Lloyds Of London Now Ranks Climate Breakdown Among Top Threats - ABC

[hatrack]

TONY EASTLEY: One of the world's most conservative insurance institutions is the latest to sound the alarm bell on climate change. The insurer, Lloyds of London, now ranks climate change one of the biggest risks facing global business alongside terrorism, political instability and natural catastrophes. Lloyds has also criticised the United States, one of its biggest customers, for adding to the risk facing the planet by not taking an early leadership position in reducing carbon emissions. The chairman of Lloyds, Lord Levene, is visiting Sydney where he spoke with our Business Editor, Peter Ryan.

LORD LEVENE: Even up to a couple of years ago there was not too much attention paid to this, it was thought to be something in the realms of the eccentrics. Now I fear that people have realised that this is a big problem - rising sea levels, changes in temperature, they have a huge effect on the economies, they have a huge effect on insurance that has to be placed, and people need to recognise that this is something which has to be addressed. We can't ignore it anymore.

PETER RYAN: Well, Lloyds is renowned as a conservative institution, and you do manage risk, but how has your attitude to climate change changed in recent months?

LORD LEVENE: We had a conference last summer on the whole question of climate change, to try and bring it through. It's no good just telling ourselves about it at Lloyds, we have to tell the whole of our insured customer base, which is worldwide. We operate in over 200 countries around the world, and this is an issue which they've got to be aware of, it's an issue which they've got to take steps to protect themselves against. Not all of that is going to cost a lot of money. Just being aware and acting in a way that can inhibit the worst effects of this, that in itself can be very important and can save them a hell of a lot.

PETER RYAN: Among your biggest clients would be in the United States. What responsibility should the United States be taking for climate change and doing something about it?

LORD LEVENE: The Government, as you know, really didn't want to know anything about this until quite recently. They've just had stirrings of change in their views, and I think the film that Al Gore made, and which won an Academy Award last week, has had a lot to do with that. I think that the industry generally is beginning to understand what they need to do. It is the biggest economy in the world, and they've got to get on with this, and they've got to take a lead on it. And I think, very slowly, that's going to happen.

EDIT

http://www.abc.net.au/am/content/2007/s1865011.htm

[phantom power]

1. In KSR's "Younger Dryas" novels, the re-insurance industry...

becomes a major climate-mitigation player. They end up financing the project to re-start the thermohaline circulation in the north atlantic.

Inside my head, all roads lead to a science fiction novel.

[kestrel91316]

2. Lord Levene, you dummy, climate change is all just a COMMIE PLOT

to take money away from the only people who deserve to have it, the top 1% of the wealthy.

:sarcasm: