The centre’s primary objective is to deliver climate risk quantification and management capabilities, catering to the region’s climate resilience goals and its transition towards a net-zero future.
This strategic move underscores WTW’s unwavering commitment to assisting the Asia Pacific region in navigating the complexities of transitioning to a resilient, low-carbon economy. The ACRC will play a pivotal role in supporting various stakeholders, including corporates, financial institutions, insurers, and governments, by providing insights into understanding, quantifying, and fortifying against climate risks.
The centre’s focus extends to both physical and transition climate risk assessments, employing a combination of top-down and bottom-up methods along with proprietary models. Over the next three years, WTW plans to assemble a dedicated team of 15 climate specialists to drive the centre’s initiatives and cater to the specific needs of clients in the Asia Pacific region.
Commenting on the move, Lawrence Wong, deputy prime minister and minister for Finance of Singapore, and chairman of the Monetary Authority of Singapore (MAS), said:“I welcome the launch of the WTW APAC Climate Risk Center in Singapore. This centre will develop risk advisory, analytics and risk financing solutions to support transition efforts of firms in hard-to-abate industrial sectors key for Asia’s growth, such as real estate, transportation and natural resources.”
According to Simon Weaver, head of Asia Pacific and head of Corporate Risk & Broking, Asia Pacific.“APAC is on the frontline of climate change: natural catastrophes are already intense and frequent, whilst economic growth and population development mean the region will account for more than 70% of the expected growth in global energy demand over the coming years,”
“Climate risk quantification and management, delivered through WTW’s ACRC, is another step forward in delivering on our commitment to offer clients a smarter way to quantify, mitigate and transfer risk,” Weaver continued.
“The establishment of WTW’s ACRC moves us towards the next phase of growth in the region as we build on our extensive experience in climate risk mitigation and management. Singapore is an important hub in the region’s drive towards a low-carbon economy, with its policy ambitions in green finance and green insurance,” noted Carl Hess, chief executive officer at WTW.
Hess added: “This, coupled with its well-established insurance market infrastructure, makes the country a natural choice for the new centre.”
Author: Joanna England
