Five Key Takeaways from IPCC's New Climate Science Report

GRI report says now is the time for financial sector firms to prepare for a low carbon future

TORONTO, Aug. 11, 2021 /CNW/ - The financial sector should move quickly to seize opportunities opening up to finance the economy of a greener tomorrow, the Global Risk Institute says in response to the report Climate Change 2021: The Physical Science Basis, published August 9 by the United Nations working group Intergovernmental Panel on Climate Change (IPCC).

In a short opinion article entitled, "We Are on the Bell Lap: Top 5 Takeaways from the IPCC's New Climate Science Report", Canada's premier agency on risk management offers five key takeaways for financial institutions in response to the IPCC's latest report which sent a shot across the bow for humanity on the state of the climate.

"Now is the time for Canada to come together across government, industry and academia and punch above our weight," says Sonia Baxendale, President and CEO, Global Risk Institute.

"Industry must pick up the pace. We have an obligation to our stakeholders, shareholders and future generations to face an unprecedented challenge and drive the innovation needed to create a sustainable low-carbon economy today – not in the distant future."

Canadian financial institutions provide capital and leverage to the country's societal and economic activity. Accordingly, they must play their part in managing and mitigating climate risk and accelerating low carbon opportunities.

The paper offers five key takeaways from the IPCC report for financial institutions:

Read more about GRI's five key messages for the financial sector coming out of the seminal IPCC report in the paper, "We Are on the Bell Lap: Top 5 Takeaways from the IPCC's New Climate Science Report", found on GRI's website: https://globalriskinstitute.org/publications/we-are-on-the-bell-lap-top-5-takeaways-from-the-ipccs-new-climate-science-report/ 

About GRI: The Global Risk Institute in Financial Services (GRI) is the leading forum for ideas, engagement and building capacity for the management of risks in the financial services sector. We are a non-profit, public and private partnership with 46 government and corporate members from asset management, banking, credit unions, insurance and pension management. GRI's goal is to develop fresh perspectives on risks, to engage members, and to enhance risk management skills. Our activities support academics, corporations, policy makers and regulators. We take a global view of the risks facing the financial services industry from our base in Toronto, Canada.

SOURCE The Global Risk Institute in Financial Services