By uniting stakeholders from across the spectrum to accelerate solutions that limit warming, build resilience and mobilize finance, COP28 represents a significant step forward in the global response to climate change, reinforcing the importance of collective action — and everyone playing their part — in transitioning to a low-carbon future.
At COP28, լи McLennan experts, advisors and doers across our four businesses — լи, Guy Carpenter, Mercer and Oliver Wyman — will seek new ways to empower sustainable futures and make a greater impact through our collective strength and our culture of curiosity, care and integrity. We will unveil actionable solutions to help businesses and investors address climate-related risks, connect with green infrastructure projects, achieve financial resilience and execute a commercially smart transition to a low-carbon future.
Our goal is to enable our clients’ ultimate success by clarifying their view of present and future opportunities. Through expertise rooted in practical actions, we empower sustainable futures by helping organizations worldwide to manage, finance and implement the vital steps on the path to net zero. Our work and expansive expertise span the pillars of COP28 as this year’s meeting strives to accelerate the critical action needed in the years ahead.
Read the message here
Dec 14, 2023
Last week, I had the privilege of participating in COP28 in Dubai, along with a delegation of climate experts and leaders from across լи McLennan.
The meeting reinforced the need for collective action on climate change, and impressed upon me three key themes that I believe reflect where we stand—and where we may be going—on this important issue.
We can make a difference
If public and private sectors work together, we can make a difference to avoid worst-case climate scenarios. At COP, we saw an historic agreement to begin to transition away from fossil fuels, as well as the outlines of a funding mechanism to protect the world’s most vulnerable countries. Outside the official negotiations, we there were significant commitments made on decarbonization pathways, climate finance and community resilience.
From my discussions with business leaders, it appears that the private sector can demonstrate even more leadership, while also beginning to grapple with the practical yet complex challenges of moving from planning to implementation.
It’s why լи McLennan partnered with the UN’s private sector climate engagement unit and a respected US think tank to issue a set of recommendations on how the insurance industry can spearhead climate adaptation. We also demonstrated how sustainable investing is , despite the fact that asset managers continue to struggle to identify green projects in parts of the global south.
Partnerships will be essential
Climate progress will depend on successful partnerships across sectors and with non-profits and public sector agencies that business may have never worked with before.
The challenges and opportunities are complex, and no one company, country or community will solve this crisis alone. At this COP, լи McLennan announced our support for a new mangrove financing initiative, launched a new risk assessment initiative with Dubai’s electricity and water company, and signed on to the “Call for Collaboration” promoted by the UN Climate Change High-Level Champions.
Other examples of this new spirit of partnership include initiatives like the “,” the “,” and the broad endorsement of the “,” all of which reflect a new era of collective action.
Aligning capabilities to the challenge
It’s clear to me after attending this COP that neither commitment nor capital will be our greatest challenges in addressing climate. Instead, it will likely be access to new technologies to facilitate the transition, as well as the market’s ability to align our capabilities at the pace and direction that the urgency of the situation demands. Inconsistencies, gaps and uncertainties still exist in too many system-level policies and regulations, as well as within our own firms and in the markets where we compete.
To help address this, we can better deliver լи McLennan’s unique expertise across risk, strategy and people to help empower sustainable futures. We have deep understanding of transition planning and finance, know how to make transformative change happen, and deliver leading risk management solutions. Bringing these capabilities together in a way that matches the urgency of the moment will require dialogue—both internally and externally—and over the next months and years, I will be looking for opportunities for us to find ways to address these challenges together.
I remain optimistic that commitment, partnership and an orientation toward impact will produce needed solutions; and that լи McLennan’s expertise and capabilities can help our clients, communities and partners thrive in the face of the climate challenge.
Best regards,
John Doyle
Building resilient supply chains
լи McLennan Supply Chain Capability
Climate-related impacts represent five of the top 10 risks facing businesses today according to the World Economic Forum’s 2023 Global Risks Report. These risks have the potential to cause production delays, labor issues, lost revenue, increased costs and negative brand reputation.
լи McLennan is developing an innovative new capability — combining լи and Oliver Wyman’s risk-modeling capabilities and deep climate expertise — to help organizations become more resilient to climate risk in their supply chains. This new solution leverages a digital twin of a business’s entire supply chain combined with advanced data analytics, satellite imaging, and լи McLennan’s decades of risk modeling to provide clients with unique insights. The aim is to help companies “see the unseen” and make proactive investments to address climate-related risks that make businesses vulnerable.
Navigating a changing risk landscape
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As the world moves toward a low-carbon future, investments in renewable energy and low-carbon technology are on the rise. These assets need to be resilient to the changing climate they will face over the course of their operational life.
During COP28, լи will launch a new report with the Dubai Electricity & Water Authority on how it is addressing climate adaptation of its new energy assets. լи will also publish a series of blogs on discussions taking place at COP28 relevant to its clients.
Confronting climate risks through financial resilience
Guy Carpenter
Guy Carpenter innovates solutions that help the public and private sectors manage emerging risks related to climate. The company helps clients understand the changing nature of risk and how to make better risk-informed decisions.
Guy Carpenter is uniquely positioned to help clients understand which perils and regions are most at risk of the impacts of climate change. Offerings include custom views of catastrophe models and risk score tools suitable for different future time horizons and warming assumptions, presenting geographic accumulations of risk and/or underwriting strategies. Guy Carpenter helps clients quantify the impacts under potential climate scenarios on the overall volatility and tail risk of their insured portfolio.
At COP28, Guy Carpenter will build on adaptation financing thought leadership launched at COP27 to showcase a new, innovative, sustainable climate-focused solution that combines financial resilience and loss prevention.
Partnering for portfolio transition
Mercer
Mercer helps institutional investors interested in aligning their portfolios with net-zero outcomes by 2050 (or earlier) to develop and implement climate analysis and transition plans that reflect their unique requirements and goals.
A partner of the World Climate Summit at COP28, Mercer Investments will present the exclusive results of its annual Global Asset Manager Survey and thought leadership on successfully implementing climate-transition investing. A key focus is how organizations can incorporate the rapidly evolving dynamics and longer-term emerging issues around climate change, net zero and other sustainability-aligned investing challenges into fiduciary duty considerations.
To help enable the energy transition, accelerate progress to a lower-carbon world and drive green infrastructure development in Africa, Mercer will showcase the during COP28. This new digital platform connects deal and project sponsors with investors and capital providers on green infrastructure, green and clean technology, adaptation, and biodiversity and natural capital projects. Registerto attend the in-person event pilot in Dubai on 4–5 December.
Making commercially smart climate transitions
Oliver Wyman
Oliver Wyman is a leading player in helping companies make commercially smart climate transitions, from strategy and direction to finance and operations. It is also a thought leader in how to drive the transition at scale, collaborating with networks and organizations such as the Sustainable Markets Initiative, the Glasgow Financial Alliance for Net Zero, the World Economic Forum, CDP and the Climate Group to drive collaborative action on this topic.
At COP28, Oliver Wyman will host a series of events tied to this year’s conference themes, bringing together industry leaders to explore how to transition at pace and scale while sustaining and growing a profitable business.
Explore the latest thinking by our experts from across լи McLennan's four businesses - լи, Guy Carpenter, Mercer and Oliver Wyman on a range of key COP28 themes. From Risk and Resilience to Transition Finance, read our latest thinking and discover our innovative solutions and strategies on how to execute a commercially smart transition to a low-carbon future and empower sustainable futures:
In collaboration with the UN Climate Change High-Level Champions, the UN Race to Resilience, and the Adrienne Arsht-Rockefeller Foundation Resilience Center.
In collaboration with the UN Climate Change High-Level Champions, the UN Race to Resilience, and the Adrienne Arsht-Rockefeller Foundation Resilience Center.
During COP28, our team of experts will be hosting events where we will unveil cutting-edge ideas and provide actionable solutions that will tackle the most pressing climate challenges and empower sustainable futures.
Join us:
December 4th, 2023
Dec 4-5th - launchingthe Catalytic Investment Exchange (CIX)
To help clients and investors around the world navigate the energy transition, we’re launchingthe Catalytic Investment Exchange (CIX). The CIX will bring together deal sponsors and direct investors and will seek to enable effective and efficient due diligence. It provides potential investors a digital due diligence review platform and provides the opportunity for investors to meet with deal sponsors at Mercer led events around the world.
The focus is on green infrastructure, green and clean technology, biodiversity and natural capital. Our next event will be held in Dubai, on 4thand 5thDecember, during COP28. If successful, we will continue to run the online platform and provide regular opportunities for in-person connection. Register your interest by emailto take part in an initiative which has the potential to drive direct investment in climate projects across emerging markets.
08.00 – 09.30
Join Oliver Wyman and the 30% Club to explore the critical role that women are playing in driving climate action as leaders, employees, customers, and investors.
15.00 – 16.00
Join Oliver Wyman and the World Economic Forum to explore how the health ecosystem can adapt to the health impact of climate change and how life sciences companies can prepare for this shift.
December 5th, 2023
08.00 – 09.30
Join Oliver Wyman and the Net Zero Banking Alliance (NZBA) to explore how transition finance can be measured and scaled.
11.00 – 12.00
Join Oliver Wyman and Masdar to explore strategies for accelerating industrial decarbonization to meet our net-zero goals. Our panel of distinguished speakers will build on real-world examples from industry leaders and pioneers.
15.00 – 16.00
Join Oliver Wyman and Climate Group to explore how we can move from incremental "business as usual" moves to deliver climate action at the scale and pace we need today.
15.00 – 16.00
Join the Oliver Wyman Forum to discuss the influential role of Gen Zers in the fight against climate change, bringing together Gen Z, policy, and industry leaders.
December 7th, 2023
From Risk to Resilience -
At the halfway point of this momentous event, լи would like to invite you to attend a fire side chat for risk professionals to provide an update on the outcomes of the first week at COP28 and discuss the role of risk in the transition.
Join Amy Barnes, Head of Climate and Sustainability Strategy at լи andAbhi Bhuchar, Partner, Energy and Natural Resources Practice at Oliver Wyman as well as a number of regional industry specialists for an engaging discussion into the progress at COP28 and key themes for risk managers.
լи McLennan is the proud sponsor of The Resilience Hub, Climate Action’s Sustainable Innovation Forum and the Investment COP, hosted by World Climate Summit. Join our experts to learn more how our work and expansive expertise can help create sustainable value in the critical years of action ahead as we seek empower sustainable futures:
The ResilienceHub brings together a global community with diverse perspectives and experiences to share knowledge, co-create solutions and catalyse action. As the main pavilion for climate resilience and adaptation at COP, the Hub aims to drive the conversation and agenda around resilience and place locally-informed, equitable resilience solutions for people and nature at the heart of the COP process. It also aims to amplify the local voices of the most vulnerable and climate affected through the incorporation of Regional Hubs as an integral part of the programming and delivery of the Resilience Hub.
Sustainable Innovation Forum 2023this year the forum will take place on 4-5 December, alongside COP28 in Dubai and will promote transformative innovation to help us go further, faster.The Forum offers leaders from across the climate and innovation ecosystem the opportunity to have a tangible impact at COP 28 by helping forge cross-sector partnerships, spotlighting effective business action, mobilising green finance and showcasing innovative solutions that will enable us to achieve our climate related Sustainable Development Goals.
World Climate Summit - The Investment COP2023 hosted by the World Climate Foundation, returns on 7-8 December alongside COP28 in Dubai, marking its 14th year.
As the largest C-level B2B convening alongside COP, World Climate Summit facilitates the exchange of best practices and innovations across vital sectors crucial to decarbonisation efforts in the areas of energy, transport, buildings, industry, finance and nature.
