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 on human health, 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, including changes in climate policy, technology, and market sentiment, including the impact of climate change on financial assets and litigation.