University at Buffalo School of Management

Spring 2025 Buffalo Business 9 A t the 2023 U.N. Climate Change Conference in Dubai, John Doyle, BS '86, quickly realized the immense opportunity the business community has in facing climate change head on. Doyle joined more than 150 heads of state and govern- ment, representatives of national delega- tions, businesses, civil society, philanthropy and other international organizations to share ideas and solutions to climate change and build partnerships. "From my discussions with business and government leaders, it is clear there is a need for the insurance industry to be more inno- vative in building communities' resilience to extreme weather events," says Doyle, president and CEO of Marsh McLennan, the world's leading professional services firm in risk, strategy and people. Regardless of climate change's human or natural causes, the World Meteorological Organization reports that the number of weather-related disasters has increased five-fold over the past 50 years. Yet, only 43% of global weather-related losses are insured, equating to a $132 billion protection gap. Recent hurricanes such as Hurricane Helene and Hurricane Milton highlight the need for risk mitigation and innovative solu- tions in the insurance industry. Through collaboration and creativity, companies like Marsh McLennan can transform risks into opportunities for a sustain- able future, while building resil- ience to challenges like extreme weather. One of Marsh McLennan's businesses, Guy Carpenter, is helping communities receive disaster relief faster by creating community-based solutions that allow local organizations to offer increased financial protection to members during disasters. In partnership with the Center for NYC Neighborhoods, a nongovernmental organization in New York City, and other partners, Guy Carpenter helped launch the first community-based catastrophe insurance program, funded by the National Science Foundation and in collaboration with such part- ners as the Environmental Defense Fund. Doyle says this quick access to emergency funds will help expedite post-disaster economic revitalization. "No company, industry or government can create change on its own. Addressing complex challenges such as climate change will require new partnerships, deeper trust and collaborative approaches," he says. "The more I learn and the more I talk to others, the more optimistic I am about our collective ability to surmount the chal- lenges ahead." As the impact of climate change grows daily, busi- ness leaders are developing innovative solutions, includ- ing new technologies, renewable energy sources and business models that are less carbon-intensive. In the School of Management, faculty are advancing research to address regional and global environmental challenges. Meanwhile, in workplaces around the world, our alumni are at the forefront of impactful climate action. Universities driving innovation The U.N. conference reinforced a global commitment to carbon neutrality with the conclusion of the first global stocktake of the Paris Agreement — a process for coun- tries and stakeholders to assess the collective global response to the climate crisis every five years. Higher education has long been at the forefront of working toward carbon neutrality and in transforming risk to opportu- nity. Michael Pietkiewicz, EMBA '17, is director of project devel- opment and client sector leader for the college and university sector at Wendel — an innova- tive architecture, engineering, energy efficiency and construc- tion management firm that collaborates with private and public entities to approach facility and infrastructure projects. In his role, Pietkiewicz has seen how universities are natural leaders in advancing climate neutrality. "At Wendel, we find no other sector as proactive about climate change as higher education, where faculty are deeply invested in research and its impact, and students are passionately engaged," he says. Pietkiewicz acknowledges that both state policies and university climate action plans are driving innovation in the sector. As university climate agreements to reduce carbon emissions or change opera- tions approach the goal dates of 2030, 2035 and 2050, Wendel, and companies like it, can assist with assessments that help universities move forward to meet goals. "The goals institutions have set are forcing us to inno- vate," he says. "Everyone recognizes that the low-hanging fruit items have already been taken care of, such as replac- ing incandescent bulbs with LEDs and adding light switch Addressing complex challenges such as climate change will require new partnerships, deeper trust and collaborative approaches. JOHN DOYLE, BS '86 CEO MARSH MCLENNAN INNOVATION Doyle Pietkiewicz

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