The Green and Sustainable Finance Cross-Agency Steering Group has announced the progress made to help advance Hong Kong's position in green and sustainable finance (GSF) and the financial ecosystem's transition towards carbon neutrality.
The Japanese government is not liable for damages claimed by people affected by the 2011 Fukushima nuclear disaster according to a ruling by Japan's supreme court.
PERILS, a Zurich-based organisation providing industry-wide catastrophe insurance data, disclosed its second industry loss estimate for the Eastern Australia floods, which occurred from February to March. The second estimate of the insurance market loss is A$4.895bn ($3.382bn). This compares to the initial loss estimate of A$3.991bn which was issued by PERILS in April. The loss estimate includes losses from the property and motor hull lines of business and is based on data collected from most of the Australian insurance market.
The Financial Regulatory Agency (FRA) will continue to support any efforts made by insurance companies to develop solutions that help address environmental and social issues related to sustainability, according to Mr Hesham Ramadan, assistant to the FRA chairman.
UN assistant secretary-general for climate action, Mr Selwin Hart, has suggested what the insurance sector can do to cut emissions by half by 2030.
The Insurance Council of Australia (ICA) has welcomed the confirmation of A$741m ($518m) in additional funding in the State Budget handed down yesterday to better protect Queensland homes and communities from the impact of extreme weather.
Climate change, if left unchecked, could cost the global economy $178tn over the next 50 years according to a report by Deloitte.
Thawing permafrost and quantum computing lead the emerging risks facing companies and their insurers according to Swiss Re's latest SONAR report. The global reinsurer said that climate change is creating 'a new generation of emerging risks'.
China has launched a new strategic plan to enhance its climate resilience, putting emphasis on adaptation and mitigation in the face of global climate change. China had first issued a national climate change adaptation strategy in 2013.
Vanuatu has declared a climate emergency, with the low-lying island nation's parliament flagging a $1.2bn cost to cushion climate change's impacts the island nation.