The world financial industry was today urged to wake up to the risks of climate change. A UN environment programme (Unep) report put potential annual losses over the next ten years from natural disasters at close to US$150bn (€154bn). Pension funds could also see the value of energy and power firms dwindle. The report outlines potential opportunities for the sector to reduce risks or make profit, for example by engaging with emission trading schemes or backing clean energy. See Unep finance initiatives, and report summary, plus part one and part two.
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