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Opinion / #insurance
For the first time, a great power has moved to price transboundary climate-driven harms–massive wildfires–and extract compensation unilaterally. What was previously a development, insurance, or emissions-accounting issue is now a security and trade dispute between two G7 economies, setting a precedent that others may try to follow.
From Hurricane Melissa in the Caribbean to floods in Southeast Asia, insurance is an underused tool for adaptation to climate extremes.
The rapid uptake of alternative fuels in shipping is outpacing international liability regimes – leaving gaps in protection against spills and accidents.
Clean energy investments in developing countries are slowed by an outdated banking rulebook from the 2008 financial crisis. At New York Climate Week, leaders should rethink the Basel Framework and its impacts on finance flows.
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