EU High-Level Expert Group on Sustainable Finance

Reaching the goals of the Paris agreement, and financing a sustainable, resource-efficient economy, requires a transformation of the whole financial system. Understanding that private-sector investments must be joined by a transformation of the regulatory landscape, the European Commission created the High-Level Expert Group on Sustainable Finance (HLEG) in December 2016. As the need for reform spans across all facets of the sector, HLEG members include experts from banking, insurance, asset management, stock exchanges and others. The group acknowledges that a sustainable society depends upon enduring and inclusive economic prosperity and that the financial system has a responsibility to drive change towards this sustainability. Thus, the HLEG aims to both promote sustainable investments, so that capital reaches sustainable projects and also to ensure that the financial system itself addresses risk and builds resilience.

After releasing an interim report and soliciting public feedback in July, the HLEG released its final recommendations for actions  to facilitate this financial system reform. The report describes a set of priority recommendations and a set of “cross-cutting recommendations.” The former include developing an EU sustainability taxonomy, pushing investors to focus on ESG factors and consider broader time horizons,  creating European sustainability standards for green bonds and other financing options, identifying investment needs by focusing first on climate mitigation, providing sustainable finance options for retail investors, and integrating sustainability into both the governance and financial oversight of financial institutions. The “cross-cutting” recommendations include embracing long-term vision, empowering citizens to shape a sustainable financial sector, monitoring sustainable investment and delivery, integrating a “Think Sustainability First” outlook throughout EU policy, and promoting global sustainable finance.

HLEG acknowledges that there are other social and environmental issues that must be addressed alongside climate change.  Emphasizing that this report is only the beginning of an enduring effort to create a resilient financial system that supports a sustainable society, HLEG also states the report’s relevance for financial sectors worldwide. As “the HLEG hopes to stimulate a wide public debate that helps shift Europe’s financial system from post-crisis stabilization to supporting long-term growth,” that same widespread conversation is essential to driving global change.

Download the Recommendations.

For more resources on building a sustainable financial sector, read about Four Twenty Seven’s work providing the technical secretariat for an EBRD and GCECA initiative to build a resilient financial sector and download the GARI Investor Guide to Physical Climate Risk and Resilience.

GARI Investor Guide to Physical Climate Risk and Resilience

The impacts of climate change remain a new topic for many investors. How to think about the many implications of droughts, floods, storms and sea level rise on complex financial portfolio and assets?

The Investor Guide to Physical Climate Risk and Resilience, published by the Global Adaptation and Resilience Investor (GARI) working group, provides a  “plain language” introduction for investors to physical climate risk and resilience. It describes physical climate risk and resilience, explains why it matters to investors, and suggests practical actions investors can take.

Specifically, the guide suggests investors can manage the physical effects of climate change on investments, and seize climate-resilience investment opportunities in three ways: investigating the physical impacts of climate change on asset values, requiring asset managers and advisors to consider climate risk, and allocating capital to climate-resilient investment.

As evidence of climate change’s impact on all asset classes mounts, investors should consider starting to understand, assess, and mitigate their climate risk exposure. The time has come to address climate risk.

Download the GARI 2017 Investor Guide

Read the press release:



Paris, France – December 12, 2017: The “time has come” for investors to address climate risk, concludes the Investor Guide to Physical Climate Risk and Resilience released today by the Global Adaptation & Resilience Investment Working Group (GARI) at the One Planet Summit in Paris, France, where nations of the world are meeting to advance the aims and ambitions of the Paris Agreement. The summit is being hosted by the President of the French Republic, Emmanuel Macron, the President of the World Bank Group, Jim Yong Kim, and the Secretary-General of the United Nations, António Guterres.

The GARI Investor Guide provides a “plain language” introduction for investors to physical climate risk and resilience. It describes physical climate risk and resilience, explains why it matters to investors, and suggests practical actions investors can take.  Specifically, it suggests investors can manage the physical effects of climate change on investments, and seize climate-resilience investment opportunities in three ways: investigating the physical impacts of climate change on asset values, requiring asset managers and advisors to consider climate risk, and allocating capital to climate-resilient investment.

“We believe the time is now for investors to consider both physical climate risk as well as the opportunity to invest in climate resilience,” said Jay Koh, Managing Director of The Lightsmith Group, Chair of GARI, and a lead author of the GARI Investor Guide. “The investment risks and opportunities created by climate change are immediate and increasing.”

“Leading investors have started using practical tools today to screen and assess their equity, credit, and real asset portfolios for physical climate risk,” stated Emilie Mazzacurati, CEO of Four Twenty Seven and another lead author of the GARI Investor Guide. “There’s no need to wait to understand the impacts of climate change on financial markets.”

“Understanding physical climate risk can guide investors’ decisions today, both to reduce exposure to risk and seize climate resilience investment opportunities,” concluded Chiara Trabacchi, Climate Finance Specialist at IDB Invest, and the third lead author of the GARI Investor Guide. “The Investor Guide is a tool for investors that want to anticipate the risk – rather than experience it – and to deliver long-term value.”



The Global Adaptation & Resilience Investment Working Group (GARI) is a private investor-led initiative announced at COP21, the global climate summit in Paris in 2015. GARI is a partner of the UN Secretary General’s A2R Climate Resilience Initiative. GARI has brought together over 150 private and public investors, bankers, leaders and other stakeholders to discuss critical issues at the intersection of climate adaptation and resilience and investment with the objective of helping to assess, mobilize and catalyze action and investment. It released a first discussion paper, “Bridging the Adaptation Gap,” at the COP22 Marrakesh global climate summit in 2016. For more information on GARI, please see:

GARI Releases Draft Investor Guide

The Global Adaptation & Resilience Investment Working Group (GARI), of which Four Twenty Seven is a founding member, developed an Investor Guide to Physical Climate Risk and Resilience and a discussion paper highlighting innovations in adaptation, investment and climate resilience. Four Twenty Seven CEO Emilie Mazzacurati is a  lead author on the draft investor guide, which was released this week at COP23. The final 2017 Investor Guide will be released in Paris this December.

This paper is  an introduction to physical climate risk and how it applies to investors. Serving as a concise conversation starter, the five-page paper outlines three steps for investors to begin addressing physical climate risk: know what physical climate risk is, know why physical climate risk and resilience matter to investors and begin to assess, disclose and act. The report emphasizes how important it is for investors to get started and take the first steps to understand and manage risk.

GARI was launched at COP21 in conjunction with the UN Secretary General’s A2R Climate Resilience Initiative, with the goal of bringing together private investors, climate experts and other stakeholders around the challenges and opportunities that climate change presents to investors. In 2016 the group’s discussions culminated in a paper, “Bridging the Adaptation Gap,” describing measurement of physical climate risk and highlighting examples of  current investments in climate adaptation.

Download the draft Investor Guide.

GARI welcomes feedback on this public draft. Please contact Emilie Mazzacurati with comments or for more information.

Physical Climate Risk in Equity Portfolios – White Paper

At COP23 Four Twenty Seven and Deutsche Asset Management jointly released a white paper featuring a new approach to climate risk management in equity portfolios. Measuring Physical Climate Risk in Equity Portfolios showcases Four Twenty Seven’s Equity Risk Scoring methodology, which identifies hotspots in investment portfolios by assessing the geographic exposure of publicly-traded companies to climate change. Our methodology tackles physical risk head on by identifying the locations of corporate production and retail sites around the world and their vulnerability to climate change hazards, such as sea level rise, droughts, floods and tropical storms, which pose an immediate threat to investment portfolios.

Deutsche Asset Management is leveraging Four Twenty Seven’s Equity Risk Scores to satisfy institutional investors’ growing desire for more climate resilient portfolios and design new investment strategies. “This report is a major step forward to addressing a serious and growing risk that investors face. To keep advancing our efforts, we believe the investment industry needs to champion the disclosure of once-in-a-lifetime climate risks by companies so we can assess these risks even more accurately going forward,” said Nicolas Moreau, Head of Deutsche Asset Management.


Four Twenty Seven’s equity scoring methodology includes Operations Risk, Supply Chain Risk and Market Risk:

  • Operations Risk involves screening thousands of facilities for their exposure to climate risks.
  • Supply Chain Risk assesses both the climate risk in countries that produce a company’s materials and the sensitivity of a company’s industry to climate-related resources such as water and land.
  • Market Risk captures how a company’s consumers may change their behavior due to climate variability.

Since different industries will respond to climate hazards differently, the analysis includes both geographic location and business sensitivity. For Operations Risk, Four Twenty Seven screens each corporate site for its exposure and sensitivity to a set of climate hazards that include extreme precipitation, sea level rise, hurricanes, heat stress, water stress and wildfires. To calculate Supply Chain Risk and  Market Risk, Four Twenty Seven uses companies’ financial data, such as revenues and production. The image below shows an example of extreme precipitation risk for 68,000 corporate sites belonging to France’s benchmark index CAC40 (France’s 40 largest public companies).


This comprehensive, data-driven scoring effort culminates in a composite physical risk score that allows for comparison and benchmarking of equities and indices.  This integrated measure provides a point of entry to understand and address climate risk, engage with corporations and identify risk mitigation strategies.

The white paper includes a relative ranking of CAC40 companies, as shown below.

Climate Risk in Asia

Asia is particularly vulnerable to climate change. Five out of six people in Asia live in climate hotspots. The Asian Development Bank warned that, without mitigation action, Asia will experience temperature rise of six degrees centigrade by the end of the century. Of extreme concern is the region’s vulnerability to sea level rise. For example, China leads the world in terms of coastal risk, with 145 million people and economic assets located on land threatened by rising seas.

To better understand the implications of these projections for financial markets, Four Twenty Seven mapped the physical climate risks for 500 large and mid-cap constituents of an Asia ex-Japan listed equity index. We found that many companies are highly vulnerable to sea level rise in the region. China’s Pearl River Delta is already experiencing a higher than average rate of sea level rise and has many assets that would be exposed to flood risk in a two-meter flood scenario (see below). Many of these are energy assets which are long-lived and high value capital assets that cannot easily be relocated, requiring protection from rising seas if they are not decommissioned.

An explicit example of the economic impacts of extreme weather events and the resulting damage to assets can be seen in the Thailand floods of 2011. This event led to vast repercussions across industries, including car manufacturers, Thailand’s rice industry and even tourism. While these events were most damaging in Thailand, negative impacts were felt internationally. For example, the production of hard drive manufacturers like Toshiba and Western Digital was stalled due to the floods, which affected companies like Lenovo that depend on Asian manufacturing.

Accessing our Data

Four Twenty Seven’s ever-growing database now includes close to one million corporate sites and covers over 1800 publicly-traded companies. We offer subscription products and advisory services to access this unique dataset. Options include data feeds, an interactive analytics platform and company scorecards, as well as custom portfolio analysis and benchmarking.

Read the White Paper and contact us for more information about our products for financial institutions and corporations.

TCFD Releases Final Recommendations

Conceptual map of climate-related risks, opportunities, and financial impacts, from the final TCFD recommendations report

The Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) released their final recommendations in late June. The changes to the recommendations reflect the extensive feedback the Taskforce received from the stakeholder engagement process in the past six months. Some key changes include:

  • Simplifying the recommended disclosure related to Strategy and scenarios to focus on the resiliency of an organization’s strategy to climate risk and opportunities
  • Establishing a threshold for organizations that should consider conducting more robust scenario analysis to assess the resilience of their strategies.
  • Clarifying that the recommended disclosures related to the strategy and metrics and targets recommendations depend on an assessment of materiality, whereas disclosures on governance and risk management are relevant for all organizations.
  • Updated conceptual map of climate-related risks and opportunities and associated financial impacts.

TCFD Recommendations at G20

The recommendations were presented at the G20 summit in Hamburg, Germany, with hopes that the world leaders would formally endorse the guidelines. Climate change was high on the agenda for the summit, where all but the United States voiced a strong recommitment to the goals of the Paris Agreement, and the G20 included by reference, the TCFD recommendations in their Climate and Energy Action Plan for Growth.

CEOs Endorse the Recommendations

The TCFD final recommendations were endorsed by over 100 CEO’s from a wide range of companies, including large financial institutions like Barclays and Morgan Stanley as well as energy and manufacturing companies like Suez, DuPont, and Unilever. Reactions from a broad range of financial analysts were also positive, noting the need for improvements and wider adoption of climate risk disclosure practices.

A number of initiatives are already under way to think through and plan the implementation of the TCFD recommendations, such as the UNEP FI’s effort with major banks from around the world who have pledged to work towards adopting these recommendations, and put forth actions they see as needed for broader adoption of climate risk reporting.

Further Readings

  • The Economist Intelligence Unit’s  “The Road to Action” report finds that investors, asset managers, and banks are in urgent need of a way to identify and measure how the industry is responding to climate-related risks. It notes that their interviewees widely regard the TCFD’s recommendations as having the clearest mandate to providing possible solutions.
  • Aon’s white paper Financial Regulators Awaken: Prepare to Disclose Climate Risk notes that risk management and analytics is what differentiates the TCFD’s recommendations from many existing standards. “Risk management, including insurance and risk analytics, is given a key role in helping businesses understand and quantify climate risks. The recommendations provide a framework that can enhance risk management, empower corporate strategy, and improve resilience in a fast-changing world.”
  • The 2-Degree Investing Initiative takes a deep dive into corporate disclosures in its forthcoming report “Limited Visibility”, part of their Tragedy of the Horizon program. The report presents the current state of corporate disclosure on long-term risks and long-term forward looking data using analysis of MSCI World companies’ financial disclosures.

Four Twenty Seven helps investors, Fortune 500 companies, and government institutions understand how to quantify and monetize climate change impacts on operations and asset portfolios. Our clients rely on Four Twenty Seven’s tools and models to factor into financial and operational planning processes. Learn more about how we are helping our clients assess and adapt to climate risks.

Audio Blog: Latest Innovations in ESG Investing

Colin Shaw at Sustainatopia discussing ESG investing
From left to right: Colin Shaw, Jason Escamilla, Catharine Banat, Megan Fielding, and Andrew Olig

Four Twenty Seven’s Director of Finance, Colin Shaw, was recently invited to be a part of a panel titled “Latest Innovations in ESG” at Sustainatopia on May 8th, 2017.

The panelists discussed the increasing awareness of investors in their options to invest responsibly, and breaking down the preconception that ESG investing sacrifices financial returns. Colin presented on the tools to used measure climate risk in financial portfolios, and the need that Four Twenty Seven sees for more climate data in order to better provide guidance to businesses for their risk management and adaptation planning. The other panelists included:

  • Andrew Olig, Regional Vice President of Calvert Mutual Funds
  • Megan Fielding, Senior Director, Responsible Investment at TIAA Investments
  • Catherine Banat, Impact Investing at RBC Global Asset Management
  • Jason Escamilla, CEO of Impact Labs

Listen to the entire engaging panel recording below.

Developing Climate-Competent Boards: Climate Risk and Opportunities

Four Twenty Seven’s founder and CEO Emilie Mazzacurati was invited to speak during the Investing in the Age of Climate Change symposium on April 28, 2017, at the University of Oregon. Emilie presented through a video call and talked about Four Twenty Seven’s work, but mainly discussed climate-competent boards. She delved into what a climate-competent board is, the opportunities they provide, and steps to implement climate-competency on a board. She also discussed economic impacts from climate change, the TCFD climate risk disclosure recommendations, the Paris Agreement, and how these topics relate to climate-competent boards.

Investing in the Age of Climate Change was sponsored by the University of Oregon’s Office of the President and the Office of Sustainability. The symposium tackled issues around climate risk, their connection to investment decisions, and the need to understand how these risks can affect an organization’s business in the long-term.

Video: Emilie Mazzacurati speaking at Investing in the Age of Climate Change

Proadapt Symposium on Climate Risk and Investment

On April 20, 2017, Proadapt hosted the symposium “Climate Risk and Investment: Framing Private Challenges and Opportunities” a conference to discuss common challenges and emerging investment opportunities in climate resilience. Emilie Mazzacurati, Four Twenty Seven founder and CEO, joined the symposium to discuss what climate change means for the financial sector, and innovative ways that funding for climate-resilient projects can be achieved.

Emilie first spoke on the second panel of the event, “Climate Resilience and Emerging Tools for Financial Institutions”, highlighting the recent moves by financial regulatory groups and institutional investors to promote climate risk analysis and disclosure, as well as ways to overcome the challenges of translating climate data into business intelligence.

Joining Emilie on the panel was Wagner de Siqueira Pinto, executive manager of the Strategy and Organization Directorate of Banco do Brasil; Jerri Ribeiro, leader of PwC Brazil´s Risk Consulting practice; and Jennifer Burney, Assistant Professor at the University of California San Diego.

Later in the day, Emilie moderated a panel on “The Role of Blended Finance in Promoting Climate Resilience”, a lively discussion on methods to create new funding mechanisms to leverage public and philanthopic funding in order to raise private capital for environmentally-beneficial projects.

Speaking on the panel was Stacy A. Swann, CEO and Partner, Climate Finance Advisors; Joan Larrea, CEO of Convergence; Virginie Fayolle, Senior Consultant and the Climate Finance Lead, Acclimatise; and Stephen A. Morel, Global Energy Contractor, (OPIC).

Emilie capped the day at Proadapt by providing a few key thoughts on how she and Four Twenty Seven see the demand for climate resilience work in the future, including how companies are looking to see how climate data can be used to identify new opportunities as markets change.

In The Arena – Finding Climate Solutions

In the Arena is a broadcast and online series that interviews alumni of the Goldman School of Public Policy at UC Berkeley who have embraced careers in policy innovation and social entrepreneurship. Four Twenty Seven Founder and CEO Emilie Mazzacurati, an alumna of the school (MPP ’07), talked with host and fellow alumnus Jonathan Stein (MPP/JD ’13) about how Four Twenty Seven fulfills its mission to build climate resilience through social innovation by working closely with corporations and investors on climate risk and adaptation. Watch Emilie and Jonathan discuss climate data, social innovation and integrating climate risk to protect local communities on In The Arena — Finding Climate Solutions:

Why BlackRock is Worried About Climate Change

This article was first published on the Huffington Post.

Why BlackRock is Worried About Climate Change

Climate Change: A Material Risk for Investors

While the Trump administration is trying to roll back climate policy in the U.S., concerns over climate change are mounting on financial markets. In September 2016, the largest asset management firm in the world, BlackRock, with $5 trillion under management, released a report where it stated climate change is a material risk and “climate-proofing portfolios is a key consideration for all asset owners.” A few weeks back, BlackRock doubled down in announcing that it expected companies in its portfolio to disclose their exposure to climate risk. BlackRock is not the only investor that has publicly voiced concern over climate risk in its portfolio.

State Street Corp, which manages $2.5 trillion worth of assets, sent a letter in January to the boards of corporations it invests in, asking the companies to disclose their plans to account for climate change and other social issues. Over the long-term, these issues can have a material impact on a company’s ability to generate returns,” State Street said in the letter. “Corporate scandals of the last few years around automotive emissions, food safety or labor issues have emphasized the need for companies to assess the impact of Environmental, Social and Governance (ESG) risks.”

The call for disclosures is rising from individual fund managers as well. Canadian pension manager OPTrust released details of its approach to climate considerations when investing, and asking for more standardized measures for disclosing these risks.

Why are investors concerned over climate risk, and how do they expect these risks to materialize in their portfolios?

Economic and Financial Impacts from Climate Change

Climate change is expected to have impacts on the natural environment, but also on human systems and global and local economies. From decreased crop yields to physical impacts on built infrastructure and labor productivity, impacts are predicted to be uneven but ubiquitous. Business leaders are well aware of this risk, and over the past years, failure to adapt to climate change has consistently been listed among the top five risks for economies in impact and likelihood in the World Economic Forum’s Global Risk Report.

These impacts on the economy at large, on industry sectors, on infrastructure and on physical assets like manufacturing plants, corporate campuses or supply chains can in turn create financial risk for the investors who own equity or have loaned capital to these companies. Researchers from Cambridge and Oxford University estimate in a plausible worst-case climate change scenario (a 4°C-increase outcome), the value at risk of an equity portfolio in 2030 may be between 5% and 20% versus a no-warming scenario.

Regulatory Pressures

Financial regulators have also been raising the alarm, most famously Mark Carney, the Governor of the Bank of England and Chair of the Financial Stability Board (FSB), who referred to the phenomenon as the “Tragedy of the Horizon,” citing outcomes like the impact of rising seas on the world’s coastlines and infrastructure as one of the largest risks to financial stability around the world. The FSB, under the authority of the G20, created last year a special Taskforce on Climate-related Financial Disclosures (TCFD), which recently released its recommendations for investors and corporations on better assessing and disclosing climate risk.

Also in the fall 2015, France became the first country to pass a law introducing mandatory extensive climate change-related reporting for asset owners and asset managers, the Energy Transition Law and its Article 173. The European Union also passed a directive late 2016 requiring pension funds in Europe to assess and disclose climate risk. Financial markets are global, and regulations in Europe very much affect U.S. investors.

These recent regulatory efforts typically break down climate risk into two distinct categories: energy transition risk, and physical climate risk.

Energy Transition Risk

The Energy Transition risk refers to the potential large-scale impacts of rapidly decarbonizing our economies and energy systems—as might happen, for example, if policymakers decided to take climate science seriously. The sectors most exposed are, of course, the energy sector, in particularly fossil fuels, but also energy intensive industries like steel, cement, and chemistry. The entire value chain of the transportation sector, from airlines to car companies, could see their financial performance altered dramatically depending not only on their emissions, but also on how they have prepared and manage this transition.

To measure and compare the energy transition risks, a few methodologies have emerged. The 2 Degree Investment Initiative(2dii) released its methodology as well as a “Transition Risk Toolbox” on how to integrate energy transition risk into scenario analysis for corporations, and is continuing to explore in depth the implications for financial markets. CDP, a central player in the world of corporate climate disclosures, has also developed a pilot methodology on Assessing the Low Carbon Transition (ACT), in partnership with ADEME, the French Environment and Energy Agency.

Physical Climate Risk

Physical climate risk includes both shocks and stresses from climate impacts: shocks refer to extreme weather events, ranging from storms to drought, cold snaps, extreme precipitation and windstorms. Stresses encompasses physical conditions that change over time and can affect anything from agriculture to retail sales or real estate property values, such as a shift in season—as observed most recently on the East Coast, with an unseasonably warm, spring-like weather, changes in precipitation patterns, gradual increase in temperatures, depletion of water, as well as sea level rise.

A few research institutions have started developing methodologies to quantify the linkage between climate hazards and economic indicators, including most notably the Risky Business Project on the economic risk of climate change in the United States, and Norwegian think tank CICERO’s recent report on Shades of Climate Risk. However, as shown in the Global Adaptation and Resilience Investment working group (GARI) report published at COP 22 in November 2016, investors are concerned over lack of data and tools to better measure risk in a financial portfolio, and benefits of investing in resilience.

What Can Investors Do to Reduce Climate Risk Exposure?

Despite the lack of established tools and methodologies, investors and portfolio managers can significantly hedge climate-related risks by assessing exposure of their asset portfolio, rebalancing exposure across assets, sectors and geographies, and developing targeted engagement strategies.

1. Assessing Exposure in their Asset Portfolio

Climate impacts can be felt across all asset classes. Real assets (infrastructure, real estate) represent the most direct risk for asset owners, but also the easiest to understand and manage. Investors typically know the exact geographic location for these assets, which enables a direct exposure hotspot analysis, as well as direct engagement with asset operators on climate risk and potential risk mitigation measures. Equity and credit portfolios are more complex to screen for and assess physical climate risk. Specialized providers like Four Twenty Seven provide screening tools, benchmarked equity scores, as well as custom portfolio risk assessments focused on physical climate impacts.

2. Developing Targeted Engagement Strategy

Investors have a critical role to play in ensuring climate risk management and disclosures become the norm rather than the exception. Especially in the U.S., in a context of regulatory pull back from financial regulations and climate policy, market forces must impose the transparency and responsibility needed to price assets accurately. This engagement can take many forms, from supporting proxy motions from activist investors like As You Sow to engaging with working groups like the Investor Network on Climate Risk (INCR) at Ceres, or direct engagement with portfolio companies.

Companies are also encouraged to develop climate competency in the boardroom so that at least one of the corporate directors has a technical understanding and direct responsibility for bringing climate science and climate change considerations to the Board during strategic and risk management discussions. This pressure was heeded by ExxonMobil, after an extensive campaign to demonstrate that ExxonMobil was not accurately accounting for climate change science in its asset and reserve valuation: the company’s board recently added Susan Avery, a physicist and atmospheric scientist, to its board of directors.

Change will be slow, but the growing recognition that climate change is an economic and financial issue is our best hope to drive meaningful, long-term policy change, as well as to increase resilience and our society’s ability to adapt to climate change. Contrarian climate policy in the U.S. may slow down the adoption of new standards, but it won’t slow down climate change, and the need to address its social and economic impacts.