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The role of the finance sector – lessons from dialogues with financial giants.

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Beatrice Crona, Executive Director, of the Global Economic Dynamics and the Biosphere Programme, Royal Swedish Academy of Sciences and Alice Dauriach, PhD candidate, Global Economic Dynamics and the Biosphere, Royal Swedish Academy of Sciences and Stockholm Resilience Centre at Stockholm University.

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The role of the finance sector – lessons from dialogues with financial giants.

  1. 1. Sleeping Financial Giants Opportunities in financial leadership for climate stability Beatrice Crona (Assoc Prof) Executive Director Global Economic Dynamics and the Biosphere, Royal Swedish Academy of Science Deputy Science Director Stockholm Resilience Centre Stockholm University Will Steffen Australian National University Victor Galaz Stockholm Resilience Center Alice Dauriach Royal Swedish Academy of Science
  2. 2. Stability of the Earth’s climate system depends on… GHG emissions reduction AND bolstering the resilience of key biomes/regions of the planet Identify actors with the power to lead a transformation
  3. 3. IPCC 2013 IPCC temperature projections
  4. 4. 2 4 3 5 6 1 0 GlobalTemperature(°C) IPCC Projections 2100 AD Earth System moves to a new state? Major systemic risks Summerhayes 2015 Committed Tipping points? ROMAN EMPIRE
  5. 5. Source: Steffen et al 2018 Trajectories of the Earth System in the Anthropocene, Proceedings of the National Academy of Science Tipping Cascades
  6. 6. Ocean 50% 50% Climate change: change in ocean/atmos circulation => reduced rainfall; increased drought Dieback + fires Deforestation: conversion to cropland or pasture => reduced evaporation and water recycling The Amazon tipping element
  7. 7. Nobre and de Simone Borma 2009; Lovejoy and Nobre 2018 Tröskeldynamik i Amazonas Only deforestation: tipping point when ~40% of original forest cover cleared Only climate change: 3-5oC temperature increase in the Amazon region Deforestation + climate change: • Paris 2oC target reduces allowable deforestation to significantly less than 25%. • Paris commitments of ~3oC would reduce allowable deforestation to near zero
  8. 8. Step 2: Key economic sectors soy beef Victor Galaz, Beatrice Crona, Alice Dauriach, Bert Scholtens, Will Steffen Method Step 1: Geographical scope Step 3: Key economic actors supplychain Equity (Debt) $ € ¥ £ Step 4: Key financial sources Step 5: Investors
  9. 9. Identifying investors (Financial Giants)
  10. 10. Earth system tipping point represent major systemic risks for the financial sector Climate change mitigation => building resilience of key ecosystems/processes to buffer already ongoing change; i.e. prevent them from tipping
  11. 11. Dialogues with financial actors Stockholm June 2017 London March 2018 (co-hosted with UNPRI) Tokyo March 2019 (co- hosted with Future Earth Asia hub)
  12. 12. THANK For more info https://sleepinggiants.earth/ Download report (QR): Sleeping Financial Giants: Opportunities in financial leadership for climate stability
  13. 13. Sleeping Financial Giants Opportunities in financial leadership for climate stability Download report: https://sleepinggiants.earth/backgroundr eport/

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