April 26, 2023
A presentation to a gathering of geo-scientists via the gather.town made it only more fascinating!
April, 2023
I had always wanted to write for Sanctuary Asia magazine ever since setting my sights on its first issue in 1981. So when the iconic founding editor Bittu Sahgal invited me to co-author the cover story – DYSTOPIA IN REAL TIME – for the August 2022 edition with him, it made sense to jump at the opportunity.
For much of the last four decades, I was consumed by the business of risk, and had wondered how to steer away the insurance industry from aiding and abetting the harm it causes the environment, notwithstanding all the good it does.
I have admired Bittu’s conviction that #riskmanagement, #insurance, #actuarial space et al have a vital role to play in #mitigating the #ClimateCrisis we are besieged in. Insurance, after all, like the rest of the economy is a wholly owned subsidiary of the ecosystem. Unfortunately, we are already seeing cracks in the Net-Zero Insurance Alliance (#NZIA).
It is my honour and privilege to share – as of April 2023 – I have joined the advisory board of Sanctuary Asia. Delighted to be in the gracious company of this esteemed group of people. Looking forward to continue learning about environmental governance and mainstreaming of Nature into our day to day lives, in particular.
PS: Bittu Sahgal’s response on the LinkedIn post
“Praveen we who seek to protect the biosphere should be grateful to YOU!
To most it might sound counter intuitive, but in the months and years ahead, not environmentalists, but reinsurance companies, actuaries, and insurance professionals will blow the risk whistle on project proponents foisting dangerous, financially unviable and ecologically disastrous projects on nations led by politicians, bureaucrats and policy makers who do not fully comprehend the brutal power of the biosphere to stop them and billions of citizens in their tracks.
For decades now Earth’s biosphere has been sending us warnings. In more recent years the biosphere has upped the ante with consequences. If you notice, like Marvel’s all-powerful Thanos (a stand in for the biosphere), delivers no judgements.
Impotent judgements, in today’s world, are left to courts, judges and billionaires… all straws in the wind before a biosphere wronged.
It’s time we curbed the grossly ‘Irresponsible Optimism’ on display by the carbon cowboys, and replace it with ‘Hopeful Pessimism’, the cornerstone of the ‘Precautionary Principle’ that has always been the bulwark of the insurance industry”.
April 21, 2023
Welcome you to this podcast with my eminent co-panellists. Hosted by the most wonderful Andrea Edwards. It will also be available on the YouTube @AndreaTEdwards:
Andrea’s expectations:
“The next instalment is happening on 21st April, and I am so pumped Praveen GuptaPeter Kerr and Karen Leong . Human Capital Transformation Specialist have agreed to discuss a topic close to my heart – we’re not going to sustainability our way out of this crisis!
Every day we see sustainable options – from EVs to paper bags over plastic bags and more – but the truth is, the way out of this mess is reducing everything in every way possible. Less needs to be the mantra, not different options.
Come and join us on the 21st of April, 3pm SG time, where we hope to challenge some assumptions and change some minds #ClimateCourage#ClimateEmergency#UncommonCourage.“
Here it is:
We’re not going to sustainability our way out of this crisis – YouTube.
April 12, 2023
Op-ed co-authored with Dr. V. Raghunathan republished by Illuminem.com
April 2023
Mr. Praveen Gupta continues to pursue his passion of exploring, learning and sharing from the exciting inter-sections between Climate Crisis, Diversity, Governance, Risk and Tech. He essays his passionate views through his blog: http://www.thediversityblog.com.
My General Insurance Council article – as featured on the LinkedIn – reproduced by the Insurance Times.
https://www.bimabazaar.com/to-stay-sustainable-the-insurance-industry-needs-an-urgent-paradigm-shift
Deccan Herald: March 30, 2023
Honoured to co-author this Op-ed for the Deccan Herald with Dr. Raghunathan V. He was for many years an independent director on the Board of Securities and Exchange Board of India (SEBI). The Op-ed is an outcome of my response to “Comments on Consultation Paper on ESG Disclosures, Ratings and Investing” – invited by the SEBI.
Do we accept that the root cause of the biggest existential crisis – the Climate Emergency – lies in the way we treat Nature? Sir Partha Dasgupta of Cambridge calls nature a “blind spot” in economics. The Stern review warns “Climate change could lead to the greatest market failure ever.” Isn’t that the underlying reason for the SEBI initiative? Taking the first step towards a metrics to address this emergency has some attendant problems – apart from no reference to Nature.
One, our fragmented regulatory ecosystem – with each financial services regulator waking up to the climate challenge at their respective pace. Two, what Dr. Kim Schumacher, PhD, CEnv alludes to as ‘Competence Greenwashing’. How do we ensure that the people charged with ensuring robust disclosures, ratings and transparency – are indeed equipped for it? Just when the world is awash with shades of greenwash. Three, as Clinical Professor Alison Taylor says: “The problem with treating climate change as an auditing task is that you end up with a bunch of auditors signing off on destruction, placing mindless faith in certification schemes”. Needless to mention lack of reference to Ethics.
Can we afford to have a low touch regulatory environment knowing what is staring at us? Particularly when India is one of the most vulnerable countries to the climate crisis. Four, deficiencies in the International Sustainability Standards Board’s (ISSB) approach to double materiality that Bill Baue has been valiantly reminding us about from time to time. It is not just about impact of climate change on the balance sheets of businesses, but how businesses contribute to climate woes that needs to be disclosed.
Interview by Chartered Insurance Institute:
Illuminem.com
March 24, 2023
The Economic Times Energyworld Solar Power Congress 2023′:The Role of Policy Measures and Financial Institutions towards India’s Energy Transition Goals.
https://illuminem.com/illuminemvoices/19f32865-9407-40aa-9f4b-0d2fc10c606b
Honoured to be invited by the host – The Economic Times Energyworld Solar Power Congress 2023, last Friday. In this resulting Op-Ed for illuminem, I share my thoughts from a panel discussion on ‘The Role of Policy Measures and Financial Institutions towards India’s Energy Transition Goals’.
Starved of steady and reliable fund flow into renewable energy – to ensure the decarbonisation of our economy – what are the possible options? Hitting 450 to 500 GW by 2030 requires upwards of USD 500 bn. To achieve the Green Alpha, can we leverage Blended Finance synergies (will a fragmented financial services architecture converge?); Solar Cooperatives (leveraging the genius of cooperative movement). Is an ‘Amul of Solar Power’ within our reach? Diversity & Inclusion (unleashing the women power – already proving their mettle on the selling side in some of the states – to the generation side, as well?).
All this and a lot more…
Illuminem.com
March 8th, 2023
https://illuminem.com/illuminemvoices/00762c76-a088-40ca-b3fe-a1788a5f73e1
Howsoever wishful this may sound. There could not be a better day to wish that the #Gaia empowers us with the collective wisdom – to make the much-desired and long overdue course correction.
If only we were to realise that ‘’the economy is a wholly-owned subsidiary of the environment’’. And that “Climate change could lead to the greatest market failure ever.” If only we had the luxury of “What would #Nature ask the business to do?”
General Insurance Council of India Newsletter
February 15, 2023
Extracting the insurance industry out of its comfort zone – the business as usual (BAU) mode and its silos – but for much of Europe remains a major challenge. The inertia percolates from top down. The International Association of Insurance Supervisors (IAIS) has ‘outsourced’ the climate challenge to the UNEP FI. As the climate jargon swells on a daily basis; CO2 levels, pollution and biodiversity losses compound – the only assured outcome is tipping point of Planetary boundaries.
As global temperatures rise more and more of what can be insured becomes uninsurable. As risk carriers – insurers are also investors in physical assets (predominantly but not exclusively fossil fuels) face transition risk thereby likely to become stranded assets. Dreaming of profitable growth and delighting the customer with this backdrop will be a mirage.
I am thankful to the General Insurance Council of India for having invited me to pen a ‘short piece’ on the subject for its maiden newsletter. Sincerely hoping that the messaging howsoever simplistic – will not fall on deaf ears. That India’s economy must pursue a decarbonised trajectory is a foregone conclusion. The urgency is compelling if we must attain resilience to face existential climate threats – unleashed by our actions.
Here is a stark reminder from my friend – renowned conservationist Bittu Sahgal: “My generation has left you a world with fewer choices and greater risks. But it’s still a beautiful planet…”.
The Diversity Blog 