According to AXA’s Future Risks Report 2022, climate change topped the risk rankings for experts in every geography for the first time. Climate risk is at the top of everyone’s agenda. The pressure is on organizations to understand their exposure to climate change and build climate resilience into their assets – fast.
To help ESG, Risk and Asset Managers build this climate literacy, our climate intelligence pioneers, including many of our climate scientists, shared their insights across a range of topics. These articles spanned from why industries, such as pharma, are uniquely vulnerable to climate risk, to how machine learning can help inform climate action. As the race to adapt with climate change accelerates into 2023, we share our top 10 most-read, insightful and useful climate risk blogs from last year.
1. Pharmaceutical companies need to act quickly on their climate risk
The pharmaceutical sector produces 48.55 tons of carbon dioxide equivalent (CO2e) for every USD1 million generated. In this article, we share how pharma's huge supply chains not only put pressure on their Net Zero targets but also make them vulnerable to physical climate risk.
2. Thousands of buildings in Dublin at risk of coastal flooding by 2100
We harnessed the latest earth science, climate intelligence, and data visualization techniques to make a global problem relatable. In this blog, we share what coastal flooding in Dublin could look like unless we take climate action.
3. The UK’s climate-related financial disclosure requirements
Last year, the UK became the first of the G20 nations to make reporting on climate-related financial risk mandatory. By April, this year, +1,300 of the country’s largest companies and financial institutions will be obligated to publish detailed information about the impact of climate change on their business in line with the recommendations published by the FSB Task Force on Climate-related Financial Disclosures (TCFD). We shared what companies needed, and still need, to know.
4. How drought could impact your business operations
Drought creates direct and indirect risks to operations and revenue for many industries, especially those that use large quantities of water in their processes. With conditions for drought projected to intensify in the future, what is the potential impact on business?
5. Cervest launches Cervest Ratings - the next evolution of its ratings methodology for climate-related risk
Last year we were delighted to share the launch of Cervest Ratings. The updated rating system makes it easier for customers to compare and understand the climate-related risks facing their physical assets. They can use Cervest Ratings to report their risk to different stakeholders, strengthen pre-acquisition due diligence and investment strategies and inform adaptation planning on their most vulnerable assets.
6. How the urban heat island effect makes cities vulnerable to climate change
As global temperatures rise, cities will become increasingly susceptible to the urban heat island effect, where artificial, heat-absorbent materials like concrete make cities significantly hotter than the surrounding countryside. We investigated what the urban heat island effect is and why city planners need to act on this climate risk.
7. What is climate risk, and what does it mean for your organization
As billions of people face extreme heat warnings, droughts, wildfires and catastrophic flooding, our vulnerability to climate change has never been clearer. We must urgently start identifying the physical climate risk most likely to impact our assets, so that we can adapt to the inevitable climate volatility yet to come. But what exactly is climate risk, why does it matter, and what can be done about it?
8. Earth Day 2022: Iggy Bassi and Prof. Mark Girolami discuss the importance of investing in knowledge
9. What is climate intelligence and why do businesses and governments need it
As climate change accelerates, organizations need to understand how it affects their assets and operations, now and in the future. Yet understanding exactly what, where and when the risks are, and how to mitigate them, has been a challenge for decision-makers – until now.
10. Applying AI and machine learning to tackling climate risk
Advances in the cutting-edge fields of AI and ML are enabling organizations to discover and act on risks associated with climate change. This article explains the basics of AI and ML and how they are fostering never-before-possible insights through a groundbreaking capability: climate intelligence.
As climate change accelerates, the pressure is on ESG and Risk specialists to build climate literacy fast, understand, and act on their organizations’ climate-related risk in 2023 and beyond. To stay up-to-date with the latest news and insights from Cervest, subscribe to our newsletter.
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