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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
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
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
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
Climate risk disclosure and climate risk management in UK asset managers
Purpose>Framed within global policy debates over the need for private financial flows to align with the capital requirements of the Paris Agreement, this paper examines UK asset managers in their approaches to disclosing and managing climate risk. This paper identifies and evaluates climate risk management practices among this under-researched investor group in their capacity to address fundamental behavioural obstacles to low-carbon investment.Design/methodology/approach>This paper takes an inductive approach to document analysis, applying content and thematic analysis to the annual disclosures of the 28 largest UK asset managers (by assets under management), including the investment management arms of insurance and pension companies.Findings>The main takeaway from this research is that today’s climate risk management strategies hold potential to effectively address traditionally climate risk-averse investor behaviour and investment processes in the UK asset management context. However, this research finds that the use of environmental, social and governance (ESG) investment strategies to mitigate climate risks is a “grey area” in which climate risk management practices are undefined within broad sustainability and responsible investment agendas. In doing so, this paper invites further research into the extent to which climate risks are considered in ESG investment.Originality/value>This paper contributes to research in sustainable finance and behavioural finance, by identifying the latest climate risk management techniques used among UK-headquartered asset managers and uniquely evaluating these in their capacity to address barriers to low-carbon investment arising from organisational behaviours and processes.
Journal Article