Issue 174: Asian utilities ill-prepared for climate risk; compliance sparks demand for carbon credits
This week in ESG: MSCI, Asia Investor Group on Climate Change analyse power sector’s exposure to climate damage; carbon exchange Climate Impact X launches Corsia contract
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Climate action
Asian utilities slow to confront climate risk
Asia might need to grow up when it comes to protecting its power sector against climate-related loss and damage, a new report suggests.
Eleven major power-sector players in Asia are currently losing US$6.3 billion a year to climate-related asset damages and business disruptions, says report authors MSCI and the Asia Investor Group on Climate Change (AIGCC). The annual cost could climb 33 per cent to US$8.4 billion by 2050.
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