Climate Risk Podcast Flawed Models, Fragile Systems: The Risks in Energy & Food Policy
Hear from Prof. Aled Jones, Director of the Global Sustainability Institute at Anglia Ruskin University, as we dive into the role of models in shaping policy, and particularly their weaknesses.
Models are not neutral – they reflect the assumptions, values, and agendas of those that create and use them. Using the energy system as an example, models can (and have been) used to protect the status quo. In part, this is because many of the models are based on the notions of ‘equilibrium’ and so they simply can’t cope with major structural changes, such as the current energy transition. But it can be difficult for policy makers to switch towards models that are arguably more suited to the job.
So, what can we do to supplement the models? One very effective approach is to adopt a structured process of expert elicitation, where we use the insights of experts to uncover vulnerabilities and risks. To bring it to life, we explore how this has worked in the case of the food system. We discuss:
- The role that models play in shaping energy policy, and how they can lead us astray;
- How expert judgment and insight can help address model blind spots; and
- Finally, what are the key lessons for risk professionals?
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If you have any questions, thoughts, or feedback regarding this podcast series, we would love to hear from you at: climateriskpodcast@garp.com
Links from today’s discussion:
- Global Sustainability Institute homepage: https://www.aru.ac.uk/global-sustainability-institute-gsi
- Institute and Faculty of Actuaries, Planetary Solvency Report: https://actuaries.org.uk/news-and-media-releases/news-articles/2025/jan/16-jan-25-planetary-solvency-finding-our-balance-with-nature/
- GARP Climate Risk Podcast with Erica Thompson: https://www.garp.org/podcast/the-power-and-pitfalls-of-models-in-climate-risk-management
Prof. Aled Jones, Director, Global Sustainability Institute, Anglia Ruskin University
Aled’s work in climate finance was recognised by California and he has received a key to the city of North Little Rock, USA. He is a Co-Investigator on the ESRC Centre for the Understanding of Sustainable Prosperity, the AHRC Debating Nature’s Value network, the Economics of Energy Innovation and System Transition project and leads the BBSRC Backcasting to Achieve Food Resilience in the UK project. He was lead author on the seminal report on resource constraints to the Institute and Faculty of Actuaries in 2013, was made an Honorary Fellow in 2018 and currently chairs their Biodiversity Working Party.