Standard Chartered Plc says the finance industry urgently needs to update its toolbox and steer a lot more capital into protecting critical infrastructure, homes and whole cities from the fallout of global warming.
According to StanChart, KPMG and the UN Office for Disaster Risk Reduction, adaptation finance will do better if bankers and asset managers work on developing and structuring new kinds of loans, bonds, structured notes, letters of credit and deposits, among other forms of financial innovation. “There, almost by definition, will have to be robust debates” around what ultimately qualifies as adaptation finance, Drew said. “But actually we like those debates because that helps us all raise the bar.”
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