Climate change and environmental degradation constitute a growing threat to the stability of societal and economical systems. The observed and anticipated escalation in the frequency and intensity of extreme weather events under future emission scenarios, combined with the projected long-term shifts in climate patterns and consequential impacts on biodiversity, have the potential to significantly affect specific sectors such as insurance and finance leading to significant economic damages on a local to global scale.
To accurately understand climate risks, baseline historical understanding of hazard is required and what large-scale factors influence this for different geographic regions. Then as the climate continues to change, an understanding of changes to frequency, severity, exposure, and vulnerability are all required for a multitude of different perils. To avoid an underestimation of future physical climate risks. Further challenges include the accurate representation of extreme events, their compounding and cascading effects, and the integration of non-linearities associated with tipping points in the climate system.
In recognition of this challenge climate risk assessments have experienced amplified attention in both the academic and private spheres and a growth in climate risk services aiming at setting standards and frameworks as well as the provision of comprehensive climate impact information for the private sector and financial institutions.
Therefore, providing a platform to foster interactions between scientists, risk modellers and assessors, economists and financial experts is urgently needed. With the goal of facilitating such dialogue, this session aims at providing a platform for actors from academia and the private sector to exchange information on strategies for assessing climate risk.
The session is organised under three main pillars:
-Physical Climate Risks: Trends, Processes and Modelling
-Identifying and Managing Climate Risks
-Quantifying Damages and Impacts from Climate Risks
We encourage submissions on a wide range of topics including innovative climate risk modeling and model evaluation, damage functions, integrated assessment modelling, bias adjustment and downscaling methods, climate emulators, climate hazard indicators and their projections for specific sectors (e.g. food, energy, insurance, real estate, supply chains), impact data collection and categorization.
Elizabeth Galloway, Francesca Pianosi