The lack of available relevant data is the single greatest challenge preventing financial services firms from adequately addressing climate risk, which two-fifths of companies expect to escalate over the next five years, new research suggests.
A survey of 122 banks, insurers, and wealth and asset managements conducted by Willis Towers Watson found that 80% of respondents cited data availability as the biggest obstacle to addressing climate risk, while 75% and 62% cited difficulty in making quantitative assessments and lack of expertise respectively. Race to Zero strengthens and clarifies minimum net zero criteria for members The survey also revealed that 40% of respondents expect climate-related risks to their businesses to escalate over the next five years, with 75% citing transition risks as their key focus, compared to 6...
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