Extreme climate events are increasing in frequency and severity.

A series of storms and widespread flooding has ravaged Europe in early 2020. And Australia has seen unprecedented bushfires—expected to have cost their economy over $100bn.

Global500 companies, meanwhile, face an estimated $970bn risk from climate events. This is just a fraction of the impact the crisis presents for businesses and society. And the effects will only become more acute.

While regulators, investors and the public are putting pressure on businesses to deploy more sustainable practices, there’s a lack of clarity on what risks pose the greatest threats to individual businesses, particularly when it comes to climate…