Insurance Climate Change and The Law


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Less than a decade ago, Mark Carney, the then-Governor of the Bank of England and now UN Special Envoy on Climate Action and Finance, called climate change ‘the Tragedy of the Horizon.’1 But climate change is no longer a horizon problem that will only impact future generations or distant places – it is now a tragedy unfolding presently and in front of people's eyes across the world. The average global air temperature broke a new record on 4 July 2023 with 17.18°C (62.9F),2 prompting António Guterres, Secretary General of the United Nations, to warn that ‘climate change is out of control,’ and that the current generation must act now to limit climate change and its harmful effects: ‘[i]f we persist in delaying key measures that are needed, I think we are moving into a catastrophic situation.’3 Climate change is recognised by many of the world's governments, large parts of civil society, corporations, and the scientific community as a major global threat that requires a collective response at a global scale.

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