We hold the view that climate change will materially affect economies and our businesses, with potential risks and opportunities arising from both immediate and long-term changes. These include acute and chronic physical effects such as warming temperatures, extreme weather events, rising sea levels, intensifying heatwaves and droughts, as well as cross-sectoral structural change stemming from the transition to a low-carbon economy, such as changes in climate policy, technology, or market sentiment, and the impact of climate change litigation.