The United Nations' Intergovernmental Panel on Climate Change summarized the findings of its final Sixth Assessment Report, calling for immediate action to avert the worst effects of global warming. Redoubled mitigation and adaptation efforts will be disruptive for a wide range of sectors and sovereigns because near-term actions will require significant upfront investments.

More than a dozen rated companies face financial, legal and reputational risk over per- and polyfluoroalkyl substances (PFAS), also known as forever chemicals. This risk exposure is highest in the US, but increasing in other regions too. The main risk is the potential for a significant increase in financial liabilities related to drinking water contamination.

Sustainable bond issuance linked to gender equality goals is poised for long-term growth, driven by rising investor demand, mounting calls for gender diversity and pay-gap disclosures and growing awareness of the economic cost of gender inequities.

On 5 March, United Nations member states agreed to protect wildlife and biodiversity in 30% of the world's international waters by 2030. At least 60 countries must adopt and ratify the treaty before it can take effect. Although a growing focus on natural capital and biodiversity is raising policy risks for sectors with elevated exposure to these considerations, the treaty's ultimate credit effect will hinge on the implementation and enforcement of pledges at the country level.

The correlation between board gender diversity and credit quality is stronger in North America and Europe than in Latin America, the Middle East and Africa, and Asia-Pacific, according to our analysis of 3,000 rated companies. Higher-rated companies have a higher proportion of women on boards in most regions.

Moody’s Analytics new regional climate change forecasts shed light on the economic impact of this important long-term risk on all states, territories and metro areas in the U.S.