Christian Mumenthaler, Group Chief Executive Officer at Swiss Re, has urged for more collaborative action from public and private sector interests towards meeting climate targets and reversing the harmful impacts of climate change.
Writing as part of a recent blog post for Swiss Re, the CEO acknowledged that the immediate focus for many governments and financial entities has shifted towards Russia’s war in Ukraine, inflation and the energy crisis.
“The obstacles, of course, can’t be underestimated,” Mumenthaler granted, but added: “Still, the challenges of the moment shouldn’t distract us from our 2050 objectives.”
He warned that, on the current trajectory, the world’s nations are set to miss the 2015 Paris climate agreement targets that aim to limit global temperature rises.
“We need to turn that around,” Mumenthaler stressed, suggesting that vital steps could be taken at the upcoming COP27 conference in Egypt this month, when countries will convene to discuss the best course to take in mitigating the climate crisis.
The Swiss Re CEO suggested that technology investments will be central to this effort and “must be accelerated,” including carbon storage technologies such as those developed by Climeworks, which Swiss Re has already partnered with.
“Private-sector investment and public-sector policies must combine to create more fertile ground for these efforts,” Mumenthaler remarked.
“That’s why COP27 comes at such a pivotal moment,” he went on. “It offers nations another opportunity to collaborate in a fight without borders. This includes truly transformative climate adaptation efforts that, rightfully so, are due to get even more attention at the summit in Egypt.
“Adaptation action is pivotal to lifting global resilience, to better equip our world to withstand the consequences of climate change that have already arrived.”
Mumenthaler concluded: “We must nurture and grow the coalition of individuals, companies, organisations and governments already pursuing this negative-emissions future. Since the consequences of a changing climate have never been more apparent, the urgency to do something about them has never been greater.
“This remains mission possible, but we must pick up the pace as we work to transform a time of turmoil into a decade of action.”