Actuaries are becoming more aware of the combined impact of climate change and limitations of resources—two separate and very significant issues—putting at risk the sustainability of the current socio-economic systems that support our way of life. Although actuaries do not claim professional expertise in environmental issues, they can be guided by the growing body of knowledge publicly available from reliable scientific sources. Being particularly qualified to deal with modelling financial consequences of risks and uncertainties, the actuarial profession has a duty to provide training and education on climate change and sustainability so that its members are qualified to contribute to the
well-being of the society. In undertaking this exercise, the actuarial profession needs to be cognizant of the fact that even within the climate change science community there are differing views on the nature and amplitude of the risks and the profession should be aware of these differing views
Climate change is more than global warming. The rise in average temperature is only one indicator of broader changes also translating into extreme temperatures, drought, flooding, storms, rising sea levels, impacts on food production, and infectious diseases. Although the scientific community has been aware of the link between greenhouse gases (GHGs) and climate change for many years, world leaders have been slow to react and implement measures to mitigate the risks.
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