193. Livery Climate Action Group, Willis Towers Watson (WTW), 51 Lime Street, London, 28 May 2024
They aimed
to identify how our skills, knowledge and connections can support industries in
their journeys and agree specific and actionable next steps to ensure this is
the start of real impact.
Participants
included Livery members from the Insurers, the Engineers, the Entrepreneurs,
the Information Technologists, and LCAG representatives from other Liveries.
The session was
in three parts: a series of short-sharp 'fire starter' comments from a series
of experts; working sessions in tables of ten people, with a cross-Livery mix;
and then a share-back to the full group from each table with a clear focus on
next steps.
They are due
to write up the overall event and nominated "table leaders" to take
one or more of the actions forward.
The presentations
started with Past Master Insurers Nick Dunlop who stated that insurance markets
needed to move away from traditional thinking.
They must transition to the new economy, new insights, data and
expertise.
Past Master Engineer
Raymond Joyce emphasised the importance of early ideas transitioning into
commercial operations. $7-9.2 trillion
are needed for innovation. Everyone must
be able to pay for insurance cover.
There is a lack of urgency, a “backs to the wall” psychology.
Peter Carter
from WTW stated that climate change was a risk amplifier. Despite the Paris agreement, we were failing
to meet 1.5®C as we had already reached 1.45°C in 2023 - the highest change in human history. Emissions continue to rise; therefore
temperatures will continue to rise. There
will be severe consequences for society.
We need to build more resilience. Regulation has an important role. Currently it is too focused on climate
sustainability reporting and not enough on action. It is too inwards-focused. We need more
climate risk models.
Sheriff Bronek
Masojada started his career as a civil engineer in South Africa. He was offered £6.5k as an engineer at Ove
Arup or £18k at Mackenzie. Engineering
needs to pay more. Insurance is always
available - you just have to be prepared to pay the price. He opposed Flood Re as it failed to address
the bigger problems and took responsibility away from householders at risk from
flooding.
He described
the Geneva Association as the only international association of insurance
companies - 100 companies from around the world. He was trying to raise concern about climate
change but could not get agreement on the cause. Instead he sought agreement that they would focus
on mitigating the effects.
He
emphasised that the City is committed to climate neutrality by 2024. They were investing in solar farms in the
South West. In Nepal there is huge potential
for green energy but seismic activity is affecting the plants so they need
insurance to ensure continuity of supply.
15 years ago
he installed ground source heat pumps at home and has been saving money
since. Businesses and politicians should
lead the way even though it may cost them.
We then
worked through three questions on driving change to address climate
change. With so many practitioners,
there was a strong focus on how we can deliver through new technologies, eg
hydrogen, ammonia, fusion, micro nuclear, rather than making better use of
existing technologies, eg solar, wind.
They could have done with more environmentalists and scientists.
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