Thursday, May 19, 2016

Scientists, Investors Seek to Identify Financial Risks of Climate Change

The BlackRock sign is pictured in the Manhattan borough of New York, in this October 11, 2015 file photo. (Credit: Reuters/Eduardo Munoz/Files) Click to Enlarge.
A Norwegian group of climate scientists will form an alliance on Thursday with investors including BlackRock Inc and the World Bank to try to assess the financial risks of rising global temperatures.

The Center for International Climate and Environmental Research, Oslo (CICERO) said it wanted to help investors judge risks from global warming such as more heatwaves, floods, downpours, the extinction of animals and plants and rising seas.

The head of CICERO, Kristin Halvorsen, said the aim was to help investors and researchers to "understand each other more easily so that the financial sector can define climate risks".

"We speak very different languages.  Research and investment are two different worlds," Halvorsen, a former Norwegian finance minister, told Reuters on Wednesday, noting that the financial sector's main concern was the return on its investments.

Representatives of BlackRock, the world's largest asset management company, World Bank Treasury, Swedish pension fund AP2, Nordic bank SEB and Norwegian bank DNB would be among those on an advisory board for the CICERO Climate Finance project, to be launched on Thursday.

Read more at Scientists, Investors Seek to Identify Financial Risks of Climate Change

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