By Will Bugler Lloyd’s insurance market has posted losses for a second consecutive year as a series extreme weather events drove claims to £19.7bn in 2018. California’s devastating wildfires, that also forced a major utility company to file for bankruptcy, were especially costly for the insurer. Major extreme weather events, many of which are likely…

The Green Climate Fund (GCF) aims to support developing countries to take ambitious action on climate change. It helps to facilitate the flow of climate finance from rich countries to developing ones. Accessing the GCF is a time-consuming process, and capacity constraints and the complicated procedures for accessing funding are affecting many developing countries’ ability…

By Laura Canevari and Robin Hamaker-Taylor On 15th April, 2019, the Prudential Regulation Authority (PRA) has released a supervisory statement relevant to all UK banks and insurance firms and groups. This SS is in alignment with PRA´s commitment to enhancing its approach to supervising the financial risks from climate change and to enhancing the resilience of…

As the demand for climate services grows, questions are beginning to be asked about the assumptions behind some of the tools and methods used to translate climate science into information that can be used by decision-makers. Many of these assumptions are considered to be proprietary, and therefore exist within a ‘black box’, with end users…

By Will Bugler Fifteen Pacific island countries are part of the newly launched Pacific Adaptation to Climate Change and Resilience Building (PACRES) project under the Intra-African Caribbean Pacific (ACP) Global Climate Change Alliance Plus (GCCA+) Programme funded by the 11th European Development Fund’s (EDF). The EUR 12 million project aims to strengthen adaptation and mitigation…

By Tim Radford Runaway climate change will alter the pattern of ocean productivity and circulation and play perhaps irreversible havoc with fish catches. LGlobal ocean productivity – the annual bloom of algae and the cornucopia of molluscs, shrimp, krill, squid, fish and marine mammals that depend on this flowering of the blue planet – could…

By Will Bugler The New York City Panel on Climate Change (NYCPCC), released last month, its 2019 report on the science of climate change and its implications for New York City. The report finds that climate change is affecting everyday life in New York today, and that climate impacts will continue to increase over the coming…

By Will Bugler On Friday 8 March, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) hosted the first meeting of the Climate Financial Risk Forum (CFRF). The objective of the CFRF is to build capacity and share best practice across financial regulators and industry to advance financial sector responses to the financial risks…

By Anitha Karthik Melting glaciers, rising sea levels, global warming and violent storms: the effects of climate change are well documented. But a growing weather trend that has caused much concern is storm clustering – when three (sometimes more) hurricanes or typhoons group together in a short space of time, gathering strength and unleashing even greater devastation.…