![]() ![]() So your normal approaches towards insurance don’t work. You can predict the probability of an earthquake of a certain intensity in a particular region without predicting an exact time of an earthquake but you can actually insure it by looking at the averages.īut you can’t do that with climate risk because the risks that we face today is less than the risks that you will face in 2030 and then it will exponentially rise in 2050. The first market failure is that climate risks are nonlinear in nature and, therefore, we don’t have the normal approaches to insuring ourselves against climate risks. I think the way you framed it right at the end is really the way to start-how does mitigation, adaptation, and compensation all come together? Before I dive into the specific issue of loss and damage I want to just up front state for those listening in that I see climate change and the responses to climate change as not one market failure but at least three market failures that we are simultaneously trying to solve for. But thank you, Irina, for having me as part of this conversation and thank you to the Council on Foreign Relations. GHOSH: Well, good day to everyone out there. It would be great if you could give an overview of what it means to compensate developing countries for losses and damages caused by climate change, as well as share your recommendations for how countries can more effectively cooperate on such efforts and maybe the interplay between mitigation, adaptation, and compensation-how are we attacking all of these things. We saw in November a historic climate compensation fund approved at the UN climate talks. ![]() Ghosh, thank you very much for being with us today. where he is, so we appreciate your doing this so late your time. And he is joining us-it is, I think, after 11:00 p.m. He’s also contributed to the creation of the International Solar Alliance and was a founding board member of the Clean Energy Access Network, and he currently serves on the government of India’s G20 Finance Track Advisory Group, has co-chaired the World Economic Forum’s Global Future Council on Clean Air, and is a member of the Climate Crisis Advisory Group and on the board of directors of the ClimateWorks Foundation. He previously worked at Princeton University, the University of Oxford, the UN Development Program, and the World Trade Organization. He’s the founder and CEO of the Council on Energy, Environment, and Water. Ghosh is an internationally recognized public policy expert, author, columnist, and institution builder. We’re delighted to have Arunabha Ghosh with us to discuss climate compensation and cooperation. As always, CFR takes no institutional positions on matters of policy. Today’s discussion is on the record and the video and transcript will be available on our website CFR.org/Academic if you would like to share it with your colleagues or classmates. ![]() I’m Irina Faskianos, vice president of the National Program and Outreach at CFR. FASKIANOS: Thank you, and welcome to today’s session of the Winter/Spring 2023 CFR Academic Webinar series. ![]()
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