Letter s  Overview   Ahead of What’s Next  Sustainable Logistics   Our Inspired People  Resilient Communities   Appendix Representative Concentration Pathways (RCP) Effort-Outcomes Model Munich RE Location Risk Intelligence Examples of climate-related risks and opportunities TIME CLIMATE-RELATED CLIMATE-RELATED CLIMATE-RELATED HORIZONS PHYSICAL RISKS TRANSITION RISKS OPPORTUNITIES Short-Term Increased severity and Enhanced emission reporting and energy Opportunities from increased customer focus on sustainable building practices and efficiency solutions (Out to 2030) frequency of floods and benchmarking requirements (Policies & Laws) (Markets); LED upgrades (Resource Efficiency; Products & Services); Solar installations (Energy Sources; storms (Acute) Products & Services); High efficiency HVAC systems (Technology; Resource Efficiency; Products & Services); Green Bonds tied to sustainability initiatives (Products & Services; Markets) Medium-Term Increased heat stress Building performance standards and other upgrade Further renewable energy deployment (Energy Source); Customer fleet electrification (Technology; Markets; (2030-2040) requiring more cooling requirements (Policies & Laws; Resource Efficiency; Products & Services); Carbon storage in building materials (Technology) (Chronic) Technology; Products & Services) Long-Term Sea level rise/coastal risk Net-Zero building requirements (Policies & Laws; Building and supply chain electrification and resilience planning (Resource Efficiency; Energy Source; (2040-2050) (Chronic) Resource Efficiency; Energy Source; Technology; Technology; Products & Services) Products & Services) 63