Mark Way presents the reinsurance sector perspective on climate adaptation at IFC event in Lima

July 2012 - Organized by IFC, a member of the World Bank Group, and Peru 2021, the event highlighted the key role of the private sector in addressing challenges generated by climate change in Peru, encouraging dialogue on the urgency of implementing sustainable mitigation and adaptation strategies.

Around 200 leading representatives from public, private sector, and civil society organizations gathered at a conference hosted by IFC on Thursday March 24 in Lima, to discuss the challenges and opportunities presented by climate change for the private sector. The Ministry of Foreign Affairs of Finland provided support for the conference, which focused on risk management issues and business opportunities related to climate change. The conference is the first one that IFC has hosted in the region.

“There are several open questions,” Way said: “How can we adapt to climate risk in a cost effective manner? How can we deal with the lack of certainty in climate predictions? How should we prioritize adaptation measures? What is better, prevention or risk transfer? What can risk transfer offer that prevention cannot?"

"In order to help decision-makers assess and address these open questions, Swiss Re has participated in the ECA project,” Way said. The project developed a methodology to quantify 'total climate risks' and it determined and economically prioritized local adaptation measures by applying a comprehensive cost/benefit discipline.

Although Peru is not a significant emitter of greenhouse gases compared to other nations, incorporating low-carbon technologies may help improve the country’s competitiveness due to energy diversification and decreased energy costs from improved efficiencies.

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