible adaptation measures.
• Embed adaptation in key EU policies.
• Develop a Clearing House Mechanism to exchange information on climate change risks, impacts and best practices.
• Support adaptation measures carried out nationally or regionally through an integrated and coordinated approach, particularly in cross-border issues and policies which are highly integrated at EU level.
• Assist countries most affected and cooperate on international adaptation issues with partner countries.

More information here.

American Insurers must disclose climate change risks to investors and regulators for the first time beginning in 2010.

The National Association of Insurance Commissioners (NAIC) voted  to require the annual filing of Insurer Climate Risk Disclosure Surveys for insurance companies with annual premiums topping $500 million.

This world first sends a clear signal to policy makers to deal with climate change now, and reinforces the need for businesses in all to integrate climate change into their strategy.

The announcement coincides with the results of Swiss Re‘s latest study into the cost of natural catastrophies and man made disasters in 2008. 2008 was one of the worst years for catastrophe losses. The total impact on the economy caused by natural and man-made catastrophes around the world added up to USD 269bn. Insurers  paid out USD 52.5bn to compensate for property claims.

Meanwhile, European insurers have long warned about the hazards of climate change for insurers; Munich Re and Swiss Re also agreed to adopt the Climate Principles to help them manage climate change risks across their services and products.

More info here.