Global warming: a new risk for firms
LONDON - When two of the world's largest banks and George Bush start taking about climate change, you can be certain it has become a central global issue. Banks and businesses alike can no longer ignore the fact that an unprecedented change in climate due to global warming will result in increased operational and investment risk.
UBS Wealth Management and Lehman Brothers have both issued investment guides on the risks and opportunities arising from global warming. Even the regulators are taking notice. The UK Financial Services Authority has also cited climate change as presenting a considerable risk to the financial services sector in its annual Financial Risk Outlook (FRO) report.
Lehman Brothers' The Business of Climate Change, edited by Kurt Reiman, warns that the effects of physical changes caused by global warming
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