Hosted in collaboration with the Ministry of Finance, Planning and Economic Development of Uganda.
View the presentation slides from this event
This event marked the launch of the report, The macroeconomic case for investing in climate adaptation, that provides a ground-breaking synthesis of nearly 300 studies and more than 6,000 estimates of the economic and fiscal consequences of climate change and returns to adaptation investment. The report includes case studies from leading countries such as Brazil, UK, Rwanda, Nigeria, Bangladesh, and Kenya.
During the event, the speakers discussed how the macroeconomic and fiscal consequences of climate impacts are already significant, growing, and likely to continue intensifying without further efforts to adapt and increase resilience. They showed evidence that early and strategic adaptation investments can bolster economic stability, reduce debt levels and borrowing costs, and accelerate development.
Building on these findings, the speakers presented a strong case for the opportunities Ministries of Finance and economic decision-makers have to drive adaptation and resilience based on the positive returns from early action and investment. The event underlined the urgent need for economic decision-makers to invest in building analytical capabilities to assess physical climate risks and opportunities, the need for the funding community to support proactive adaptation, and the opportunities for research to address gaps in assessment of economic risks.
The event opened with introductory remarks from Lord Professor Nicholas Stern and Matia Kasija, the Minister of Finance of Uganda, on the economic case for adaptation, followed by a presentation by two of authors on the main findings of the report. This was complemented by an intervention from the Ministry of Finance of Brazil on incentivising adaptation investment. The event finished with concluding remarks from Dr. Sam Mugume and the Croatian Ministry of Finance on the role of the Coalition of Finance Ministers for Climate Action in driving adaptation action.
Meet the speakers
Nicholas Stern is IG Patel Chair of Economics and Government, Chairman of the Grantham Research Institute on Climate Change and the Environment, and the inaugural Chair of the Global School of Sustainability at LSE. Nick led the Stern Review on the Economics of Climate Change and previously served as head of the UK’s Government Economic Service, Second Permanent Secretary to Her Majesty’s Treasury, and Director of the UK Prime Minister’s Commission for Africa.
James Rising is a researcher at the School of Marine Science & Policy at the University of Delaware. Dr. Rising studies the economics of the environment with an emphasis on risks from climate change and interdisciplinary modelling for policy analysis.
Swenja Surminski is a Professor in Practice at the Grantham Research Institute on Climate Change and the Environment. Swenja is a leading international expert on climate change, risk finance, adaptation and disaster resilience. Swenja also serves as Managing Director Climate and Sustainability at Marsh McLennan (MMC), the world’s leading professional services firm in the area of risk, people and strategy.
Sam Mugume Koojo is the Deputy to the Ugandan Co-chair of the Coalition for Finance Ministers for Climate Action and is an Associate Commissioner of the Ministry of Finance, Planning and Economic Development of Uganda. He holds a PhD in Philosophy from Makerere University.
Silvija Belajec is the Alternate Deputy to the Croatian Co-Chair of the Coalition of Finance Ministers for Climate Action and Head of the Sustainable Finance Sector at the Croatian Ministry of Finance. She previously served in the same institution as Head of the EU Affairs and International Financial Relations Sector.
Christian Yoka (TBC) is the Minister of Finance, Budget and Public Portfolio of the Republic of Congo. Before joining the Ministry, Christian was the Director of Africa for the French Development Agency and held other managerial positions as Country Manager for Cameroon and the Central African Republic.