The baton passes on

Illuminem.com

November 30, 2023

https://illuminem.com/illuminemvoices/the-baton-passes-on

This article is featured in illuminem’s Thought Leadership series on COP28 proudly powered by Tikehau Capital.

My Op-ed here features in illuminem’s Thought Leadership series on #COP28.

Will the front loading of ‘Loss and Damage’ at the COP mark a course correction in the ‘march of history’? It is a tacit agreement of the fact that the first world must own up to all the harm unleashed – upon what we now call #globalsouth – since the onset of industrial revolution.

A new world order powered by unambiguously clean sources of energy must address Climate breakdown, Bio-Diversity loss and Pollution that have besieged us.

The canvas must widen from shareholder to stakeholder, if the gravity and mindfulness must heighten. No amount of flooding, sea level rise or super storms can rid the micro-plastic that have begun to colonise human systems!

Can the insurance industry reimagine itself? What kinds of risks it must carry, what must it say no to, where must the float be invested without having to court sixth extinction?

The first ever workable break through comes from a collaborating specialty broker. Not sure if risk carriers realise they have been caught napping. That precisely presents an opportunity.

Triodos Bank has recently signed the treaty of the Fossil Fuel Non-Proliferation Treaty Initiative. Any guesses on who the first insurer could be?

In the meantime, look out for the ‘Island of Hope’ later this evening, at COP28, which will showcase “how risk capital markets can massively scale up funding for climate-vulnerable countries to create an essential pillar of Loss & Damage architecture”.