Warren Buffett's year-end letter to Berkshire Hathaway investors warns of the escalating climate crisis, urging attention to the stark realities predicted by leading insurance companies. With Allianz recognizing climate as a systemic risk, GallagherRE forecasting annual damages of $150 billion, and MunichRE estimating losses at $320 billion for 2024, the trend is alarming. Experts from diverse sectors, including oil-rich regions, acknowledge risks associated with climate impacts, notably water shortages. Business leaders are urged to adapt as investments in clean energy transition progress, guided by the framework of the Paris Agreement.
One of Saudi Arabia's top research institutes KAPSARC says its ability to produce fresh water will face increasing challenges as oceans warm.
Gunther Thallinger, who sits on Allianz's board, writes we are fast approaching temperature levels where insurers will no longer be able to offer coverage for many of these risks.
The fact is, business leaders are preparing for worsening weather conditions. The risks are very real, as are the costs.
Often I hear: If only we had a plan. In truth, we already have a plan: It's called the Paris Agreement, which I helped deliver in 2015.
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