Climate change is changing the characteristic of weather extremes and slow changing climatic trends (physical climate risk). These combined with rising concentration of people and assets in high-risk areas, aging infrastructure and various macroeconomic factors, are leading to growing financial impacts on people, businesses, governments, investors and insurers.  In the absence of appropriate risk mitigation measures, already in a few high-income economies with mature insurance markets, insurers are being forced to limit or cease offering new policies. Physical climate risk is also hindering the climate transition. Rising insurance costs and difficulty finding coverage, particularly where the risk of weather-related events is above average, are starting to limit the deployment of renewable projects. As physical climate risks intensify and the window to cap global warming at 1.5°C above pre-industrial levels closes, the need to accelerate the scaled deployment of climate technologies for energy transition and industrial decarbonisation is becoming more acute. Though significant progress has been made in developing innovative climate technologies, such as green hydrogen, long duration energy storage (LDES), and carbon management, most remain in the pre-commercialization stages. Among the reasons for this are huge funding gaps, challenges with scaling, market readiness and scarcity of data on the new, untested risks they pose. Accelerating the at-scale commercial deployment of climate technologies will require unprecedented cross-sectoral collaboration from pre-commercialization stages to innovate risk management and financing. Re/insurers play a critical role.

Lunch will be provided.