Podcast: Climate Change and Weather Risks

Year Published

2020

Contributing Organizations

International Monetary Fund (IMF)

Global Affairs Canada (GAC)

The Swedish International Development Cooperation Agency (Sida)

Toronto Centre

Type of Resource

Webinar or Podcast

Languages

English

Relevant Topics

Core Topic

Introduction to Climate Change

Target Audience

Financial Services Providers

Banks

Insurers

Governments & Policymakers

Relevant Geography

North America

Resource Description

This podcast explains climate change and extreme weather as irreversible, escalating risks to the financial system, emphasizing the importance of adaptation alongside mitigation.

Why This Matters

Shows how extreme weather creates systemic risks for financial institutions.

Key Insights

Climate change is irreversible in the near term due to fossil fuel reliance, population growth, and feedback loops
Flooding is now the primary driver of insurable losses, exceeding $1 billion annually in Canada for 10 of the past 11 years
Supervisors must assess whether insurers and banks can price and manage increasing weather-related risks
Climate-related disclosures (eg TCFD) remain underused, especially among banks
Adaptation is financially sound, delivering $3–$8 in savings for every $1 invested

Secondary File Resources

Secondary Resource Link(s)

Direct link to TC Website for further information

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