奥纬咨询（Oliver Wyman）：2020年气候变化报告：金融服务的三大必要条件（英文版）（23页）.pdf

1、CLIMATE CHANGE Three imperatives for financial services First, climate risk is not yet being factored into capital pricing and allocation decisions. Partly this is because of the difficulty in doing so. Assessing the impact of either physical climate change or of rapid transition is complex, and not

2、 well captured by models that are built on historical data. But the science is developing fast, built around forward-looking scenario analysis. We have applied this to model one type of transition risk the impact of a carbon tax on two carbon- heavy industries: power and oil this represents arguably

3、 the single biggest growth opportunity for the industry. So what can be done to move faster? Many competing approaches are emerging and the data and disclosures are all still weak. There are many analytical gaps and there is no overarching framework. These things will all improve over time. But the

4、time has come for the industry to move firmly into action. The financial services industry plays a crucial role in the economy by allocating and charging for capital. We can only transition towards a climate-sustainable economy quickly if financial services plays this role well. Today, this mechanis

5、m is not working well enough, for two simple but crucial reasons. WE SEE THREE IMPERATIVES First, the industry needs to tackle the complex work needed to understand its risks. It then needs to act on this. Rating agencies, banks, asset managers and insurance companies need to significantly invest in

6、 improving data capture and granular modelling of physical and transition risks, and reflecting this in credit ratings and security valuations. Better corporate disclosure is vital and financial services firms can play an important role in pushing for this. But measurement alone is not sufficient. I