Amy Barnes

And as a result, we're hearing stories of people struggling to access insurance.

And if you can't get insurance for your home, your house is worth less, and you'll struggle to sell.

Data in the UK shows that homeowners with no access to flood insurance typically lose 10 to 30 percent of the home's value.

In Florida, that's 20 to 40 percent.

And 30 percent of mortgage foreclosures in the US are expected to be due to extreme weather, due to climate change, by 2035.

So there's an indication, and people are saying that insurance has failed, but it is not.

It's just telling us that the costs are too high to bear.

Simply put, without access to insurance, people will struggle to secure debt, they will struggle to sell their homes, they will struggle to invest in their businesses.

And we're seeing this happen due to climate change.

I'm afraid there's another challenge.

Loans and mortgages are normally taken out for long periods.

It may be 20 years or more.

And so you may build your wind farm or buy your home, assuming that you can use insurance to manage your risk.

Yet over time, the frequency and severity of extreme weather events means that insurance becomes unaffordable.

And so you've lost a key tool in your financial resilience toolkit, and you're more likely to default on your loan.

And so we're also in a situation where the finance industry are seeing asset devaluations, they're seeing increased chances of default, and so we could have liquidity crunches in some areas where investors choose to exit the areas with the most risk.

So it's clear we need to act.

And the scientists have been telling us this for a really long time.

It's just the finance industry is saying it now, too.

Beyond cutting emissions, which we need to do, there are things that we can do.