Deepak Jobanputra believes drafting a roadmap of sustainability will offer many actuarial opportunities
Sustainability of the earth's resources is a crucial issue that is being considered by governments and other key stakeholders worldwide. Countries across the globe and their economies are at different stages in their evolution, with a number of them experiencing expansion while others are seeking to return to growth. This is bringing about new challenges where supply and demand factors are rapidly changing and will necessitate innovative solutions. For example, new and renewable sources of energy are being explored. This brings with it a requirement for adaptation on the part of individuals and businesses.
Electric cars are a simple illustration. They may have deemed to have been reserved for niche markets, yet their presence is starting to grow. As a result, requirements for further change follow - charging stations in convenient locations, for instance. Global leaders must strongly consider the needs of future generations and sustainability.
My personal belief is based on working towards creating a legacy upon which future generations can build. Without appropriate planning, the world's natural resources could quickly become depleted. Actuaries have a great set of skills that can contribute to this diverse topic, working with other specialists in modelling a wide range of outcomes.
In this month's edition, we have a number of articles by actuaries who work in the fields of sustainability economics and the modelling of electricity markets. It is truly encouraging to know that our profession is branching into what might be called 'non-traditional' actuarial markets.
One area of the actuarial skills base that is considered in this edition is catastrophe modelling (p29), citing an opportunity for us to grow our expertise. Continuing on the theme of skills, the CEO's comment (p10) looks at the results of IFoA research into important qualities for actuaries - well worth a read. We are fortunate to have access to a wide range of opportunities to contribute to society while also building great careers - this is clearly driven by the skills and training required to become an actuary. We truly are debtors to our profession.