I - ChangingProbabilityDistributions

I - FoodSystemShocks

I - IndirectImpactsofClimateChange

I - InvestmentRiskUncertainties

S - Climate Change Systemic Risk

We are a climate-driven crop failure away from systemic disruption

S - Economic/Political Disruption as Business Risk

Systemic climate risks could manifest anytime - it's not a "future risk"

I - ClimateChangeasThreatMultiplier

I - SystemicClimateRisk (Deep Dive)

S - Systemic Risk

N - Systemic Climate Risk

V - Systemic Climate Risk

E - Systemic Risk

2014 CLC_Climate Change A Systemic Risk

2015 BZE_Carbon Crisis Systemic risk of carbon emission liabilities

2016 IHS Energy_Do Investments in Oil and Gas Constitute Systemic Risk

2017 Battiston_A climate stress-test of the financial system $$

2017 Mourad_Tools for Understanding Systemic Risks Like Climate Change

2017 Werrell_Epicenters of climate and security: The new geostrategic landscape

2019 Hanappi_From Integrated Capitalism to Disintegrating Capitalism Scenarios of

2019 Spratt_Existential climate-related security risk A scenario approach

2015 Carney_Breaking the tragedy of the horizon – climate change and financial stability - speech by Mark Carney

2015 CISL_Unhedgeable Risk How climate change sentiment impacts investment

2015 Lloyds_Food System Shock

2015 Preventable Surprises_Institutional Investors and Climate-Related Systemic Risk

2016 ESRB_Too late too sudden: Transition to a low-carbon economy and systemic risk

2016 Preventable Surprises_Climate change as a systemic risk to the financial system

2017 Giraud_Coping with the Collapse Macrodynamics of Global Warming $$

2018 Nature_ Climate Change_Broad threat to humanity from cumulative climate hazards

2020 Bolton_The Green Swan Central banking and financial stability in the age of climate change

2016/9 Investors fear next financial crisis will be climate-related – EURACTIV.com

2016/10 Climate Change May Trigger Next Financial Crisis, Fisher Says

2017/3 'Climate is King' Says BlackRock; Companies Must Now Address Risk

2018/11 ‘Like a Terror Movie’: How Climate Change Will Cause More Simultaneous Disasters

2018/11 UK faces 88% risk of economic collapse from Climate Change this century

2018/11 Will the next housing crisis be climate-related?

2019/1 After PGE&E's Climate-Driven Bankruptcy, Who's Next

2019/1 The Next Financial Crisis Could Be Caused by Climate Change

2019/3 Why climate change is an ‘all-encompassing threat’

2015 Economic impacts of Lloyd's shock scenario

2015 Systemic risk in 2015 and 2035

2015 The shock scenario

2015 Timeline of evaluated systemic risks

2016 Sectors are affected differently by climate change

2015 Based on technological optimism, fossil fuels at risk within as little as a decade

Climate change has all the characteristics of financial systemic risk

2015 How many years to peak coal, gas and oil use?

Based on forecast investment return impairments, systemic risk cannot be ignored

Climate change should be thought of more through insurance theory

Financial policymakers will not drive the low-carbon transition

Have built a model that can study the combined sources of climate-related instability

IAMs have been evolving for 30 years to look at economic development on the environment

Investors are having only a limited impact on systemic climate risk

Key question is whether a low carbon transition poses systemic risk to the financial system

May need to look at a negative discount rate

Numerous ways that the shock translates into insurance liabilities

One can compute the VAR associated with climate shocks

Risk managers have paid little attention to potential economic imbalances

Significant climate change by 2100 shows up in annual rates of return

Systemic shocks are by definition non-insurable and non-diversifiable

The dominant investor risk paradigm - diversification - is not climate risk management

The global food system is increasingly vulnerable to shocks

The more inter-connected the system, the more systemic risk

The probabilities of the scenario are material

Systemic climate risk is arguably the biggest threat to business as usual

The systemic climate risk literature is exploding

Why the idea of systemic risk should be applied to climate change