Market research for a Climate Services ObservatoryGo to marco website
The financial services sector has an increasing need to improve its understanding of how climate change risks and opportunities affect investments, for example, changes in productivity as a result of climate impacts may influence asset value. Insurance on the other hand is not only interested in changing risk levels, but also in opportunities for new risk sharing mechanisms.
In the financial sector, re-insurers and development banks (e.g. World Bank; IBRD) have already built up experience with the use of a large array of climate services (CS). Yet for most of the financial sector, e.g. commercial banks, equity funds, other private investment firms, and pension funds, the use of CS and interest in climate change impacts in general is a quite recent phenomenon. As such, there is significant potential for CS to support financial institutions that are only now starting to consider the integration of climate risks into their risk management processes and strategies.
Engaging with stakeholders of the financial sector will be essential to understand if and how the sector uses CS, how it acquires them, and if the current supply of CS products is appropriate for the sector.
Stakeholders who decide to participate in the workshops of this work package will benefit significantly by gaining a better understanding of the CS market and how it can inform their work.
Stakeholders are expected to be engaged over a period from March to October 2017.