 Thank you very much for joining us here this afternoon and as we will hear from an esteemed list and a wonderful and exciting new report from the Cambridge Institute for Sustainability Leadership. I'd like to welcome everyone on behalf of ClimateWise at the Cambridge Institute for Sustainability Leadership and the Association for the British Insurers. We are now going to be more formally welcomed from the council here of Glasgow City Region and I would like to invite Kevin to the stage. Thanks everyone for the opportunity, my name is Kevin Rush, I'm the Director of Regional Economic Growth as Bronwyn told you there and I'm delighted to have the chance to speak to you here today about Glasgow's green print for investment councillor Aitken, the leader of the council will come and speak about some of the wider work that Glasgow is doing shortly but if I could just give you a introduction into what we are seeking to do in the the years ahead. I would start by saying I think the city as I'm sure you're aware has had some pretty high profile visitors in the last few days from from President Biden right through to President Obama later this week from Greta Thunberg right through to other world leaders but for me speaking to the insurance industry is by far bigger than any of those because and thank you very much. My responsibility as some of you may know my responsibility is for overseeing the development of Glasgow's economy and actually in all seriousness our insurance industry is one of our strongest sectors when it comes to where our real growth opportunities are the location quotient that we have for insurance companies is the highest actually of any sector that we have so I am genuinely delighted I'm not saying if Biden was here I maybe wouldn't go and speak to him but I am delighted to have the chance to speak to you today so I don't know if someone has the slides if great and so if we just move on to the next one that would be great. So one of the things that we've had to think about as we start to look at a new approach to investment within within Glasgow is assessing I guess what the risks facing the economy of the city and all economies are these days and some work was done as many of you will know by the world economic forum which looked at the global risks landscape looked at all of the different risks that cities and major economies would face in the coming years and it wouldn't surprise anyone to know that climate was the number one risk both in terms of likelihood and impact so we know that a failure to tackle the challenges that are coming for us is the number one thing that we have to focus on even higher in this chart than infectious disease which as you know has been a major issue for all of us in the last the last two years so failure to act is not an option for us for the next slide thanks this speaks for itself so I won't I won't talk about this one what this demonstrates though is that a lot of the risks that we face as an economy are interconnected so climate cannot be seen just simply as something that you need green solutions for it's not just about biodiversity it's about the impact the impact of decisions that we have taken as business as usual has a major impact on that so therefore we have to think about things in a different way the challenges that we face are products of the economic system that we've had had in place so therefore we took a very conscious decision in Glasgow to look at a new approach the next slide please so what this slide shows and I think what I'm sure you've heard a lot of in the last few days is that we are well off target for the 2030 ambitions that the world has set itself we're not going fast enough we're not going quickly enough and we're not making the changes that are required what I would say is that some of the agreements in the last two days around things like deforestation about methane reduction I think have helped in the more modern parlance to flatten that curve somewhat we're starting to make some some real progress but we know that we need to do more and that means a systems change that means that for those of us in things like economic development we need to do things differently and that's what the green print for investment is designed to do so why green investment is needed is fairly straightforward for us in Glasgow we do tend to think of these things in numbers so we estimate the cost of moving to net zero economy to about 30 billion pounds 30 billion pounds of direct investment needed in Glasgow to move us to a net zero climate resilient economy but that's just for us so if we take the major cities in the UK and this is excluding London you're looking over 200 billion pounds of investment is required to get to net zero but the cost of inaction are even higher the cost of inaction could be up to two and a half percent of of GVA which and current figures would be two billion pounds per annum for Glasgow but actually there's going to be some inflation by 2070 those figures are going to be substantially higher than that so there's an imperative on us to invest now in the things which can help make that difference one of the things that we've had to give some serious thought to is there's a need for twin track investment now that the public sector or the private sector can do this on their own in this very stage yesterday Michael Bloomberg who's got a few Bob stood even someone like Michael Bloomberg or Jeff Bezos or some of the billionaires who've been in the city they don't have the investment required even to fix the challenge in Glasgow never mind across across the world and now does a public sector we need to work in partnership over a very very long period that's about institutional investment about pension funds about very very long-term patient capital investment but you need a clear direction a clear plan of what you you're seeking to to invest in and it's about understanding what the different roles of different partners are in that regard so for the public sector it's about enabling infrastructure it's the things that there isn't really any returning investment on that the private sector can then come in and generate some some investment off the back off so the dual roles that that we have and the green print I think is really crucial in terms of allowing aligning the city's investment with the Paris Paris convention so what we chose to launch and what if councillor Aiken had managed to get here before me she would have she would have talked about but she will talk about is that last month she launched Glasgow's green print for investment a joined up program of potential projects worth 30 billion pounds which can transform Glasgow's economy from one which is still wrestling with its industrial past to a net zero future a program joined up thought very very carefully about which will allow investors to come in from both the public and private sector and help us to secure that new net zero future that we all want so the projects on there I'm hopefully this was circulated to you beforehand but if not we can send it to you afterwards we've 11 projects in there ranging from a Glasgow Metro to words on there so it looks very straightforward it's a project which could potentially cost 15 billion pounds so it's not inexpensive but a range that they go from that really ambitious high level metro energy retrofit projects right down to relatively smaller ones that are about 50 or 60 billion pounds so we have different types of projects for different types of investors and are keen to work with others on that I won't go through all 11 because you would be incredibly bored if I did and but I'll just highlight just a couple just just to show the diversity we have within them so the first of those is the Glasgow Metro as I mentioned hugely ambitious plans for us to join up the wider city region with a sustainable transport solution Glasgow actually has the largest suburban rail network outside of London but there are huge parts of the wider city region which aren't well connected and whether it's through the advanced manufacturing innovation district whether it's through connectivity to the airport in the whole southwest of the city we believe that a new metro scheme sustainable transport green metro scheme could regenerate huge parts could generate massive economic benefit and we believe that there's a real chance of a very positive announcement on that very shortly we're expecting an outcome from the Scottish government's strategic transport projects review but this is the kind of project where I think there's a real role for the public and private sector to work together so the public sector can invest in the land capture or the potential routes private sector partners in terms of delivery of a metro whether it's through gain share whether it's through looking at what the opportunities might for a special purpose vehicle if you pardon the pun to run it this is the kind of thing where I think we can put together a business case collaboratively with the private sector the second project I would I would mention is the home energy retrofit scheme we all know one of the biggest challenges that if we're going to meet our net zero ambitions is about our housing and energy use within housing Glasgow is not unique in this but our housing stock is incredibly energy inefficient if we're going to meet the targets that have been set for all of us in the next 10 years we have to invest incredibly heavily to look at our home insulation across the city region and we estimate that in Glasgow it's about 10 billion pounds so that gives you a sense of what it's like in the wider the wider economy however the big opportunities in that both in terms of COVID recovery so skills opportunities for our young people to move into new sectors supply chain opportunities for the SME base tackling fuel poverty in some parts of the wider city and city region and importantly ourselves in Manchester are probably ahead of the game in this but this is something that has been faced by all by all cities in all city regions so again a really major plank of our green recovery the third one which is the small one at 60 to 80 million pounds so not insignificant enough itself and those of you who know the city or have been in the city in the last few days will know that we took a decision at some point in the past before I was born to run a motorway right through the heart of the city at Charring Cross and what that means is there's a real disconnection between the west end of the city and the city centre very ambitious plans to look at creating a new park over the motorway so capping the motorway creating a new city centre park which would improve active travel it would link up the west end with with the heart of the city and again one of those projects which is quite near business case development stage and one that we're quite keen to to take forward in the time ahead Susan you've arrived and everyone's looking at you now I don't even know whether I should keep going but that's a huge project for us as well and then just the final one I would mention that's within the green print for investment I think to show the different types of projects that we have so with the metro you've got one which is about connectivity and about regeneration of different areas with retrofit you've got one which is really genuinely targeted at your net zero ambitions with the M8 cap you've got one which is about improving connectivity within the city centre and active travel this one is just a straight green project this is the Clyde Climate Forest initiative we're going over the next 10 years plant 18 million trees I keep checking that figure because it just seems insane but we plan to plant 18 million trees across the wider city region which will have a huge impact in terms of carbon offset but also again creating new opportunities within that industry so the green print is not a traditional economic development approach you know we know when we go and speak to investors and things like commercial real estate or hotel occupancy exactly what they're looking for they want to know straightforward what's my yield on this what's the return on investment I get we know that there's a different approach that's required for this and in the next slide we'll just touch on that so in terms of what's next the green print is there and we know very much that this needs to be delivered in partnership this is not going to be something that we just bring to people and say can you give us a few billion out your back pocket and let us invest in this but one thing that I'm sure you'll hear from councillor Aitken when she speaks is that Glasgow isn't exactly short on ambition you know we've got the most ambitious net zero targets I think in the the UK certainly we've got a 30 billion pounds green print for investment and in case you haven't noticed we're hosting Bloody Cop so there's a sense that the city is always keen to push it's always keen to look at what the next opportunity is so ambition is never never an issue for as Michael Bloomberg stood in this stage yesterday and I'm sure briefed but described as a gallus which we thought was quite nice to to hear so there is there is a real level of ambition within within the city we know that our role as the city though is about that wider stewarding role about bringing together public and private sector together to look at how you invest in these opportunities none of us can do it on is on our own we can derisk the investments to support institutional investment to support pension funds and others to come in but none of us can do that on our own so we understand that our role is to look at this document as it evolves sometimes we'll add projects in sometimes we'll take some out once we get the money for them hopefully and but we understand what our role is there there's also a role I think for us though to improve the quality of sustainability credentials within business case projects still too often any project we invest in needs a business case and still too often the sustainability bit is sticking a few solar panels on or separating your waste into paper and plastic we understand that there's a different way in which we're going to approach that we've appointed kit england who's a new green economy manager and he is going to help everyone in the city to to do that but that is a new way of thinking kits just put his head on the table that's a new way of thinking about how we will we will deliver these things and crucially I think it for us it's about removing barriers for the private sector to not get in the way to understand what our role is but I think the final point that I would I would leave you with is that we understand that partnership is is fundamental to this and we understand what our role is President Biden said the other day that there was a role for the private sector there's a role for markets to be involved in how we we get to a net zero future and I think he was right I'm sure as he wakes up this morning he's delighted that the wee bald guy from the council agrees with him but actually that that is the only way in which we can get to the net zero future that all of us are keen to do so I'm delighted to the opportunity to be here today and I hope the rest of the event goes well thank you thank you good afternoon everyone my name is Susan Eakin I'm the leader of Glasgow City Council first of all please accept my apologies for not having been here at the opening I hope that Kevin has filled in for you very well but we're also going to have to do this a little bit backwards and you're going to have the welcome after the detailed presentation which isn't quite the normal way to do it I am going to straight up blame the United Nations I have never been involved in an event yet that they have organised that has started on time and today was no different if they had started on time I would have been back here exactly at the right time to join you when I was supposed to so apologies but also welcome we are delighted to be able to host you here during this COP26 finally there have been to put it mildly a few bumps on the road to get to this COP but we are here now and we have some serious work to do over the next couple of weeks and some enormous contributions to make the banqueting hall here are understated and subtle banqueting hall here in Glasgow City Chambers has been a real hive of international activity discussion and collaboration about the climate emergency and how different sectors and different cities can contribute and play our part in delivering real action on the climate emergency although we may not be Scotland's capital city there is a sense that I think right now Glasgow for 12 days at least is the world's capital city we are the most talked about and the most focused on city in the world right now for those of you who are unfamiliar with this building the murals around this wall I'm not going to spend time talking about them I don't have the time for that today unfortunately because they are wonderful but actually my favourite is the one that's is actually obscured by the chandelier and it's it's tucked up right on the back wall there behind the balcony and it's actually called Mother Glasgow makes her plans for the city and it feels to me particularly appropriate just now because as you've just heard from Kevin boy are we making plans probably more than at any time really since the the immediate kind of post-war era in Glasgow we are making plans for for our people for our city and for the planet because that that ultimately is what this is all about we all share the same climate and action therefore needs to be taken everywhere even if we in Glasgow think that we are we are somehow immune to this then then we are very wrong our decarbonisation contributes to the the the lessening of the potential for climate catastrophe in Bogota just as much as Bogota contributes to ours and so our plans are plans on a scale and over precedence that we've we've never really taken on in the city for a very long time and COP of course gives us a platform to showcase Glasgow that is a once in a lifetime opportunity Glasgow as an ambitious city as Kevin just said one that's drawing once again on the spirit of innovation and indeed social justice that's depicted in these murals around the wall and this time to build better lives and better places for all of our citizens and to learn the best from other cities around the world it's our opportunity to ensure that this talented and inventive and globally connected city is in the best possible place to become a pioneer in the green economy we have a compelling story to tell at one which over the past 18 months as I've been talking to global cities and international organisations as we've prepared on our extended road to COP26 has really resonated with them the idea of us being this titan of the industrial age ravaged then by the the social and physical impacts of deindustrialisation but a city that has re-emerged to address and overcome the challenges and legacies of our past and as I said a city with a plan not only to adapt to and mitigate climate change but really to modernise the very systems on which cities like ours depend day to day to address social challenges and to stimulate growth and prosperity and your sector has a role to play in that as indeed you have played a role in our more recent history in that that re-emergence in many ways you are a bit of the city's most well kept secret in some ways there are there are over 10,000 people working in Glasgow in the insurance and long-term saving sector across the metropolitan region and Glasgow city centre is actually home to one of the highest concentrations of jobs in the UK from your sector and it's it's obviously it's not something we shout about often enough and I don't think it's something you shout about often enough either we've all kept that hidden our light under a bushel in that respect but the the partnership and the collaborations I believe the potential for those that are possible from that economy of scale that the insurance and savings sector has right in this city are absolutely fantastic you're producing over a billion pounds worth of economic output annually in the Glasgow city region you're absolutely crucial to helping us to attract and retain the talent that we need to continue to have a buoyant city economy and that actually has been one of Glasgow's great success stories in recent years we have one of the highest graduate retention rates of any city in the UK and part of the reason for that is the really high quality jobs that long-term important established players in industries like insurance and savings and financial services have established in the city over a number of years now in our international financial services district and beyond in fact and it's notable for example that when we talk to firms who have had a presence in our city sometimes for a couple of decades you're increasingly talking to us more about about partnership about collaboration about how you exercise your civic responsibilities how you can act to become more inclusive and sustainable employers to invest in the decarbonisation of the public realm to provide skills pathways into the jobs which you provide which are already green jobs of course to a very significant degree and the types of technologies that you are innovating in and that you're employing right here in Glasgow city centre to put your sector at the cutting edge are also contributing to the kind of innovation that we require right across our entire economy to decarbonise and to create a genuinely green and sustainable economy for the future and much of Glasgow's renaissance as a city has been down to that willingness to find solutions in collaboration with civil society with academia and with business and industry and as we enter this critical decade this most critical decade for the city for society for humanity indeed those partnerships are going now going to help us shape a response to the climate emergency we need to widen the partnerships that we have to deliver the solutions not just for climate but for our sustainable and inclusive prosperity in the future as a city a prominent area for discussion of course during these two weeks of call and indeed the one that is being focused on right now today in the blue zone is the financing of the net zero transition the committee on climate change has highlighted that much of the investment that's needed to support mitigation and adaptation does need to come from private investors and I think that a whole number of heads of government have emphasised the same message governments can't do this on their own councils certainly can't do this on their own we need those collaborations around finance as well as around innovation and technology and the pace and scale of climate action means that we need to build those partnerships soon and we need to build them effectively and quickly we need to build a much better understanding between public and private sector of where our objectives can be aligned how we can share and collaborate on serving our own needs and working together to shape outcomes that work for all of us those partnerships with the finance sector with pension funds with institutional investors who have access to that long term patient capital that's going to be really important here has to be mobilised right at the start of the next decade and of course the insurance sector absolutely falls into that category it is in our collective interest to do so not just because we are all part of humanity on this shared planet but because delivering benefits beyond the provision of capital and a return on investments is going to be something that's absolutely essential as cities attempt to decarbonise and build resilience those partnerships between local government and the insurance industry can play a substantial role not just in keeping premiums affordable which of course climate adaptation is going to be absolutely crucial to but also expanding coverage to groups and individuals who are most vulnerable to the impacts of climate change and who are probably least likely to have taken out for example flooding insurance and we can also through partnership help to create wider enabling conditions to understand how we move forward on all sorts of issues from energy efficiency to flood resilience the climate emergency needs innovators and facilitators to help create the foundations for change and to ensure that our financial systems are aligned with the ambitions of a net zero and climate resilient future but also requires an innovative approach to relationships to partnerships to collaborations as much as it will rely on financial and technological and scientific innovation we in Glasgow as the whole city of COP absolutely stand ready to play our part in that we actively reach out to you as key players in this agenda that we have in front of us this most crucial agenda over the coming years and invite you to work with us to talk to us to be partners genuine partners in this work and we I really hope that you'll be able to join us that our event today is just the start of conversations over the longer term as I say we are delighted to be able to host you here today and albeit belatedly I conclude again by giving you the warmest of Glasgow welcomes and I hope that your time here in our city chambers today and at COP over the coming days proves to be productive and successful thank you very much for joining us thank you thank you very much to Kevin and Susan for the very very warm welcome here to this beautiful venue in this beautiful city I'm very appreciative too of the particular grounding it has given us as we moved into the the next stage into the to launching the report where we can talk and see where that that sort of the rubber hits the road that element of how do you then engage as a finance industry as an insurance industry with policymakers and people who are looking at how can they change their cities to be more resilient how can they move their industries to be aligned to net zero and asking how is it going to affect the daily lives of the people that they represent so I think a very important grounding and I really do appreciate the words from both Kevin Kevin and Susan there I'm going to give it a short introduction on to where the report that we're launching with you here today has come from to then pass to Anna the lead author who provide more details and then we can move on I'm just going to briefly mention for anyone's information we're going to be filming today with an intent to provide that via our website later on so if there's any issues please let us know but yes I'll now pass to Anna to give a bit more information to launch the report thank you well thank you Bronwyn and all of you physically here supporting us in this launch today we are very grateful to the Glasgow city authorities for such warm welcome and to Alistair and the ABI team for inviting us to share this event and also for all the background work that you have done to make today possible getting to this point today is the result of so many people I could say around a hundred collaborating with us very actively and significantly since September last year sadly time doesn't allow me to mention everybody by name but please give me two minutes to go through the teams involved of course Bronwyn Pascal and the whole very committed Cambridge team supporting us here today but also very involved throughout this year in the reviewing the production and the launch of this report and this includes climate wise and his chair Dominic Christian thank you to co-authors Jeff and Nigel for your time work and extraordinary journey that we have been through this year Nigel I can also see that you have your team here too and thank you to our very impressive global advisory board of regulators policymakers and industry that contributed very generously with ideas and reviews thank you also to their teams and to other key contributors not on the advisory board but who also made a major impact I can also see some of you here in the audience and of course thank you to Mark Carney Ecosueji Yaheng and Yusef Nase from the UNFCCC for providing such strong forwards now I wouldn't be here myself without my stellar home team thank you with all my heart to Rohan Douglas for envisaging the idea of this project and forgiving all the weekends of this year to working on it together and our children also here with us Rebecca and Sergio who also had to compromise their weekends and you did so with such grace understanding and commitment to the four of us being a team you even did some of the graphic designing in the early earlier draft it's the biggest privilege of our lives being your parents now as Bronwyn mentioned we have identified 20 actions across risk quantification priorities for the insurance sector and for the wider financial sector and also risk sharing priorities for resilience net zero and a just transition to resilience and to net zero for all we have summarized the actions into five recommendations for COP26 which I will be referring to in a moment and Nigel will unpack in a more specific way in his intervention we all together face a collective risk management challenge within countries and across countries to manage climate risks properly we have to share them and we have to share them at a scale urgently unfortunately risk share risk sharing systems are often overlooked we have aim to correct that with this work that we are launching here at COP26 insurance and wider financial regulation hold the key but only policymakers can turn it to unlock all its power with the policy signals and the mandates that they give regulators to work on we have identified these mandates and docking points for the necessary policy signals risk sharing can help govern manage and reduce climate risks risk and in fact it represents approximately one third of the global 80 trillion US dollars the GDP they include tax-based social protection informal community risk sharing and the insurance sector public private and mutual the premium based risk sharing they are often risk sharing systems in this wider spectrum they are often the understated giant of our societies they sit amongst our significant cultural and economic assets however their distribution is highly uneven sustainable development goals one and eight commit to changing that asking for social protection for all and as well as an expansion to insurance of insurance and even where risk sharing systems public and private exist significantly the response allocated to climate risks is only puny and tentative this has to change urgently to do so we propose two paradigm shifts one insurance risk quantification across the public and private financial systems to share climate risks at the scale they must be measured consistently within risk sharing systems the insurance sector has unique risk quantification and management skills overseen by regulation we propose these approaches spread across the wider financial regulation from microfinance to global financial institutions to achieve a climate-smart financial system emphasizing this we have a video from one of our advisory board members is Dr Fernando Restoy he's the chair of the financial financial stability institute at the bank of international settlements in Basel let me start by congratulating the University of Cambridge Institute for Sustainability Leadership for publishing the report this my great pleasure to say a few words to mark this occasion it is fair to say that consensus has been reached on the urgency of taking action to address climate change and what follows is precisely the need for intellectual guidance on how best deployed available instruments this report makes a convincing case that both the public and the private sector have a role to play to better identify measure manage and reduce financial risks stemming from climate change in particular the insurance industry as a key part of the existing research and risk pooling mechanism had developed procedures and techniques for risk quantification and governance that could be helpful more generally to shape the private and public response to challenges posed by climate developments the report also stresses that the financial sector has a clear role to play in order to facilitate a huge relocation of resources that the transition to a more sustainable economy will require and to facilitate minimization of the existing protection gap financial regulation may therefore need to be adjusted to a certain that institutions are ready to play that crucial role that implies both ensuring sufficient coverage of climate-related financial risks that institutions keep on their balance sheet and providing the right incentives to align financial institutions behavior with the broad social codes in some this report does not only tell us what to do but it also makes relevant inroads on the more challenging task of telling us how to do it so Fernando has been emphasizing a non-insurance person from other parts of the financial system is emphasizing this idea of what insurance informed risk quantification has to offer to the rest of the financial system that was the first paradigm shift that we are proposing the second paradigm shift is expanding risk climate risk sharing across the public and private financial systems beyond the insurance risk quantification and awareness is not enough once we know where the risk is and who it falls on individuals organizations governments we must share it at a scale a wider widespread application of risk sharing pools will benefit populations and economies in two very significant ways one protecting greater greater numbers of people and assets straight away from physical and transition related climate risks the other benefit stewarding the behaviors of individuals society and capital sustainable risk sharing pools provide practical and flexible governance mechanisms for a just transition to resilience and net zero ultimately all the actors of the risk sharing domain tax based and premium based should work in a public private and mutual risk sharing continuum operating within countries and among countries supporting each other we have now a video from thomas soley soley he's the general insurance superintendent of costa rica president of the latin american association of insurance supervisors and chairman of the inclusion financial inclusion forum at the international association of insurance supervisors thank you anna and hello cop 26 please receive a special greeting from costa rica i am very excited about the contents of this working paper and its recommendations for me it's an honor to address these words and putting out the sense of urgency on climate action but especially the sense of urgency on closing protection gap to build a more resilient world and stop people's suffering in my opinion insurance is one of the few tools available if not the only one to achieve a just transition on climate calls nevertheless the protection gap is still huge actually while this event is taking place more than four billion people around the world are highly under protected against natural catastrophes risks as we reported some weeks ago in the other hand 76 percent of global natural catastrophe exposures are unprotected but even more for emerging economies no protected catastrophe losses are raised at more than 90 percent so in this context we must agree which can bridge report when it warns us that we have a growing insurance emergency as well as a climate emergency let me elaborate a little in the context of an insurance protection gap there are key roles that insurance regulators play in promoting greater financial inclusion and sustainability regulatory support for inclusive insurance is an essential element to address physical and transition risk closing the protection gap faced by communities in the climate emergency is an strategic and necessary action to build a safer and more resilient world i believe that insurance regulator will play a critical role in that objective not giving the public policy this is a government's responsibility but actively supporting the action for that reason i fully support and celebrate the first recommendation for cup 26 to reinforce financial inclusion and sustainable development priorities within insurance regulators mandates thank you i back to you Anna we are very grateful to tomas not all the regulators are prepared to categorically ask for development mandates development mandates allow to explicitly include a duty to reach to the under insured or the not protected at all and this is linked to another key recommendation that we bring to cup 26 we need insurance and wider risk-sharing targets to form a significant part of national adaptation plans including support from the green climate fund this 100 billion currently being negotiated amongst governments that we keep hearing about we will be tomorrow in the blue zone at cup 26 bringing this message insurance and wider risk-sharing targets should be a significant part of national adaptation plans co-author Nigel will speak in a moment but it is my pleasure now to invite Dominic christian who has to live quite shortly Dominic christian is the global chairman of reinsurance solutions at eon and the chairman of climate wise at the university of Cambridge he has been a very active member of our advice report for this call to action in this report helping us at key stages of the review and input process in fact you just heard regulator tomas quoting the report that in the climate emergency we have an insurance emergency that comes from Dominic Dominic please so those of you who know me will be relieved that it's only a couple of minutes from me but um Anna Bronwyn uh Anna's family uh Rowan thank you so much say thank you to the council of course fabulous fabulous place um kevin just so you know instead of meeting famous people true story i met someone today who had met someone yesterday who the previous day had met bill gates so you know you're pretty close to that so you can say that today uh fact but if i think this document i've been working all thinking about this subject of climate for about 33 years at least in my professional life uh and i think this is the best document i've ever seen to describe it i think it's a masterpiece uh and i say that places climate wise i say it as aion uh and let me tell you why because when i was reading it over the weekend and believe me i have nothing to do with it um you know that's the 80 pages so then i got my notes you know when you're trying to appreciate or just do a sort of little note on something well there's the 26 pages of notes that i took from that all of which are intensely valuable and they will be kept with me on my travels because i think it's absolutely brilliant it's an absolute um it's an education it's a work um some of you who work in insurance or at least reinsurance we've heard of a guy called rj kill and what he wrote is the sort of bible of reinsurance this will be the bible of me climate going forward i think i would recommend it to anyone and it covers so many themes so extraordinarily quickly um it's education it covers and you refer to the global training alliance which i think is going to be so important when we as insurers speak to clients we need to do it in a much more effective way what i mean by that is when you're talking to a sophisticated multinational company about climate it's a very different discussion to talking to my neighbour in norfolk about climate so we have to sort of think of ways where we can help others know what we know so that's the first bit and i think you bring it out beautifully in it you also bring out what we do well very very effectively and we don't and the chair of the council the leader of the council susan achon made the point that we don't raise our voice as we ought to and i know people like nick feels strongly in this as well we don't and you've helped us do that through this document believe me it's going to be in all sorts of deaths around the world that is for sure and in all sorts of folders um so we don't shout out enough so that's in there as well you also bring across this very important point of compartmentalization you know we in our industry when you think of weather perils and the effects of them we probably have a pretty good handle on hurricanes and earthquake we have less of a handle on wildfire we have less of a handle on drought we have less of a handle on flower drawing and i've discussed this a lot um so we've got to say what we're good at and we've got to say what we can improve at and actually you bring that across beautifully as well and actually then you bring across which is always an interesting uh and bold in a document you bring across the role of the regulator so critical and there are lots of regulators who've contributed to this document i hope you keep them together ana i really do because it's so good so for me it's a tremendous piece of work it is proactive role and reactive you make that point of course and if you work in the industry it's a reminder if you don't it's a revelation but to all of you it will resonate so thank you so much to all of you thank you very much for those that contributed thank you for allowing me to be with you for a couple of minutes or so i'm sorry that i have to go and people watch somewhere else thank you very much indeed thank you Dominic for those words goodness me you have given us now a call to action yourself and we have now uh this in this Cambridge in general the University of Cambridge in general our department in particular the Cambridge Institute for Sustainability Leadership excels at creating partnerships between academia industry and policy makers so this report this call to action is one of those examples not only through the advisory board of 20 different heads of prominent institutions that we have had contributing to it but also our co-authors so we have a Nigel representing from Clive and Co representing industry and Jeff Summerhaze representing regulation Jeff is in Australia stranded by COVID restrictions unfortunately but he has sent us this video after which we will have Nigel's intervention hello cop 26 my name is Jeff Summerhaze the implications from the global economy shifting to a low carbon future are unprecedented and far-reaching our cop 26 mission on risk sharing is a call to action underpinned by 20 recommendations for the insurance sector and financial services as a former prudential regulator chair of the sustainable insurance forum executive committee member of the International Association of Insurance Supervisors and its sustainability champion i offer the following observations firstly the insurance sector and its regulators have been leaders when it comes to raising awareness and action on climate change financial risk while there has been significant progress regulators and insurers work has only just begun there is a need to go further and quickly to ensure financial stability and finally to achieve net zero in the global economy every country every sector and every community needs to realign with this end in mind financial markets are the arteries of this transition my co-authors Anna Nigel and I with the support of the Cambridge Institute of Sustainable Leadership present a call to action for the insurance sector as a former regulator i wish to highlight the following recommendations for global standard-setting bodies policymakers and regulators firstly rethink regulatory time horizons to align with the transition pathway shift risk assessment from short-term to intergenerational use insights from insurers and regulators to highlight the potential impact of physical transition and liability risk for the economy and society strengthen regulators climate related mandates to enable these shifts increase data sharing across insurance and financial services especially with banking to improve decision making mandate tcfd disclosure require regulators to assess and serve the uninsured market so society is better informed about community exposure policymakers and regulators should remove impediments for infrastructure investments in a low carbon future regulators should require insurers to set carbon budgets at an underwriting level and finally upscale the investment of insurers in the green economy and the transition from brown to green time has run out for encouragement and support of words policymakers and regulators need to go further and act quickly to ensure financial stability i commend our paper and its recommendations to the conference thank you so as ana and jeff have summarized we've got a wide ranging report with 20 recommended actions aimed at policymakers at insurance supervisors and at the insurance industry itself what i'm going to do briefly is summarize particular actions that are most relevant to the insurance industry so if we begin with underwriting we're recommending that underwriters proactively engage with the measures that are needed to achieve a resilient net zero world so that could include discounted premiums for taking resilience measures it could mean offering insurance solutions to decommissioning of brown assets or scaling up the new technologies we vitally need such as carbon capture use and storage or the the whole hydrogen economy that has to be grown from the small beginnings the climate wise has identified a number of ways in which the insurance industry can get involved and efforts to mitigate emissions also the net zero insurers alliance which is growing rapidly are showing the way in this regard and insurance supervisors could play a vital role here by enabling and encouraging innovation which might include public private collaboration so that's the underwriting side on the investment side today resilient low carbon infrastructure represents less than 2.5 percent of invested capital less than 2.5 percent we're recommending a rebalancing of policy so that insurers can allocate more of their funds to this class but at the same time of course doing it a way that's consistent with risk and liquidity requirements then climate disclosure there's a lot in the report about this so in the UK now and increasingly in other countries insurers are going to be called upon to disclose their climate related physical transition and liability exposures when rigorous methods metrics and data are available and developed to quantify these risks we recommend that current climate risks are incorporated into insurers capital requirements but climate risk assessment as Jeff mentioned has to adopt a long-term in fact an intergenerational time scale that's most obvious for life and pensions carriers but general insurers too could have long-term climate exposure through their duties as fiduciaries and through liability policies which can pick up liability for historic acts so this longer perspective calls for a dialogue among life and pensions carriers general insurers and their respective investment teams who can pool their expertise in actuarial analysis natural catastrophe modeling and so on looking further down the road once the metrics are established we can foresee insurers being required to disclose not only the climate risk they face but also the carbon load of their underwriting portfolios in a standardized way across different classes of business and geographies and to lay out their carbon appetite and strategy supervisors could then aggregate this data to map trends in global carbon intensities and assess whether they align with paris and the related science-based targets and then building on that insurers and insurance regulators could develop a system of annual carbon underwriting budgets the resulting constraints on capacity would make it progressively harder for high carbon emitters to arrange insurance if they aren't taking meaningful steps to reduce emissions in line with the paris agreement looking briefly to the wider financial sector so including banking and investment so taking a cue from the insurance industry we recommended this wider financial sector also be required to disclose and manage their own contingent climate liabilities to ensure their capital adequacy insurers regulators could help their counterparts elsewhere in the financial sector to develop these new requirements and when the contingent climate related exposure embedded in transactions assets and portfolios is revealed that could lead to millions of lives and trillions of dollars being protected by parametric and indemnitary instruments supported by capital markets the insurance industry public agencies and hybrid solutions and then in future the financial stability board could publish an annual global report assessing the potential risks and resilience of the entire financial system to climate risks under currents and future scenarios and that assessment could include the extent the impact and the security of climate insurance to sum up then these and the other recommended actions in the report would allow insurers underwriting their investment portfolios and their highly developed risk expertise to play a greatly expanded role in a just transition to a climate resilient net zero world thank you hello everyone i'm ben wilson director of climate change at the abi i want to start by thanking glasgo city council and susan for hosting us and thank climate wise for the opportunity to partner at the launch of such a thought-provoking event the abi is proud to have been a founding member and part of cisl's climate wise since 2007 and today's report i think demonstrates why it's more important than ever and i you know it's lovely also i think to see anna's sort of family here today and i did ask my sort of daughter if she wanted to come up and and see me speak but she sort of said that she thought i was going to be a bit boring so i'll let you kind of be the judge of that but roan and anna will be following up with some sort of parenting advice uh after this later on today and in in researching previous cops i found a report from us president linden johnson's science committee in 1965 which stated rising levels of carbon may be sufficient to create mark changes in climate that could be deleterious from the point of view of human beings i think deleterious isn't a word that's used very often anymore but it certainly doesn't sound very good um it's also easy to get downbeat that i think 56 years later we're still staring down the barrel of the climate change gun but i think international efforts to combat climate change have produced more than a a thicket of acronyms most recently g fans or nz i a they are products i think of a kind of remarkable consensus that we're all seeing uh as you know very much as being part of this cop about the need to cooperate on a scale never seen before climate change is happening now and more than most sectors the insurance and long-term savings industry knows it our role in helping society absorb financial shocks when disasters happen means we've always been on the front line and we see firsthand the more frequent and severe weather events globally this year there were 416 natural catastrophe events costing 268 billion dollars 8 percent above average annual losses this century i think nobody attending cop needs reminding of the scale of the climate challenge but it is worth stressing we understand that it represents an existential threat not just to the planet but to our industry itself a business as usual approach to climate will destroy the insurance business model it's not that insurers will be unable to price the risk there'll simply be too much risk in the system for the average person to afford much of what we sell that is clearly not a good scenario for our sector without decisive action to meet the Paris goals no amount of adaptation or risk sharing will provide society with the protection needed in in comments previewing cop 26 Boris Johnson talked about team world being five one down at halftime to adopt the sporting metaphor i think the insurance sector can be the sort star player a Ronaldo or a radicano if you like in this comeback to preserve civilization that's because of its unique and wide-ranging set of contributions in every field of play as defenders or goalkeepers through our central role as risk managers as creative midfielders innovating through green products or de-risking the investments of others through underwriting as team managers through the transformational role we can play through engagement and stewardship and as gold scorers institutional investors who make match winning contributions by funding green technologies and renewable energy we are amongst the small handful of sectors who can be the biggest change makers the moral and the business case is clear and governments regulators our staff most importantly our customers demand it that's why a group of 10 leading CEOs from the UK's insurance and long-term saving sector came together this year to agree our climate change roadmap it sets milestones we need to meet by 2025 a 2030 goal of 50 reduction in greenhouse gas emissions and the ultimate goal of reaching net zero by 2050 it was the first national insurance trade association plan of its kind it was endorsed by Mark Carney UK and Scottish governments the WF as well as our long-standing and partners climate-wise which we're particularly grateful for and since then it has received worldwide interest Italy Australia Holland elsewhere we encourage all firms to join leading ABI members in signing up to the UN's race to zero backed by science-based targets but it also means publishing transition plans we know that target setting is only a first step so there's much as much transparency about actions being taken now as future targets and obviously i'm sure a lot of you have seen that that's been a major theme of what Rishi Sunek and Mark Carney have been talking about today we supported the WS campaign to make published transition plans mandatory and welcome the UK government's confirmation that this will be put into law an effective transition plan must be based around responsible stewardship of capital our members hold 1.6 trillion in assets that's why the work and pension secretary Therese Coffey last week called UK pensions and insurance a superpower in the net zero race whether it's monitoring and engagement strategies escalation and collaboration with other investors or exercising shareholder rights ABI members providing retirement products in particular have been at the forefront of the stewardship agenda i think this provides experience that the wider insurance sector can learn from particularly with the advent of the net zero insurance alliance a body that the ABI is committed to working with and supporting of course it's not possible for the insurance sector as i think sort of Anna and other speakers have said to do this on our own we're big but we're dealing with unquestionably the world's biggest potential market failure and physical risk is manifesting today and we can't correct that market failure we need those who structure the market governments regulators policy makers to help do that we need significant interventions from government and regulators as Anna's report says there must be a sustained focus on building the quality and consistency of data there's a constantly changing confusing and opaque world of standards out there as an ABI will continue to push for this to be prioritized globally and the adoption of TCFD is a welcome first step but this has to be an adaptive process that provides practical information for those making investment and underwriting decisions for the UK to meet its 2035 target of a 78 percent reduction in emissions 2.7 trillion of investment is needed ABI research has found that our members could invest as much as 0.9 trillion equivalent to one third or 60 billion a year our sector is a long-term investor and should be the ideal partner to deliver the patient capital needed but this will require significant regulatory and market reform to unlock regulators need to work closely with the UK infrastructure bank government energy experts in the environment agencies so investment reaches where it's needed most then there are some specific reforms we should focus on for example reforming the prudential regulatory regime the catchly titled solvency to matching adjustment which could free up 95 billion from the UK's long-term saving sector we also need to recast past part of the international financial architecture we agree with GFANS I think it's called GFANS or the GFANZ I never know that we must price the externality of carbon emissions we don't have a global system where polluter industries pay the IMF has said recently only one fifth of global emissions are covered by carbon pricing and this is money that can be reinvested in a green and just transition and there are other areas where I think our sector can make a real significant play a significant leadership role a firm that focuses on home and motor insurance for example has up to 90 percent of its scope three emissions in its supply chain by requiring high standards from suppliers our industry can drive major change and we can also help society adapt our customers will face significant choices about making their homes more energy efficient replacing boilers and switching to an electric vehicle often they will face that choice at the point they make an insurance claim our sector needs network networks of skilled engineers and the right pipeline and market for replacement parts and services whether it's electric vehicles green homes or energy we can drive behavior change and create a more circular economy today's report rightly emphasizes the need for wider risk sharing which will mean our sector working with government and the wider economy there are presidents for successful public private risk sharing arrangements the UK's flood risk scheme which I know there are representatives in the audience with us here today was painstakingly negotiated between the ABI government and others over several years and was a genuine world first since its launch it's helped 300,000 households at high risk of flooding secure forward insurance however our experience with floodry is also a reminder that we should not underestimate the significant challenges it took 62 different regulatory approvals in order for it to become operational over several years it's a critical part of the puzzle given the growing global protection gap particularly in climate vulnerable and poorer nations but it's also important and to acknowledge the complexities to wrap up our roadmap we'll need to be constantly updated as alok shama said we need we all need to show every increasing ambition in this in this decade ahead the ABI strategies and pledges will need to be turned into concrete actions and hard data but my experience working with CEOs and there's a number of your companies who we've worked with in the audience give me great optimism for three reasons firstly i think hands CEOs are really really hands on in driving this agenda one of our industry CEO CEOs have spoken in public forums like this about spending more than 25 percent of their time working on climate change and sustainability second and i think as demonstrated in our roadmap there's a real desire to take action and be accountable now not setting targets for CEO successors to meet you know i think we're all aware of that that sort of um slight of hand that can be played and from time to time third setting out such an ambitious vision for our sector you know our roadmap really goes beyond the sort of bog standard insurance role protection against financial loss using every lever to drive change of course the challenge remains huge we're headed for 2.7 degrees of warming which i'll reference my daughter but i do least lose sleep over our sector is incredibly influential nobody knows yet whether we will pull it off but we definitely can't do that if too many people sit on the sidelines and it's it's i'm relatively new to the sector but i'd say it's a an important terrifying nail biting but also a really exciting time to be part of this industry and our society and the ABI and its members will do everything they can working with climate wise and the inspirational interventions we've seen through the report today to do everything we can to raise rise to this challenge thank you so much to to the authors and to Ben great great opening speech i'm now going to call on Anna and Nigel and Ben House also from the ABI and climate climate change team to have a five or ten minutes of questions so your reflections on the report before we before we wrap up uh well we just wanted to say that the reason that we believe in our parents work so much is because we've seen with our own eyes how much of a difference it makes to people's lives for example um when our parents were doing their previous CISL report we went with them to the Philippines to work with communities that have been devastated by the typhoon Haiyan yes and while our mother was conducting the interviews we played with the children of those families made friends and just saw the massive difference insurance made to them to be able to rebuild their lives after being devastated by the typhoon and in their day-to-day lives we also saw that children go to their well go with their parents to pay um their insurance premiums and it's um and it's just um well it's in well it's really eye-opening to see that that children are getting involved in it because they have so much knowledge they knew they just knew so much more than we do in this country about about just the power of insurance in and we really want this to make a change because because this can change the world thank you very much brilliant intervention I'm going to take that as a a cue back to actually that that point on the Philippines and the interviewing in the mutual micro insurance so I'm curious if within the report and or the ABI's work as well where the developing world context really sits and if there's particular calls within the actions that are more focused there which would be prioritizing versus say in a location more like the UK here well that so the developing world sits indeed very strongly in this report because we are calling for an expansion of risk sharing within countries but also among countries and one of the key messages that we bring to COP26 and particularly tomorrow with the more specialized international policy maker audience we will be highlighting the importance of having serious life changing risk sharing targets within national adaptation plans and that includes resources from the green fund if necessary to help to then just help individuals that are not able to afford themselves the amount of risk they are facing for governments as well to intervene with the private sector always including the mutual and community sector where Rebecca and Sergio were just referring to just now and it's just this is what we really mean that we have to go beyond individual projects into a serious public private risk sharing continuum is the only way to manage the amount of risk we are facing and the people are already being victims of in a very serious level. I've probably had one of the things that struck me reflection from the report was the emphasis on data which obviously you haven't managed to cover everything that's in the report today because it's quite long but I think that's a really important part of using credible data that we have in order to demonstrate actual product value from insurance and I think when you were talking earlier you talked a lot about underwriting but I think claims is absolutely critical to this and able to demonstrate to people that the products that they're buying in or investing in if it's a public part private partnership are going to deliver value and I think that's a really part to get the engagement and to make people feel that they're going to get something back we know in this room that insurance can play a vital role when you suffer a catastrophe and I think we also know that climate change risk is going to change to being something that's probably quite a steady state of risk for a lot of people not just we're not just talking about hurricanes when they go when things go absolutely wrong but it's going to play quite a regular ticking role so I think that's really important. Do you have any comments on the data? I think there's a big theme of the paper the public-private intersection and what insurance methodology and thinking and products can bring to the party here there's already good examples in sub-Saharan Africa in the Philippines in Caribbean and so on of this working we're also now beginning to see natural assets being covered as well and so it's a matter of public funding but also sharing of data between the two sectors as you've said earlier Ben there's one of the themes in the paper data pooling through data trusts and so on which would inform this risk sharing but also inform broader policy decisions what building decisions to make whether you should use scarce dollars to build physical resilience or use it to purchase contingent coverage. Yes and actually this is the building on Ben's point on the community involvement this is something that we dedicated two years in at CISL at the University of Cambridge and we worked very actively with these communities in the Philippines but that is just comparable to so many other places around the world including our this country and one it was actually the first study to map as well insurance functions and capabilities toward the sustainable development goals and one of the key aspects that was so distinctive in this communities that we were working with is the exactly the community involvement as what Rebecca and Sergio were referring to it was not just only about recovering a time of disaster it was the everyday life people living this were people living living just above the poverty line and they would meet every week in their community meetings to just pay their premiums but also build a lot of resilience around that around the meetings so there would be disaster risk reduction financial education so these people didn't only depend on disaster to strike to see the value of insurance they already got so much out of it that made them part of the financial system and made them resilient independent people and this is so this organization covered about 20 million people in the Philippines we are not talking about a little case study but and this really shows to see if it can be done in a place like Tacloban in the shadow of Taifungayang surely with private and public and community effort this can be replicated everywhere else can i check at this time sorry would someone want helping out with the microphone sorry Steve Weinstein from the insurance market so great to be here to see for all of you one quick comment the young experts in the front just gave the best commercial for insurance and reinsurance i've heard in 30 years so that was really inspiring thank you for that and thank you for the leadership i know is going to come out of your generation in years to come for the panel i wonder if you can comment a little bit more on some of the appetite you heard in your work up to this great paper on the appetite in the market as insurers and reinsurers move from closing what we think of as the traditional insured protection gap to the climate protection gap and what are some of the products that you have heard about or think are on the horizon that might be brought to market to provide some more solutions yeah good question thanks Steve we are seeing the step change in appetite that this has really really changed over the last five years i think there's been a long realization about the general protection gap but i think it's only really now coming to sharp focus the climate related protection gap which most clearly manifests itself of course in disasters but but there is a more general one there there's more appetite i think for insurers to get involved in public private partnerships which which is key here we this is very difficult i think for insurers to do solo going into countries like this where they have no network no delivery mechanism so working with the the governments with humanitarian agencies and other stakeholders to deliver this and i think this it is really taking off now that this this engagement here um not simply doing this as a commercial opportunity though i think there are some embedded in this but but actually seeing this as part of the insurance industry's role in making the world more resilient and i do see that that i think in this decade we can see a lot lot more of this but it does need a lot more of these convening through the insurance development forum we'll be the best way but but through other forums to bring these these willing parties together yes and i could say it's our advisory board and the selection of just institutions that we had just coming together and cooperating in this panel really so we had industry but the regulators and policymakers and just the need to just break down these barriers and we saw and i'm sure you would like to come in here as well representing so you lead climate wise you are dealing with insurance insurers all the time and these just these collaborative opportunities to just break down the barriers to break down the regulatory obstacles that we face the just the prejudice that sometimes other actors like governments or the humanitarian sector other other other people involved in this space in paying the bills left behind in the protection gap there is a lot of work as well to also just break those preconceptions and sometimes negative preconceptions about the insurance industry from your experience of living climate wise i'm sure you can contribute here with also great insights yes i think i understand the question it's about the collaboration that you're seeing and i think the openness of the industry to try and learn from each other has definitely grown a lot and the climate wise membership itself has grown dramatically and we're seeing the new initiatives like the Sustainable Markets Initiative Insurance Task Force so you're seeing a lot of focus on what can we do together and trying to do as much as you can in that kind of pilot pre-competitive space because you also know that you don't need to develop your in-house capabilities so there's i think a lot of openness in the market to communication because they know what's going to need to go in-house and change how they work i think there's also a lot of kind of cross collaboration so between the regulators and the firm so more like say what was happening in the uk here with the i'm back in this acronym soup as ben mentions um the the CFRF where you're bringing regulators and business right in next to each other to have conversations around how we do this better so within CRS we're framing this as we're looking for radical collaboration so looking for something that's beyond just kind of talking to your peers but also then talking to outside of your box and where can you really bring bringing new voices and i'd hear sort of particularly from the ABI and where your collaborations are taking you as well yeah definitely completely agree with that i think as ben mentioned our CEOs have been really hands-on with our work i don't think we would have had that even a couple of years ago i think what we've probably seen is a kind of galvanizing effect for regulators i think in the uk the regulators have been pretty proactive which has then fed into much more ambition from firms i think also if you look at the sort of ambition about the products um as long as i've been at the ABI people have talked about a desire to sort of move beyond traditional models of insurance where you you know shop around for premiums and it's all about price and to look at something that's much more about adaptive risk management um and i think in climate change though i think it's an over simplification to see climate change as an opportunity it's potentially a disaster for the world but um if you want to look for the opportunities i think that ability to look at adaptive risk management and some of the ideas and concepts that are in the port is where the opportunities are so that's definitely what we're seeing now i might move us more towards the informal questions elk tony you want to sneak in i just asked about parametric insurance and how that fits into risk sharing as well particularly in the building back i hate to use this because i'll get accused of blah blah blah um but building back better this is also where we go back to this premise that we emphasize and it's such a such a good question i have uh work myself on the project in uh kenyan tansania precisely dealing with this issue and um it is we go back to this thing about a government involvement and community involvement and these three elements of the insurer the government and the community they have to be partners they won't work otherwise and uh in our report we are very strong about parametric parametric insurance and being uh nigel mentioned that in his speech is really just the the the gateway to truly spread risk across the financial system in many ways but yes the right policies engage in the community they have to be in place both from a government money either national donor there is a lot of talk in this space right now to it's build back better but also the communities themselves i think it's uh you're building on what anna said i think this is about thinking beyond a product in this case parametric insurance and looking at a solution so in this case you're trying to make a community more resilient against whatever it might be um a cute rainfall heat or whatever but if this happens you want to ensure not only that the the instrument responds in the way it's designed to but that the assets are used in order to achieve the goals and so it and in the parts of the world that are most acutely need the help that absolutely means it has to be embedded in the community it has to be actually co-produced by the community that they will be best equipped to know what steps need to be taken so that if this bad thing happens they they do are required to rebuild what there is rebuilt will be more resilient against the same thing happening again and um they'll know how to go about that so the parametric instruments by itself is simply a means of funding that intervention but the intervention crucially is a is a local intervention with external help yes definitely so it's in this project i was mentioning more than project it was the world food led by the world food program a condition for people to be covered by this parametric instrument was to have drought resilient seeds and it like and also their own involvement as well in just measures that could make them resilience like digging dams that could help them so all of this was embedded in the in the policy and as well even in the regulatory aspects that allow this project to the to go ahead or this product to go ahead i think i think the thing that comes out really strongly from the report is this isn't a one sector or one product exactly and if you think of it like that within what it's obviously helpful look at what your own business can do first but actually each individual part needs to be pointing in the same direction here and i think that comes out really strongly that if we look at our membership we've got the long-term savings sector are the ones with the massive pools of capital that can invest in the transition but that's not distinct from the risk a lot the you know the earlier we invest in the transition the more we reduce the risk both in simple terms that will reduce the amount of extreme weather but actually the quicker that the sort of well colleagues from Glasgow council are going to talk about all their opportunities the quicker we get those built and get those to be scaled up so they're affordable and the less financial risk is associated with these so i think it's really important to have all of this pointing in the same direction rather than thinking my job is to settle claims when there's a disaster and it's someone else's job to worry about paying for it i think if we can and i think this report does that really well it makes it you know across the piece thank you yeah very much agree i think yeah let's just say what we're going to see is a much more collaborative and engaged insurance industry as a full service supply chain so i think as you'll see it within the climate wise membership as well that we're working with yes insurers and re-insurers but really you have to deal with the whole value chain where are the modelers sitting where are the loss adjusters how are the building sort of retrofitting pieces fitting in so that you're looking more at the whole chain of the policy through to the claims payment as well as the regulatory envelope that it sits inside so i think what we i'm just in the interest of time unfortunately i'm going to have to hold us there i'm going to mention we've got some before i passed it to ben for the thanks and i mentioned that we have lunch with us here but there's also physical copies of the report if anyone is interested i'm very happy to to provide and it sort of links in also on the website with some of the previous work by ana as well as climate wise and the broader achieving zero piece that's the isl is running at the moment so thank you everybody and i'll pass to ben for the the more for more thanks i'll keep this brief i just wanted to say thank you again for all of you for joining us and here today firstly i wanted to thank Glasgow City Council again uh susan and kevin for hosting us in such a spectacular building and and surrounding and also to congratulate climate wise ana and and bronwyn and all those who've worked and contributed for the publication of such an important report um i just sign off by saying um i wish everyone here a really successful cop 26 as a number of sort of said we need to talk collaborate debate disagree agree uh and cooperate like never before so i just hope you all make the most of this time up here you know it is a it's a sort of precious space and uh i hope it is it enables you to really sort of move forward and and contribute in the way that i know you will all want to say thank you and enjoy the rest of this week