Climate change at COP29: What you need to know and impacts on the Australian insurance industry

This episode is hosted by Finity’s Dominic Thorn and features Rade Musulin. Rade is a Principal at Finity, leading the firm’s Climate and Perils practice. He served as the sole representative of the International Actuarial Association delegation at COP29 in Baku, Azerbaijan.

In this episode, Dominic and Rade discuss the key messages, themes, and topics from the multi-week conference, which brought together political leaders, scientists, policymakers, and economists to address the challenges of tackling climate change. They also explore the implications for the Australian insurance industry, including the increasing need for climate resilience and risk management strategies.

 

Time Stamps

• 00:30 - Overview of the UNFCC and its objectives
• 01:30 - What is COP and its significance? What is COP's role in diplomacy and negotiations?
• 5:16 - The role of the actuary at COP and their involvement in climate activities
• 7:00 -  What is the New Collective Quantified Goals on climate finance? And how it relates to funding gaps surrounding developing countries?
• 11:42 - Outcomes on Article 6 of the Paris Agreement
• 15:42 - How actuaries globally will play a role in carbon markets and climate finance
• 17:25 - Discussion on marine transport, Desert to Power decarbonisation initiatives and, clean water & sanitisation issues
• 22:05 - Insights on US politics and its impact on climate negotiations
• 25:20 - Discussion on nuclear power, fossil fuels and Australia's role