Everywhere, human ingenuity, technological advances and the understanding that comes from experience and education are all positive forces that will drive efforts to mitigate climate change and help us adapt to its effects. This paper by Professor Cameron Hepburn and his team at the University of Oxford Smith School of Enterprise and the Environment offers a deep and broad analysis of the risks and opportunities emerging economies – and the world more generally – face from climate change. Their insights are based on the latest economic and climate modelling techniques. It is research we at Pictet Asset Management are proud to have sponsored. The dynamics this report describes will play a critical role for investors over the coming decades. The pace at which governments act will determine how capital should best be allocated, be it regionally or across asset classes.


Cohen, F., Ives, M., Srivastav, S., Schwarz, M., Lu, Y., Mealy, P., De Souza, P., Jackson, L. & Hepburn, C. (2020). 'Climate change and Emerging Markets after Covid-19'. Pictet Asset Management 153 pp.
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