The project’s aims include enabling authorities and firms to analyze climate scenarios and increase their understanding of potential climate-related risks, and enhance understanding of companies’ governance and risk management..

“To reach carbon neutrality by 2050, I am calling for all countries to stop building new coal power plants and for partners to stop financing them,” said the Secretary-General.

“Countries also need to put a price on carbon and end subsidies for fossil fuels. Our response to the Covid-19 crisis must be aligned with the Paris Agreement and Sustainable Development Goals. In all these efforts, you can count on the support of the United Nations system,” the UN chief added.

“Acute hazards, such as storms, floods, or wildfires, may cause investors to update their perceptions of the value of real or financial assets suddenly,” Fed Governor Lael Brainard said in comments attached to the report, released Monday.

“Chronic hazards, such as slow increases in mean temperatures or sea levels, or a gradual change in investor sentiment about those risks, introduce the possibility of abrupt tipping points or significant swings in sentiment,” Brainard said.

Vietnam is prone to destructive storms and flooding due to its long coastline. Vamco will be the 13th storm that affects the Southeast Asian country this year, where more than 160 people have been killed in natural disasters triggered by a series of storms since early October.

“There has been no respite for more than eight million people living in central Vietnam,” said Nguyen Thi Xuan Thu, Vietnam Red Cross Society President. “Each time they start rebuilding their lives and livelihoods, they are pummelled by yet another storm.”