Podcast

Risk in Context Podcast: Key learnings from COP27 as climate transition continues

Last month government and private sector representatives from around the world met in Sharm el-Sheikh for the United Nations’ Climate Change Conference — COP27 — to address the impacts on climate change on both countries and industries and discuss actions required to address them.

A tornado rages over a landscape - storm over a grain field

Last month, government and private sector representatives from around the world met in Sharm el-Sheikh for the United Nations’ Climate Change Conference — COP27 — to address the impacts on climate change on both countries and industries and discuss actions required to address them.

In this episode of Risk in Context, Shivan Hutton, head of Marsh Specialty in Africa, Amy Barnes, Marsh’s head of Climate and Sustainability Strategy, and Scott Williams, ESG coordinating director for Marsh in the Middle East and Africa — who were present at the conference — discuss the main learnings from COP27 and the actions that risk professionals, boards, and C-level executives should be considering in the journey to mitigate the impacts of climate change.

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Key takeaways

Organizations need a holistic resilience strategy

Rather than think in silos, organizations should develop a resilience strategy that takes a more holistic approach and looks beyond the impact of climate change on the organization itself. Strategies should include financial mechanisms, including alternative and proactive financing methods that enable physical resilience.

Contingent capital may aid recovery from a climate change-related damage event

The agreement reached at COP27 to provide loss and damage funding to vulnerable countries hit by climate disasters can lead to improved resilience to climate change and faster recovery from climate-related catastrophes.

De-risking the transition requires common vocabulary around risk

Despite agreement that projects need to be de-risked, there is still no consistent framework for understanding what risk is. It is critical to have common language around different risks.

About our speakers

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Amy Barnes

Head of Climate and Sustainability Strategy

Amy Barnes heads Marsh’s climate and sustainability strategy. Prior to this she held a number of leadership roles with Marsh’s global energy, power, and renewables business. She has a respected depth and breadth of experience assisting some of the largest and most complex companies manage risks. This experience enables her to have a deep understanding of a wide range of clients’ risk management approaches. She joined Marsh as an environmental insurance broker and has 20 years of relevant industry experience with Marsh.

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Scott Williams

ESG Coordinating Director, Marsh Middle East and Africa

A chartered accountant by background, Scott Williams is responsible for the coordination and delivery of ESG advisory engagements. His areas of expertise are ESG advisory and reporting engagements. He also has extensive experience of sustainability assurance engagements. He has a postgraduate certificate in development management, providing him with strong credentials and knowledge of sustainable development-related matters. Prior to joining Marsh, he was an associate director in PwC’s sustainability and climate change department and prior to that had 10 years of financial assurance experience.

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Shivan Hutton

Head of Marsh Specialty Africa

Shivan Hutton is head of Marsh Specialty, Africa. He oversees the business focused on seven specialty lines — aviation and aerospace; construction; credit specialties; energy and power, including renewables; financial and professional lines, including cyber; marine and cargo; and private equity and M&A, including Marsh’s special placement and advisory capabilities across Africa.