Industry demand for climate risk insights
We observed that businesses, governments and regulators were under increasing pressure to understand how climate change risk should inform decision-making.
The assessment of financial risk associated with climate change increasingly informed decision-making in global capital markets. The Financial Stability Board's Taskforce on Climate-Related Financial Disclosures (TCFD) set out a high-level framework for disclosing both climate risks and opportunities in financial reports, while financial regulatory authorities were also beginning to move towards the mandatory disclosure of these risks.
In parallel, central banks were increasingly integrating climate risks into their activities and supervisory authorities were calling for the integration of climate risk information into financial stability monitoring (stress testing) and micro-supervision (scenario analysis).
A focused education programme for finance professionals
We created a Climate Change Risk in Finance programme to take learners through the basics of climate change, data, risk and business transformation.
We taught participants how to:
- Read climate data
- Assess financial risks associated with climate change
- Understand the impact of climate change on different financial asset classes
- Understand the legal frameworks which govern climate change and climate risk litigation
- Use these insights to make sound financial decisions
The programme was delivered online over twelve weeks, with a mixture of self-paced sessions and live, facilitated discussions.
Over 250 people trained
Our Climate Change Risk in Finance programme provided training to over 250 financial services and fintech professionals.
Participants included large pensions companies, investment houses and banks. Scottish Widows enrolled 30 directors and managers on the course, whilst investment manager Baillie Gifford commissioned a bespoke version of the programme which ran with five cohorts.
Feedback from participants on the Climate Change Risk in Finance course
This is a fantastic example of the type of education we need in place to support climate action.
The course has given me confidence to discuss the fundamentals of climate change within my organisation.
It was really valuable to engage with subject matter experts on the different topics. In my day-to-day job I would not have the opportunity to have these conversations so I found having this designated space and time to do so has really enhanced my learning.
[The course] equips me to now integrate climate risk analysis into business processes, enabling evidence-based strategies that embed climate resilience.
I found learning from academics, as opposed to solely practitioners, absolutely refreshing.