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Please contact Elon Musk, Zuckerberg, or any other billionaire and have them contact me to fund me $1 billion dollars US to allow deployment of CDR and SRM to allow me to Save the Planet. Or have Trump contact me and make me climate change tzar to do the same thing.
Global economy could face 50% loss in GDP between 2070 and 2090 from climate shocks, say actuaries Exclusive: Report by risk experts says previous assessments ignored severe effects of climate crisis https://www.theguardian.com/environme…
Institute and Faculty of Actuaries (in the UK) https://actuaries.org.uk/
New Report: Planetary Solvency–finding our balance with nature; Global risk management for human prosperity https://actuaries.org.uk/document-lib…
Institute and Faculty of Actuaries: Guest blog: Could the consequences of climate change frustrate our ability to tackle its causes? https://blog.actuaries.org.uk/could-t…
Strategic Climate Risk Assessments https://www.scri.org.uk/projects
Hottest year on record sent planet past 1.5C of heating for first time in 2024 Highest recorded temperatures supercharged extreme weather – with worse to come, EU data shows https://www.theguardian.com/environme…
Copernicus (European Climate Services) https://climate.copernicus.eu/global-…
Copernicus The 2024 Annual Climate Summary Global Climate Highlights 2024 https://climate.copernicus.eu/global-…
Forward of the report:
Actuaries deal with risk and uncertainty. The techniques they have developed underpin the functioning of the global pension market with $55 trillion of assets, and the global insurance market, collecting $8 trillion of premiums annually, to help us manage risk. Society trusts actuaries and other risk management professionals to minimise the risk of failure in these markets by managing the complex risks these industries face. This report shows how policymakers can adapt these risk management techniques and apply them to the global risks we currently face.
Global risk management is currently failing and blind to systemic risk
Risk management can fail. Following the global financial crisis, Her Majesty Queen Elizabeth II famously asked the London School of Economics why nobody had noticed it was on its way. They concluded this was ‘a failure of the collective imagination … to understand the risks to the system as a whole.’ As well as a failure to see systemic risk, risk management can fail because risks aren’t understood due to incomplete knowledge, or are disregarded as they are considered unlikely to occur. Risks can also be badly communicated, with important messages lost in scientific detail, or fall victim to misaligned incentives such as short-term profit winning over long-term sustainability. High-profile climate change assessments in wide use significantly underestimate risk as they exclude many of the most severe risks we could face. Yet it is these extremes that should drive policy decisions – what is society willing to accept? And what actions can we take to mitigate those
outcomes that we find unacceptable? Policymakers are currently unable to hear warnings about risks to ongoing human progress, or unwilling to act upon them with the urgency required.
Planetary Solvency
Planetary Solvency addresses this by bringing together well-established risk management techniques, cutting edge systemic risk assessment methodologies and the deep understanding of science to develop the RESILIENCE principles, a set of guidelines for effective civilisational risk management. Planetary Solvency incorporates Earth system challenges, human society, and the economy, proposing a way to define and communicate novel risk limits for our global society, to demonstrate the need for increased urgency from those with agency. Combining science and risk is important; science provides a deeper understanding of the issues faced, risk assesses the consequences and recommends actions to mitigate or avoid them. Put simply, Planetary Solvency provides a risk management approach for policymakers to steer human activity safely, within tolerances, to deliver a ‘Good Anthropocene’.3 The choice is simple: continue to be surprised by rapidly escalating and unexpected climate and nature-driven risks, or implement realistic Planetary Solvency risk assessments to build resilience and support ongoing prosperity. We urge policymakers to work with scientists and risk professionals to take this forward before we run the ship of human progress aground on the rocks of poor risk management.
See Paul Beckwith’s review of the report here.
Read and download the UK Actuaries’ report here.
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