Physical risk from climate change impacts summer sports events.

The World Economic Forum’s annual risks report found that, for the first time in its 15-year history, the environment filled the top five places in the list of concerns likely to have a major impact over the next decade.

"Where the law requires the disclosure of climate risk, needless to say it should be done in a way that's useful and relevant to the market", he said. "Where climate risk is material, we're actively encouraging directors and advisers to provide voluntary disclosure to the market.”

Australia's annual mean temperature was 1.52 degrees Celsius above the 1961-90 average of 21.8C — well above the previous hottest year (2013) at 1.33C.

Most at risk are localities that are already economically challenged, located in low-tax states and threatened with extreme weather-related events.

NAB has revealed for the first time how it secured the Australian Prudential Regulation Authority’s blessing to operate in the cloud at scale.

“So this is far more than an environmental problem,” he said. “It’s a humanitarian, security and possibly military problem too.”

he insurance industry has already declared Australia’s second bushfire ‘catastrophe’ of the season despite summer not yet arriving, renewing calls for more government mitigation work.

Non-financial threats loom larger, relative to economic or banking worries, according to the Thinking Ahead Institute.

Global temperature change ranks No. 1 on a list of 15 extreme risks compiled by the Thinking Ahead Institute (TAI). 

The institute, a not-for-profit outgrowth of Willis Towers Watson Investments' Thinking Ahead Group, which dates back to 2002, raised the climate issue two places higher than it was in a 2013 ranking of “potential events that are very unlikely to occur but could have a significant impact on economic growth and asset returns should they happen.”

Currently placing second is global trade collapse, up from fifth in 2013, followed by a new entry, cyber warfare. Tim Hodgson, head of the Thinking Ahead Group, pointed to a general trend of “financial risks falling down the rankings and non-financial extreme risks growing in significance. Global temperature change becomes the highest-ranked risk due to our assessment of higher likelihood coupled with significant impact – in the extreme this would mean mass extinction.” Continue reading on GARP website. 

For a long time, climate change was merely an abstract phenomenon for many people, one that future generations would be affected by, if at all. But the perception has changed dramatically in recent months.