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"CLIMATE RISK MANAGEMENT"
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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
A review of technical and social methods for observing and monitoring extreme rainfall events
Recent extreme weather events driven by climatic variation and change have severely impacted infrastructure, human life, and ecosystems globally, increasing the urgency for Early Warning Systems (EWS) and hybrid methods to observe extreme rainfall events. This article reviews existing studies on technical and social methods for monitoring extreme rainfall to explore the integration of these approaches in rainfall observation. Given the limitations of technical and social methods when used in isolation, it has become evident that hybrid approaches that integrate social and technical methods could enhance preparedness for catastrophic rainfall events. Therefore, the Preferred Reporting Items for Systematic Reviews and Meta-Analyses method was employed to identify and analyse studies on rainfall observation. A total of 3786 articles were identified from different databases, and after applying various filters, 144 studies were selected and analysed to improve our understanding of rainfall monitoring approaches. The key findings of this review indicate four main trends: (1) technical methods dominate over social methods because of their perceived reliability and precision; (2) in the Global North, only technical methods are used, with no recorded studies incorporating social approaches; (3) social methods, along with integrated approaches, are more prevalent in the Global South; and (4) integrated methods remain limited despite their potential to enhance rainfall monitoring. This review provides insights into the benefits of combining technical and social methods, highlighting their complementary strengths. By bridging the gap between high-tech solutions and community-based monitoring, integrating these approaches could improve EWS and strengthen climate resilience.ContributionThis review addresses the gap in integrating technical and social methods for rainfall monitoring, emphasising their complementary strengths. It highlights the limited use of integrated approaches, particularly in the Global North, despite their potential to enhance EWS. This research advocates for inclusive and effective climate risk management by bridging high-tech solutions with community-based monitoring.
Journal Article
Food security outcomes under a changing climate: impacts of mitigation and adaptation on vulnerability to food insecurity
Climate change is a potential threat to achieving food security, particularly in the most food insecure regions. However, interpreting climate change projections to better understand the potential impacts of a changing climate on food security outcomes is challenging. This paper addresses this challenge through presenting a framework that enables rapid country-level assessment of vulnerability to food insecurity under a range of climate change and adaptation investment scenarios. The results show that vulnerability to food insecurity is projected to increase under all emissions scenarios, and the geographic distribution of vulnerability is similar to that of the present-day; parts of sub-Saharan Africa and South Asia are most severely affected. High levels of adaptation act to off-set these increases; however, only the scenario with the highest level of mitigation combined with high levels of adaptation shows improvements in vulnerability compared to the present-day. The results highlight the dual requirement for mitigation and adaptation to avoid the worst impacts of climate change and to make gains in tackling food insecurity. The approach is an update to the existing Hunger and Climate Vulnerability Index methodology to enable future projections, and the framework presented allows rapid updates to the results as and when new information becomes available, such as updated country-level yield data or climate model output. This approach provides a framework for assessing policy-relevant human food security outcomes for use in long-term climate change and food security planning; the results have been made available on an interactive website for policymakers (www.metoffice.gov.uk/food-insecurity-index).
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
Climate change exposure, circular economy and default probability: global evidence
This study investigates how climate change exposure and circular economy (CE) practices jointly influence corporate default risk, employing a global dataset of publicly traded firms from 61 economies spanning 2003-2023. The findings support that climate exposure significantly increases corporate default risk. The result further reveals that the effect of climate exposure is amplified over medium and long-term horizons which supports the role of physical damages, regulatory costs and transition risks on the financial outcome. Conversely, engagement in CE activities - such as resource efficiency, emissions reduction, responsible product management and environmental innovation - is associated with substantially lower default risk. This highlights the role of CE in enhancing corporate financial resilience. Importantly, this study's findings demonstrate an essential moderating role of corporations engaging in CE strategies in buffering the adverse financial implications of climate exposure. I further perform several robustness tests - falsification test, propensity score matching (PSM) to ensure the result validity. The direct impact of this study is to promote a more sustainable financial system by integrating climate risk and CE practices into credit risk assessment. Additionally, the results highlight the need to adopt CE concepts in credit risk frameworks and strategic risk management, enhancing the knowledge of corporate leaders, investors and regulators.
The direct impact of this study is to promote a more sustainable financial system by integrating climate risk and circular economy practices into credit risk assessment. Additionally, the results highlight the need for to adopt of CE concepts in credit risk frameworks and strategic risk management, enhancing the knowledge of corporate leaders, investors and regulators.
Journal Article