FERMA calls for more access to actionable climate-related risk data for companies in EU Strategy on Adaptation to Climate-Change
FERMA is calling on the European Union to foster much wider access to climate-related risk data.
FERMA yesterday submitted a position paper in its response to the online public consultation on the evaluation of the EU's Strategy on Adaptation to Climate Change.
According to Typhaine Beaupérin, CEO of FERMA, “Various national databases currently exist but few are really in an interactive format that aggregate several risk data on joint platforms and are kept up to date by their operators. There is a great added value for an EU action in terms of facilitating the development of a broader range of risk financing solutions to secure their availability and affordability in the next decades.”
The President of FERMA Jo Willaert adds, “Better access to good quality climate-related data ensures that organisations have an accurate view of their risks from exposure to climate-related events. This enables them to make the appropriate decisions in terms of prevention and protection and future projects, allowing quicker recovery.”
In its response to the EU, FERMA has presented three practical recommendations to be embedded into the future European Climate Change Strategy to increase the resilience of European organisations and communities.
Organise an EU-wide public access to climate-related risk data.
Promote professional risk management practice inside businesses and public entities.
Facilitate companies in making use of the available options for financing risks related to climate change.
In addition to promoting improved access to data, FERMA argues that professional corporate risk and insurance management represents an untapped resource to better support organisations in adjusting to climate change.
It also calls on the EU to take advantage of insurance market mechanisms to encourage investment in resilience through risk pricing.
What is the next step for the EU?
By the end of 2018, the European Commission will report to the European Parliament and the Council on the state of implementation of the 2013 EU Adaptation Strategy. A specific communication will provide policy recommendations.