The Prince of Wales issued a rallying cry on climate change as he calls on insurers and other financial services groups to join the debate on resilience and climate change, ahead of the renewal of the Hyogo Protocol on disaster risk next year.
The protocol was agreed in 2005 and it sets out the work that is required from all different sectors in order to reduce disaster losses. The protocol is due to expire next year and work is already on-going to create a successor document.
The Prince of Wales, who was speaking at an International Insurance Society seminar on Wednesday 25th June, said: “I am convinced that your collective professional insight and expertise, not to mention the combined financial assets for which you are responsible, can add a great weight to the initial discussions and agreements in the coming months”.
Prince Charles also pointed out that only half of the countries assessing their progress against the existing Hyogo framework report any engagement with business on disaster risk management. The Prince continued by saying: “That seems incredible, yet I’m sure it’s true. The private sector clearly has much to contribute to those discussions. Banks, insurance companies and financial institutions all have a role in assessing the risk to their businesses posed by climate change and natural disasters, and mark my words the risks are untold and potentially catastrophic”.
The Prince also confirmed that the United Nations will be trying to secure agreement on sustainable development goals in September, with the next phase of UN framework convention on climate change due in December 2015.
Prince Charles concluded the talk by saying: “What we need now are concrete, substantial and measurable commitments. Nothing else will do”.
The talk from Prince Charles came as he attended the financial and private sector disaster resilience global summit in London which was hosted by the International Insurance Society.