‘It’s going to be messy’: Banks 🏦 underestimate threat of #ClimateChange https://www.newsroom.co.nz/its-going-to-be-messy-banks-underestimate-threat-of-climate-change #ClimateRisk #ClimateCrisis🚨

Two new reports show that widely-used economic models underestimate the impacts of #ClimateChange, with ripple effects for policy decisions & influential climate research, inc studies by the Intergovernmental Panel on Climate Change (IPCC) https://www.theenergymix.com/2023/08/16/mainstream-economists-underplay-climate-risks-report-cautions/ #ClimateRisk

The global #insurance industry has racked up $50bn in losses from natural catastrophes in the worst start to a year since 2011, highlighting the challenge the sector faces from #ClimateChange https://www.ft.com/content/7ad831a7-801d-47e7-9158-4e832b798bb0 #ClimateRisk

"#ClimateRisk has become an inescapable reality across the US. 2023, between heat waves and wildfire smoke from Canada, made clear that everyone is going to be affected by #climatechange, though it’s going to be adaptable for some/ devastating for others."
@ethanz https://ethanzuckerman.com/2023/08/07/from-phoenix-to-cleveland-why-we-live-where-we-live-and-why-its-time-to-change/

📝 Read Michael Gerrard & Eric W. Orts' piece on how a proposed California legislation would be a major step forward for climate disclosure: https://blogs.law.columbia.edu/climatechange/2023/08/08/new-california-legislation-would-be-a-major-step-forward-for-climate-disclosure/ #climaterisk #securities #climatefinance #climateaction

“In order to meet the global challenges of the present and future, the science of catastrophe risk needs to broaden from roots. To do this it needs proper institutions, and among the most important of those are journals... JCRR will be that journal.”

Read the thoughts of Adam Sobel, Professor at Columbia University, about the role of JCRR and discover how you can be a part of the #JCRR community here: https://journalofcrr.com/press-release-first-diamond-open-access-journal-launches-for-catastrophe-risk-and-resilience-research/

#ClimateChange #ClimateRisk #DiamondOpenAccess

climate risk severity: the physical, ecological and social thresholds leading to transformational and possibly abrupt changes; the irreversibility of these changes; and the cascading effects within and across the systems affected.

https://doi.org/10.1016/j.crm.2023.100538

Further understanding “severe” climate risk

A.K. Magnan , B.C. O'Neill , M. Garschagen

#climate #RiskAnalysis
#climaterisk #instability

A 2022 climate report from @unisuperfund 🇦🇺 caused controversy with its estimate a 4.3℃ temp rise = an “acceptable” risk to the fund. A new report claims such numbers come from unregulated #ClimateRisk consultants who’ve been peddling dodgy advice to pension funds for years https://michaelwest.com.au/report-claims-super-funds-are-lying-to-their-members-on-climate-risk/

I cannot say enough good things about Virginia’s participation in RGGI. I am grateful to our legislators for having the foresight to make this happen and fund these needed projects and look forward to common sense climate policy focused on reducing #climaterisk and delivering needed action

Pension funds are risking the retirement savings of millions of people by relying on flawed climate #economics, and could be liable for their failure to effectively address #ClimateRisk https://www.forbes.com/sites/feliciajackson/2023/07/27/rolling-the-dice-on-climate-are-pension-trustees-liable/

Senior managers at the world’s largest accounting firms are failing to ensure #ClimateChange is adequately addressed in financial reports & audits, prominent environmental law charity Client Earth alleges https://www.ft.com/content/befa329f-43bb-42fb-baeb-e0ae22d68acf #ClimateRisk

#SciComm: Not “#ClimateChange,” but #ClimateRisk” … and what’s Love got to do with it?
@revkin explores an intriguing #ActOnClimate idea. #FridaysForFuture

https://revkin.substack.com/p/how-to-defeat-the-climate-change

"We may be underestimating the climate risk to crops: researchers"

"ClimateChange #Environment #Risk #ClimateRisk #Crops #Science #News

https://phys.org/news/2023-07-underestimating-climate-crops.html

Financial institutions often did not understand the models they were using to predict the economic cost of #ClimateChange & were underestimating the risks of temperature rises, research led by a professional body of actuaries shows https://www.ft.com/content/a5027391-41a4-4e21-a72d-f8189d6a7b71 #ClimateRisk

Government & the private sector rely increasingly on #ClimateRisk-modelling firms that claim they can zero in on exposure to #ClimateChange. But can they? https://prospect.org/economy/2023-04-12-rise-climate-rating-agencies/

New Zealand 🇳🇿 Government Offers to Buy Out Owners of Homes Damaged by Cyclone Gabrielle - partnering with affected local authorities in policy of 'managed retreat' from #ClimateChange https://www.bloomberg.com/news/articles/2023-06-01/new-zealand-offers-housing-retreat-from-climate-threatened-areas #ClimateRisk #insurance

#GFANZ says (U.S 🇺🇸) “political attacks” are interfering with insurers’ “efforts to price #ClimateRisk, which will harm policyholders, main-street investors & local economies”. It pledged to continue to support insurers’ efforts to develop transition plans https://www.ft.com/content/4940831b-72ec-459d-aaee-0d86fb7593df

This story illustrates our inability to recognise #climaterisk and adapt: https://www.bbc.com/news/world-asia-65723447

Sherpas: "[Base Camp] has been there for the past 70 years, why should they move it now? And even if they wanted to, where is the study on a viable alternative?"

Reality: “Mountaineers and officials say streams have now begun to flow right from the middle of the base camp and crevasses are widening dangerously and very quickly.”

Bookmark this one for posterity 🔖 | "#ClimateChange not 'serious risk' to financial stability" says Fed's Waller https://www.reuters.com/markets/us/feds-waller-says-climate-change-not-serious-risk-financial-stability-2023-05-11/ #ClimateRisk

📝 Our climate law fellow Dyan Garcia provides a round-up of recent progress in the regulation of climate-related financial risks & the steps taken by financial regulators to incorporate disclosure & risk assessment requirements into the federal regulatory framework: https://blogs.law.columbia.edu/climatechange/2023/05/19/reckoning-with-risk-recent-developments-in-climate-and-u-s-financial-regulation/ #climaterisk #climatefinance