Ortec Finance attends the Ny-Ålesund Symposium 2018
“The financial sector is not resilient to climate variability, let alone climate change” - this is one of the important outcomes of the Ny-Ålesund Symposium 2018, hosted by the Norwegian Minister of Foreign Affairs, Ine Eriksen Søreide.
The Symposium brought together 45 global leaders from politics, science and business around the theme of “Navigating Climate Risk.” Ortec Finance’s Willemijn Verdegaal shared her insight during a panel discussion on the resilience of the financial sector to extreme events.
One of the important insights shared during the Symposium was that extreme weather events, tipping points and social-economic effects of climate change are currently insufficiently captured in climate models. Where scientific data is available, it has hardly been operationalized to suit the analysis needs of investors. Also, the remaining time span to structurally reorganize the global economy in line with Paris goals is becoming shorter and shorter and therefore increasingly likely to become disorderly. Swift, strong and socially inclusive policy action is more urgent now than ever before. Initiatives under development by both European and Asian governments and regulators are paving the way into the future. For investors, participants stressed that doing forward-looking, judgement based scenario analysis is one of the best approaches to successfully navigating increasing uncertainty around climate-related risks.
Attending the Ny-Ålesund Symposium 2018 event was very inspiring and re-confirmed the urgent need for the tasks that Willemijn Verdegaal and Lisa Eichler have set out to do since the beginning of this year: the new Strategic Climate Solutions team at Ortec Finance is combining research-backed ESG and climate change insights with standard investment process modeling and analysis. Integrating sustainability across all of Ortec Finance's investment decision-making tooling, thereby helping our clients understand their sustainability risks and opportunities, enabling them to act on their values and meet regulatory requirements – all through efficient integrated software solutions.