Hauke Engel, Partner, McKinsey & Company
Please give us some background information on yourself and how your organisation plays a leading role in the climate risk agenda?
I’m an astrophysicist-turned-consultant, working with private and public sector clients on sustainability and strategy questions. I also lead McKinsey’s work on climate risk. McKinsey has a long track record of thought leadership that helps business, governments and others manage the risks and capture the opportunities associated with climate change, including emission reduction technologies and how to sustainably meet the world’s needs for energy, materials, food and water.
What’s the one thought you would like attendees to take away with them from the Climate Risk Summit?
The next decade is decisive - we need to rapidly lower emissions to avoid the worst longer-term impacts of climate change, and we need to prepare for the near-term impacts we can no longer avoid.
What are the biggest risks facing businesses when it comes to facing/dealing with climate change?
Unconscious biases and under-awareness, as well as a lack of tools to measure and understand the specific risks and costs that physical climate change poses to businesses and communities. As a result of these factors, the magnitude, multi-dimensionality and materiality of climate change are often not fully accounted for.