John Fitzpatrick, CFO and member of the Executive Board of Swiss Re, said, "Climate change and substantial emissions reductions - like any other strategic global business challenge - ultimately becomes a financial issue. The problems associated with environmental disasters quickly become measured in dollars and cents. Our industry needs to lead by developing financial solutions and risk mitigation techniques to assist our clients in achieving global emission reductions."

"In addition to the emitting industry needing to take a carbon constrained future into account," Fitzpatrick said, "the financial services industry, of which we are a part, also has an obligation to contribute to the solution of these problems through its own investments and business expertise."

Linked to heat-trapping emissions from the combustion of coal, oil and gas, the environmental implications of global warming are serious.

Melting polar ice caps and glaciers, rising sea levels, distorted weather patterns, and drought are widely forecast. Coastal cities, crops, and animal habitat could be destroyed.
But too few financial companies are taking the risks and opportunities posed by climate change seriously, a survey of mainstream financial institutions carried out for the UNEP Finance Initiatives report indicates. Most are "unaware of the climate change issue" or have adopted a "wait and see policy."