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           font-weight: bold; font-size: 21px">Climate-related Financial Risk
           font-weight: bold; font-size: 21px">Climate-related Financial Risk
=== What is climate risk? ===
=== What is climate risk? ===
'''Climate risk''' is the potential for negative consequences for human or ecological systems from the [[wikipedia:Impacts_of_Climate_Change|impacts of climate change]]<ref>IPCC, 2022: Annex II: Glossary [Möller, V., R. van Diemen, J.B.R. Matthews, C. Méndez, S. Semenov, J.S. Fuglestvedt, A. Reisinger (eds.)]. In: Climate Change 2022: Impacts, Adaptation and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O.Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 2897–2930, doi:10.1017/9781009325844.029.</ref>. It refers to risk assessments based on formal analysis of the consequences, likelihoods and responses to these impacts and how societal constraints shape [[wikipedia:Climate_change_adaptation|adaptation]] options<ref>Adger WN, Brown I, Surminski S (June 2018). "Advances in risk assessment for climate change adaptation policy". Philosophical Transactions. Series A, Mathematical, Physical, and Engineering Sciences. 376 (2121): 20180106. Bibcode:2018RSPTA.37680106A. doi:10.1098/rsta.2018.0106. PMC 5938640. PMID 29712800.</ref><ref>Eckstein D, Hutfils M, Winges M (December 2018). Global Climate Risk Index 2019; Who Suffers Most From Extreme Weather Events? Weather-related Loss Events in 2017 and 1998 to 2017 (PDF) (14th ed.). Bonn: Germanwatch e.V. p. 35. ISBN 978-3-943704-70-9. Retrieved 7 December 2019.</ref>.
'''[[wikipedia:Climate_risk|Climate risk]]''' is the potential for negative consequences for human or ecological systems from the [[wikipedia:Impacts_of_Climate_Change|impacts of climate change]]<ref>IPCC, 2022: Annex II: Glossary [Möller, V., R. van Diemen, J.B.R. Matthews, C. Méndez, S. Semenov, J.S. Fuglestvedt, A. Reisinger (eds.)]. In: Climate Change 2022: Impacts, Adaptation and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O.Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 2897–2930, doi:10.1017/9781009325844.029.</ref>.  
 
[what is climate-related financial risk] Climate is also a risk for financial sector.  
 
 
study approaches
 
data needed.  
<div class="mw-collapsible mw-collapsed" data-expandtext="Read more" data-collapsetext="Read less">
<div class="mw-collapsible mw-collapsed" data-expandtext="Read more" data-collapsetext="Read less">


Common approaches to [[wikipedia:Risk_assessment|risk assessment]] and [[wikipedia:Risk_management|risk management]] strategies based on [[wikipedia:Natural_Hazards|natural hazards]] have been applied to climate change impacts although there are distinct differences. Based on a [[wikipedia:Climate_system|climate system]] that is no longer staying within a stationary range of extremes, <ref>IPCC (2018). Global Warming of 1.5°C. An IPCC Special Report. Summary for Policymakers (PDF). Intergovernmental Panel on Climate Change. p. 5.</ref> climate change impacts are anticipated to increase for the coming decades. Ongoing changes in the climate system complicate assessing risks. Applying current knowledge to understand climate risk is further complicated due to substantial differences in regional climate projections. There is also an expanding number of climate model results, and the need to select a useful set of future [[wikipedia:Climate_change_scenario|climate change scenarios]] in the assessments.<ref>Whetton P, Hennessy K, Clarke J, McInnes K, Kent D (2012-12-01). "Use of Representative Climate Futures in impact and adaptation assessment". Climatic Change. 115 (3): 433–442. Bibcode:2012ClCh..115..433W. doi:10.1007/s10584-012-0471-z. S2CID 153833090</ref>
 
 
 
Common approaches to [[wikipedia:Risk_assessment|risk assessment]] and [[wikipedia:Risk_management|risk management]] strategies based on [[wikipedia:Natural_Hazards|natural hazards]] have been applied to climate change impacts although there are distinct differences.


The [[wikipedia:Intergovernmental_Panel_on_Climate_Change|Intergovernmental Panel on Climate Change]] (IPCC) assessment framework is based on the understanding that climate risk emerges from the interaction of three risk factors: [[wikipedia:Hazard|hazards]], [[wikipedia:Climate_change_vulnerability|vulnerability]] and exposure. The IPCC summarizes published research on climate risk evaluations. <ref>About — IPCC". Retrieved 2023-11-16.</ref> International and research communities have been working on various approaches to [[wikipedia:Climate_risk_management|climate risk management]] including [[wikipedia:Climate_risk_insurance|climate risk insurance]].
The [[wikipedia:Intergovernmental_Panel_on_Climate_Change|Intergovernmental Panel on Climate Change]] (IPCC) assessment framework is based on the understanding that climate risk emerges from the interaction of three risk factors: [[wikipedia:Hazard|hazards]], [[wikipedia:Climate_change_vulnerability|vulnerability]] and exposure. The IPCC summarizes published research on climate risk evaluations. <ref>About — IPCC". Retrieved 2023-11-16.</ref> International and research communities have been working on various approaches to [[wikipedia:Climate_risk_management|climate risk management]] including [[wikipedia:Climate_risk_insurance|climate risk insurance]].

Revision as of 23:50, 9 September 2024


Welcome to UW Climate Risk Lab Wiki,

the place for best climate risk data, analysis, and tools available for all.


UW Climate Risk Lab

The UW Climate Risk Lab (CRL) is a multidisciplinary research and innovation center based at the University of Washington Foster School of Business in the Department of Finance & Business Economics. Established in 2022, it advances data and technology solutions to issues in climate-related financial risk for corporate and government decision-makers. Phillip Bruner, co-founder of the CRL, currently serves as its Executive Director.

The CRL brings together academics and professionals in climate finance, risk management, business analytics, data engineering, computer science, atmospheric sciences, supply chains management, information systems and AI. It collaborates with several initiatives within the University of Washington (UW), which include the Buerk Center for Entrepreneurship, Clean Energy Institute, Creative Destruction Lab, eSciences Institute and Urban Infrastructure Lab. Its external partners include: the Duke Energy Data Analytics Lab, the Pacific Northwest Mission Accelerator Center, and Washington Maritime Blue.


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Climate-related Financial Risk

What is climate risk?

Climate risk is the potential for negative consequences for human or ecological systems from the impacts of climate change[1].

[what is climate-related financial risk] Climate is also a risk for financial sector.


study approaches

data needed.


Data

The risk of climate change impacts results from dynamic interactions among climate-related hazards, the exposure and vulnerability of affected human and ecological systems, and also responses (see section 1.2.1 of IPCC AR6 WG2[5]), as illustrated by Figure 2.

The data required for climate risk assessment is therefore organized into three key areas: climate hazard, exposure, and vulnerability, for the two types of climate risks below:

Determinants of Climate Risk

Source: IPCC AR6 WG2

References

  1. ↑ IPCC, 2022: Annex II: Glossary [Möller, V., R. van Diemen, J.B.R. Matthews, C. Méndez, S. Semenov, J.S. Fuglestvedt, A. Reisinger (eds.)]. In: Climate Change 2022: Impacts, Adaptation and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O.Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 2897–2930, doi:10.1017/9781009325844.029.
  2. ↑ About — IPCC". Retrieved 2023-11-16.
  3. ↑ Imperial College Business School Center for Climate Finance & Investment (February 2022). “What is Climate Risk? A Field Guide for Investors, Lenders, and Regulators.” Available at: https://imperialcollegelondon.app.box.com/s/te5eahz3x47q93vufwwu3ntmf5rxecxs
  4. ↑ Taskforce on Climate-Related Financial Disclosures (June 2017). “Recommendations of the Taskforce on Climate-related Financial Disclosures: Final Report.” Available at: https://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdf
  5. ↑ Figure 1.5 in Ara Begum, R., R. Lempert, E. Ali, T.A. Benjaminsen, T. Bernauer, W. Cramer, X.   Cui, K. Mach, G. Nagy, N.C. Stenseth, R. Sukumar, and P. Wester, 2022: Point of Departure and Key Concepts. In: Climate Change 2022: Impacts, Adaptation, and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O. Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 121-196, doi:10.1017/9781009325844.003.
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