McKinsey_Website_Accessibility@mckinsey.com, nine specific cases where climate change extremes are measurable. Can coastal cities turn the tide on climate risk? These include 1) regulation; 2) research, development, and deployment of new technologies; 3) conservation; 4) efforts to increase public awareness; 5) positive incentives to encourage choices that lower emissions; and 6) adding a price to greenhouse gas emissions, which creates incentives to reduce emissions broadly. Share this article : E-Mail. We use this information to make the website work as well as possible and improve government services. This Commonwealth Marine Economies Programme (CMEP) report card provides a summary of climate change impacts on coasts and seas in the Pacific island region, and how Pacific islands can respond. Key adaptation measures include protecting people and assets, building resilience, reducing exposure, and ensuring that appropriate financing and insurance are in place. We pay our respects to their Elders past, present and emerging. Managing the impacts of climate change: risk management responses. Global risks. The EmBARK-project investigates time scales and possible trajectories of socio-economic transformation processes and analyse their relevance as potential barriers to adaptation to climate change. The intensification of climate hazards across regions will bring areas hitherto unexposed to impacts into new risk territory. Ultimately, this can help reduce the amount that climate will change and thereby increase the potential that societal impacts will remain manageable. John Gorton Building Create a profile to get full access to our articles and reports, including those by McKinsey Quarterly and the McKinsey Global Institute, and to subscribe to our newsletters and email alerts. The risk associated with the impact on workability from rising heat and humidity is one example of how poorer countries could be more vulnerable to climate hazards. The "Climate Action Tracker" is an independent science-based assessment, which tracks the emission commitments and actions of countries. Please sign in to print or download this article. New York, USA, T / +49 (0)30 2 59 22 95 20 Will the world's breadbaskets become less reliable? Case studies. 45 Beacon Street Boston, MA 02108-3693, DC Office: Averages also conceal wide spatial disparities. Pacific marine climate change report card reveals full regional impacts, Tropical cyclones: impacts, the link to climate change and adaptation - briefing, Global climate change impacts on children, The human imperative of stabilizing global climate change at 1.5°C, Water availability in Pakistan from Hindukush–Karakoram–Himalayan watersheds at 1.5°C and 2°C Paris Agreement targets, Etat des lieux des connaissances scientifiques sur les changements climatiques pour les secteurs des ressources en eau, de l’agriculture et de la zone côtière au Sénégal, 1.5°C Hotspots: Climate Hazards, Vulnerabilities, and Impacts, Temperature-related mortality impacts under and beyond Paris Agreement climate change scenarios, Pacific Marine Climate Change Report Card 2018, PAS-PNA Science-based national adaptation planning in Sub-Saharan Africa, EmBARK - Temporal Evolution of Barriers to Adaptation and their Relevance for Climate Related Loss and Damage, Climate Risk Adaptation and Insurance in the Caribbean. People create and sustain change. Is climate change reaching a point of no return? Under-prepared: While companies and communities have been adapting to reduce climate risk, the pace and scale of adaptation are likely to need to significantly increase to manage rising levels of physical climate risk. As far as possible, banks should measure climate exposures at a number of levels, including by portfolio, subportfolio, and even transaction. Could climate become the weak link in your supply chain? The guide describes how the routine application of the Standard can be extended to include the risks generated by climate change impacts. Systemic: While the direct impact from climate change is local, it can have knock-on effects across regions and sectors, through interconnected socioeconomic and financial systems. Individual loss events cannot be attributed directly to climate change. Intensifying climate hazards could put millions of lives at risk, as well as trillions of dollars of economic activity and physical capital, and the world’s stock of natural capital. A thorough understanding of climate change is essential for an insurer's risk management. Please create a profile to print or download this article. While our case studies illustrate the localized impacts of a changing climate, rising temperatures are a global trend and we assess how physical climate hazards could evolve in 105 countries. Chapter 5 describes the workshop process itself and how to effectively identify, analyse and evaluate the risks to the organisation arising from changes in climate. You’ve accepted all cookies. In general, the land surface has warmed faster than the 1.1-degree global average, and the oceans, which have a higher heat capacity, have warmed less. Already today the global average temperature is 1°C above pre industrial times. SIDS and LDCs face particularly great challenges. Reinsurance solutions for agricultural risks, NatCatSERVICE - The natural catastrophe loss database, NATHAN - Assessing your natural disaster risks, Risk transfer solutions for governments and municipalities, Weather risk solutions — Our solutions, your benefit, Insurance covers for electrical energy storage systems, Risk management for the photovoltaics industry, Risk-transfer solutions for on- and off-shore wind power, Risk solutions for the bioenergy industry, Global Head Climate & Public Sector Business Development, Head of Research: Climate Risks and Natural Hazards, Volatile weather can significantly affect your costs and profits, Natural disasters — Losses are trending upwards, No-one can escape the uncertainty of agricultural risks, but everyone can prepare for them, We use cookies on our websites to improve your experience as an internet user, and to optimise our online services. In this report, we link climate models with economic projections to examine nine cases that illustrate exposure to climate change extremes and proximity to physical thresholds. This geospatial analysis relies on the same five-systems framework of direct impacts that we used for the case studies. Department of Agriculture, Water and the Environment, Threatened species & ecological communities, Environment Protection and Biodiversity Conservation Act 1999, National Climate Resilience and Adaptation Strategy, Planning for Climate Change in Natural Resource Management, Climate change impact and risk management - A guide for business and government (PDF - 1.91 MB), © Department of Agriculture, Water and the Environment, Climate change impact and risk management - A guide for business and government, enumerate risks related to climate change impacts, prioritise risks that require further attention.
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