Urs Baertschi, Chief Executive Officer Reinsurance EMEA at Swiss Re: “Disruption from the war in Ukraine continues to ripple across the globe, leaving many countries scrambling to secure alternative fossil fuel supplies amid turbulence in international relations. But as nations seek near-term solutions for immediate energy challenges, we must be mindful not to lose sight of the crucial long-term goal of transitioning the global economy to net-zero.
“Our climate is already sending us urgent messages about the perils of not acting. As Swiss Re's 2021 Economics of Climate Change report showed, the world stands to lose at least 10% of global GDP from climate change if 2050 net-zero carbon emission goals aren't met.
“The time is now – which is why the short- and medium-term push by nations to secure new fossil fuel resources must remain merely a bridge to a more sustainable future where we rely on renewable power like solar, wind and hydroelectricity across the board. The benefits of this go way beyond mitigating climate change, forming the basis of stronger economies, creating jobs and underpinning growth for nations and companies that embrace it.
“As providers of risk knowledge and transfer solutions, we cannot underestimate the role of re/insurers in facilitating this transition. We must therefore continue embracing new solutions for green and clean energy innovations like wind and solar projects, and not lose focus on reducing the carbon intensity of investments. This, alongside work with clients to help them, and ourselves, on the shared journey to net-zero carbon emissions, will bring us one step closer to build a world capable of withstanding future shocks.
“There’s still time for an orderly transition – but we cannot afford to miss the chance.”
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