威达信 & NACD：2020气候变化报告（英文版）.pdf

1、 CLIMATE CHANGE The Implications for Boards Article Series 2020 CONTENTS FOREWORD 1 CLIMATE CHANGE IS AN ENTERPRISE RISK MULTIPLIER 3 THE CLIMATE RISK OVERSIGHT DEFICIT 10 CLIMATE DISCLOSURE AND THE ROLE OF THE BOARD 16 REALIZING THE CLIMATE OPPORTUNITY 22 BUILDING CLIMATE-SMART BOARDS 28 GLOSSARY O

2、F CLIMATE-RELATED TERMS CLIMATE-RELATED ABBREVIATIONS 33 Marsh they sweep along supply chains with consequences for companies providing parts, services, or raw materials. For example, the switch to electric vehicles will reduce vehicle repair and servicing revenues and destroy markets for suppliers

3、manufacturing parts for internal combustion engines and gearboxes. Innovations to reduce the carbon footprint of buildings, such as sustainable construction materials, energy efficiency technologies, and onsite renewables, could have impacts felt far beyond the real estate sector, threatening the de

4、mand for carbon-intensive materials like cement and steel as well as the demand for electricity and natural gas. In the power sector, the growth of renewables hasnt simply disrupted utility business models, it has hit coal miners5 and railroad companies6 as well. Moving down the list of the top conc

5、erns in Exhibit 1, climate change also has major implications for regulatory risks (ranked 6), as the plethora of regulations governing carbon-emitting activities attests. A third of the US GDP7 is covered by carbon pricing policies which charge companies for their emissions. Thirty-eight states, pl

6、us the District of Columbia, have set renewable energy standards8, and 43 states and the District of Columbia implemented policies to promote electric vehicles9 during 2019 alone. Sudden or far-reaching regulatory changes present the greatest risks. Oliver Wyman, for example, recently estimated10 th