S5 Ep.7 Has climate change moved from a specialist concern to a structural business issue?

Firstly, Nigel, thank you very much for the opportunity to join you on the podcast today.

For me, this series has been a really good opportunity to take that step back and to reflect on how LCP and the wider context within which I work has changed over the last 10 or 15 years.

It's become clear to me just how mainstream climate considerations have been perhaps in a way that hasn't been apparent when you've been working on this on a day-to-day basis.

But this series has been an opportunity to take that step back.

It caused me to reflect on the first training session I did with an LCP back in 2009 about how climate change was relevant to our pension scheme business.

And there it seemed quite a novel idea, one that wasn't widely accepted.

And yet now it is absolutely mainstream within the field within which I work, sort of shaping capital allocation decisions and risk management of pension schemes and other investors.

That is a remarkable theme that has come out of these, I think.

I've certainly felt like that, that these issues are normalizing into risk analysis, into investment decisions.

What about you, John?

The word you just used there, Nigel, normalizing.

On one hand, the Rio Earth Summit was back in the 1990s.

So we're 34 years on from that.

We're 11 years after the Paris Agreement, which was quite seminal.

But I Well, a lot has changed, and I agree,

Claire, with everything you said.

In other words, your word, Nigel, normalizing, it's changing at the moment.

So the way we think about climate change from investment to insurance across all the different episodes that you've recorded has evolved, is evolving, but we're on a journey.

And it feels to me it's gone from a what does this mean and a bit of a sideshow to starting now to become more integrated issues.

into business.

But I think we're still at an early stage on that journey.

So, Clare, like you were saying, this gives you a chance to step back and reflect.

And it feels both it's matured, but there's still a lot more

maturing to do.

Interesting reflection, because it seems to me slightly different from what Clare was saying, which is fine, of course.