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"CLIMATE RISK"
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Business climate risk management: international perspectives and strategic determinants
In recent years, climate change, environmental, social and governance factors, and their multidimensional impacts have become dominant topics of discussion. This study investigates the determinants of corporate climate risk management based on the theories of legitimacy, agency, and stakeholder. We utilize a diversified sample of multinational companies from Brazil, France, and the USA listed on stock exchanges, focusing on exposure, disclosure, and the implementation of climate projects. We conducted rigorous statistical analyses, including both classical and advanced robust models. Our methodology involved the use of robust covariance matrix estimation, robust Newey‒West estimation, and robust estimation by Driscoll and Kraay. Preliminary results reveal that a significant proportion of companies in these countries have not disclosed climate risks with business impacts, raising questions about awareness and recognition of these risks. Our analysis also highlights the predominant concern about regulatory risks, suggesting the need for companies to navigate a complex regulatory landscape. Furthermore, we identified the influence of factors such as size, industry profile, climate regulation, creditor power, auditor power, and profitability on climate risk management. Evidence suggests that companies of all sizes and backgrounds should recognize the importance of climate risk management and engage all stakeholders, including creditors and auditors, who play a crucial role in perceiving climate risk exposure. This involves the proactive assessment of risks associated with climate change and the implementation of strategies to mitigate them. This study provides valuable insights for business decisions aligned with sustainability and the transition to a low-carbon economy.
Journal Article
Challenges and opportunities in climate risk assessment: future directions for assessing complex climate risks
As climate change impacts intensify worldwide, assessing climate risks comprehensively is essential for guiding effective disaster risk management and adaptation strategies. This systematic literature review examines the latest developments in Climate Risk Assessment (CRA), focusing on how climate risks are framed and assessed. It explores advancements, ongoing challenges, and emerging opportunities to guide future generations of CRAs. Key findings highlight a more nuanced risk framework that incorporates climate responses, modulating the three risk determinants (exposure, vulnerability, and hazards), as outlined in the latest IPCC assessment. The state-of-the-art concentrates on the temporal and spatial characteristics of hazards, while exposure and vulnerability are increasingly understood as dynamic concepts influenced by socioeconomic changes. Recent developments, such as multi-hazard approaches, risk tolerance integration, and the concept of Climatic Impact-Drivers (CID), provide new perspectives on assessing climate risks. However, managing complexity and uncertainty remain the main operational challenges, underscoring the need for improved CRA methodologies and models, as well as consistent, interoperable datasets. The paper discusses avenues to advance CRA, emphasizing the importance of bridging the gap between academic advancements and practical implementation. Conceptual recommendations include adopting a systemic approach to, for example, better account for the cascading and compounding risks, hazard thresholds, adaptation limits, and risk amplifiers, as well as using storylines to improve CRA communication. Technical recommendations include leveraging emerging technologies such as artificial intelligence, machine learning methods and big data analytics to improve real-time risk prediction and modeling. To enhance the CRA practice, the study advocates for greater stakeholder involvement and inclusive governance to ensure that CRAs remain context-specific and relevant. These recommendations, together with strengthened interdisciplinary collaboration and knowledge-sharing, are expected to pave the way for more effective climate risk management, adaptation, and resilience-building strategies.
Journal Article
The impact of climate-related risks on firm performance: evidence from the healthcare sector
Purpose This paper aims to explore the impact of climate-related risks on corporate performance, specifically within the healthcare sector. Design/methodology/approach It analyses three key factors: climate risk physical leverage, government climate risk scores and environmental performance scores, using global data from 977 firm observations across 51 countries and 169 sectors, sourced from Bloomberg. The study incorporates legitimacy theory, stakeholder theory and signaling theory to understand how businesses respond to climate-related challenges. Findings The results show that increased physical climate risk leverage is positively associated with improved firm performance, while higher government climate risk scores tend to decrease performance. Additionally, firms with stronger environmental performance scores exhibit better financial outcomes. For policymakers, these findings highlight the need for robust climate-related regulations. The paper also underscores the importance of International Financial Reporting Standards (IFRS) and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. These frameworks provide a standardized approach for businesses to disclose climate-related risks, fostering greater transparency and enabling informed decision-making by investors and stakeholders. Originality/value By incorporating TCFD recommendations into regulatory frameworks, policymakers can promote more consistent and reliable disclosures, aiding firms in addressing climate risks and enhancing their long-term resilience, particularly in sectors like healthcare, where climate-related challenges are increasingly critical.
Journal Article
Nuclear is not the solution : the folly of atomic power in the age of climate change
\"Breaks any illusions in the hope of nuclear power to create a green energy future\"-- Provided by publisher.
Book
Adaptation, Impact and Barriers to Climate-Smart Agriculture: Empirical Evidence from Arunachal Pradesh
This study analyzes how tribal farming communities in Arunachal Pradesh are adapting to climate-smart agriculture (CSA), its impact on their livelihoods, and the key challenges they face. The study is based on primary data collected from 250 farmers through a structured schedule. The analysis employs binary logistic regression to identify the factors that drive adaptation and applies propensity score matching (PSM) to measure its outcomes. A problem confrontation index (PCI) is used to rank the barriers. The results show that 43% of farmers have adopted CSA practices. Adaptation is more likely among individuals with higher levels of education, access to irrigation, younger household members, and involvement in institutions, such as farmer groups. Farmers who adopted CSA reported major gains: crop yields increased by 51%, farm income increased by 58%, and food security improved by 19%. However, CSA had limited effects on reducing greenhouse gas emissions and improving carbon sequestration. Despite its benefits, many farmers face serious obstacles. The biggest challenges include weak agricultural extension services, low awareness of CSA, high cost and poor availability of improved seeds, and limited access to institutional credit. The study suggests training on CSA, better agricultural extension support, and inclusive financial services for better CSA adaptation. CSA has the potential to enhance productivity and resilience in tribal farming systems with the right support. It can play a key role in promoting sustainable agriculture in the region.
Journal Article
The octopus in the parking garage : a call for climate resilience
\"One cloudy day in Miami, an octopus was found in the parking garage of a fancy condominium complex. How it got there is a tale of quirky plumbing and climate breakdown. (In brief, sea-level rise caused a storm drain to reverse and burp out the cephalopod.) A funny Instagram meme, \"the octopus in the parking garage\" is also an eight-armed alarm bell, part of an urgent call to prepare ourselves for all the things that soaring heat, rising seas, and suped-up storms can do to us. It's a call for communities to develop climate resilience. That means \"bouncing back better.\" Or as an expert might say, managing and recovering from a climate impact in a way that allows a community to learn, adapt, and thrive. This book explains, to non-experts, how we can manage current and future hazards of climate change that we can no longer avoid. How do we reach across party lines and get people to care more? How do we make plans that are flexible enough to handle surprises? How do we involve and address disadvantaged communities, which already bear the brunt of environmental risk? When do we resist? When do we adjust? When do we retreat? And by the way, who gets to decide? The book will take readers on a community-oriented journey, laying out the options and offering guidelines and insights to shape the conversation\"-- Provided by publisher.
Book
Net zero-emission pathways reduce the physical and economic risks of climate change
Mitigation pathways exploring end-of-century temperature targets often entail temperature overshoot. Little is known about the additional climate risks generated by overshooting temperature. Here we assessed the benefits of limiting overshoot. We computed the probabilistic impacts for different warming targets and overshoot levels on the basis of an ensemble of integrated assessment models. We explored both physical and macroeconomic impacts, including persistent and non-persistent climate impacts. We found that temperature overshooting affects the likelihood of many critical physical impacts, such as those associated with heat extremes. Limiting overshoot reduces risk in the right tail of the distribution, in particular for low-temperature targets where larger overshoots arise as a way to lower short-term mitigation costs. We also showed how, after mid-century, overshoot leads to both higher mitigation costs and economic losses from the additional impacts. The study highlights the need to include climate risk analysis in low-carbon pathways.Mitigation pathways allowing for temperature overshoot often ignore the related climate and macroeconomic impacts. Net-zero pathways with limited overshoot could reduce low-probability high-consequence risks and economic loss.
Journal Article