Fostering Catastrophe Bond Markets in Asia and the Pacific
EVENTS | Jul 12, 2024
FutureTales LAB by MQDC hosted a seminar on "Fostering Catastrophe Bond Markets in Asia and the Pacific," inviting policymakers, entrepreneurs, insurance companies, and other stakeholders to review the current situation and future scenarios of climate risks in Thailand. The seminar also introduced Catastrophe Bonds (CAT Bonds), a crucial financial tool for managing future climate disaster risks.
Sunatta Pongcharoen, Foresight Research Director at FutureTales LAB, presented a study on the evolving global landscape spanning from 2024 to 2060. She emphasized the significant risks posed by climate crises and disasters at national, regional, and global levels, particularly in light of the global temperature increase of 1.41 degrees Celsius, nearing the 1.5 degrees Celsius threshold of the Paris Agreement.
Assoc. Prof. Dr. Seree Supratid, Chairman of the Executive Committee and Honorary Advisor for Climate Hazard at FutureTales LAB, discussed extreme climate risks such as floods, droughts, and heatwaves, based on studies from the Intergovernmental Panel on Climate Change (IPCC). He outlined AI-empowered forecasting for risk prevention strategies and mitigation of climate disasters on businesses, including the use of the Urban Hazard Studio platform. The session also called for businesses and governments to focus on transitioning Thailand into a climate-resilient country.
Kensuke Molnar-Tanaka, Head of the Asia Desk at the OECD Development Centre, presented statistics on disaster exposure for various countries. He highlighted that Thailand, Cambodia, and Vietnam, while experiencing fewer disaster events, suffer substantial economic damage. He recommended the use of disaster insurance and catastrophe bonds in Southeast Asia as financial instruments for managing extreme weather and climate risks.
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