About
In 2018, the Financial Stability Board (FSB)’s Task Force for Climate Related Financial Disclosure (TCFD) noted that climate risks have become financial risks and recommended that investors measure and report their exposure. To date, a number of tools have been launched by climate service providers to help investors respond to this request for disclosure. Although there is ample demand for physical climate risk assessment tools, both climate scientists and investors have concerns about transparency and methodology.
The current tools do not provide insight into climate service providers’ approach to calculate physical climate risk, which introduces considerable potential for miscalculation and makes it difficult to tailor the results to investor portfolios.
Project leader
I am Jana Sillmann, the scientific lead on the ClimINVEST project. I am a physical climate scientist (PhD) specialized in analyses of climate extremes. In my work, I focus on factors that can drive changes in climate extremes. I use interdisciplinary approaches for better integration of natural and social sciences. Particularly, I am interested in relating physical and statistical aspects of climate extremes to socio-economic impacts and questions related to risk assessment and decision making.
Project consortium
Wageningen Environmental Research
The Research Council of Norway
Centre for international climate research
Meteo-France
Institute for Climate Economics
Carbone 4
Climate Adaptation Services
ClimINVEST brings stakeholders together from three different countries. CICERO (Norway) convenes the CICERO Climate Finance Center and leads the ClimINVEST project. I4CE (France) integrates climate change into investment and financial decision-making.
Wageningen Environmental Research (Netherlands) advises on building resilience to climate change through user-driven climate services. Carbone4 (France) develops userfriendly decision-making tools to develop and conduct scenario analysis. Météo-France (France) contributes to the development of climate services. Climate Adaptation Services (Netherlands) specializes in combining information about climate change with innovative communication and visualization techniques.
Documents
Detailed analysis (https://www.cicero.oslo.no/no/publications/internal/2884) and synthesis (https://link.springer.com/chapter/10.1007/978-3-030-36875-3_8) of needs in France, Norway and the Netherlands in 2018
Climate risk factsheet (https://www.cicero.oslo.no/en/posts/single/climinvest-suite-of-scientific-factsheets-building-understanding) and video (https://cicero.oslo.no/en/posts/news/climinvest-presentation-series-physical-climate-change-for-finance) on main characteristics and requirements of the analysis
Climate modelling 101 factsheet (https://www.cicero.oslo.no/en/posts/single/climinvest-suite-of-scientific-factsheets-building-understanding) and video (https://cicero.oslo.no/en/posts/news/climinvest-presentation-series-physical-climate-change-for-finance) and paper (chap. 37) (https://www.ngfs.net/sites/default/files/medias/documents/case_studies_of_environmental_risk_analysis_methodologies.pdf) on climate scenarios
Floods, heat waves and drought factsheets (https://www.cicero.oslo.no/en/posts/single/climinvest-suite-of-scientific-factsheets-building-understanding) and video (https://cicero.oslo.no/en/posts/news/climinvest-presentation-series-physical-climate-change-for-finance) on climate indicators
and data needs
Report (https://www.carbone4.com/publication-climinvest-assessing-climate-physical-risks?lang=en) on suitable data strategies
Report (https://www.i4ce.org/download/getting-started-on-physical-climate-risk-analysis-in-finance-available-approaches-and-the-way-forward-3/) and paper (chap. 35) (https://www.ngfs.net/sites/default/files/medias/documents/case_studies_of_environmental_risk_analysis_methodologies.pdf) opening the black box of climate services
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