Welcome to another week of Shaken Not Burned! 

It's a turbulent time for the global economy, which is leading some companies to row back on their sustainability commitments and focus their efforts on what is deemed essential spending. 

However, environmental impacts go both ways: a company can create environmental damage, for example by polluting the air or water, but it can also be at the receiving end of this damage, when ecosystem breakdown leads to flooding or wildfires. 

Last week we discussed climate risk, what it is and how it affects business today. At this point, preventing and managing climate risk becomes essential spending. But how can companies prioritise it in times of economic crisis? In our latest episode, co-host Giulia Bottaro explores this challenge in more depth with Dave Jones, former California insurance commissioner and director of the Climate Risk Initiative at the University of California, Berkeley School of Law.

Dave explains how evaluating climate risk is no longer a “nice to have”, especially as climate disclosure requirements are becoming a regulatory obligation globally. The discussion also delves into how climate change is shaking the insurance industry to its core, the importance of nature-based solutions, and the need for transparency and proactive measures in corporate practices.

Reading materials:

• Comparing the SEC Climate Rules to California, EU and ISSB Disclosure Frameworks

• First ever wildfire insurance policy

• 'Fire is medicine': the tribes burning California forests to save them

• Could climate change drive an insurance availability crisis?

• Florida’s home insurer of last resort is in serious trouble. Will Hurricane Milton put it over the edge?

• Global insured losses hit $154 billion in 2024: Gallagher Re

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