In conversation with Mike Clark

Climate change

In this blog post, Mike discusses how the financial risks of climate change are a constant feature in both his actuarial and public interest work.                         

My background is in investment management, pensions, insurance and governance. In 2016 I established a responsible investment advisory firm that works with asset owners, investment managers, policymakers, financial regulators and others; taking the view that investment returns need to be seen in a wider societal, sustainable, context.

The financial risks of climate change are frequently front and centre, both in my actuarial work and in my volunteering with the IFoA.

Last year, I was appointed as Specialist Adviser to the House of Commons Environmental Audit Committee (EAC) for their Green Finance inquiry. Some readers may be advisers to a recipient of the EAC letter sent to the 25 largest U.K. pension funds.

More recently, I have assisted the secretariat to the Treasury Select Committee for their UK Decarbonisation and Green Finance inquiry, which resulted in the Committee writing in the FCA asking about investment managers’ refusal to accept the Red Lines Voting guidelines. My view, and that of many others, is that this is a market failure. With all the policy and regulatory progress around climate finance, some of us are convinced that this investment manager resistance is destined to crumble!

A lot of my policy and public facing work involves linking up and sharing insights with other market participants, including the Committee on Climate Change, the Green Finance Institute, IIGCC, Carbon Tracker, ClientEarth, and government departments and regulators.

I am very fortunate that in the latter stages of my working life I can engage with such a wide range of participants on finance and risk, the two foundations of actuarial insight.

Mike Clark is an IFoA volunteer who volunteer’s on a joint-working party, alongside members of the Institute of Environmental Management and Assessment. It is producing a Guide on the Taskforce for Climate-related Financial Disclosures recommendations. Previously, Mike sat on the IFoA’s Resource & Environment Research and CPD committee and he also represents the IFoA on the Global Advisory Council of the Sustainable Finance Programme at the University of Oxford’s Smith School. 

Find out more about Mike's volunteer experience

View Mike's volunteer experience case study profile for more information.

Volunteer with the IFoA

If you would like to volunteer for the IFoA, view our current vacancies.