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By Fani XYLOURI - Manager, Sustainability Services and Olivier GRAISSE - Manager, Advisory Services, Grant Thornton Luxembourg
On September 22nd 2021, the European Central Bank (“ECB”) released a report on its top-down economy-wide climate stress test. Flooding in Belgium, France and Germany in July, forest fires in Greece in August or the never-before-seen rainfall in Greenland at 3,000 m above sea level are concrete examples of climate change, all occurring over the last three months. The question therefore is no longer if and when climate change will affect the real economy but rather how severe the impact will be.
Climate change risk
Climate change is one of the most prominent challenges the world must...
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