Financial industry must act now to mitigate future climate losses

Njeri Njomo, CEO of Jubilee Health Insurance. [Courtesy]

The global financial services industry is facing climate-driven losses of up to Sh232.5 trillion ($1.8 trillion) by 2050.

This huge amount will shake the industry and wipe out companies that will be found unprepared. But as the threat looms, only 25 per cent of financial services firms globally have set measurable Environmental, Social, and Governance (ESG) targets.