Open-source Tools for Physical Risk Analysis: Difference between revisions

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=== Catastrophe models ===
=== Catastrophe models ===
* [https://wcr.ethz.ch/research/climada.html CLIMADA]: An open-source risk assessment model developed by ETH Zurich.<ref>ETHZürich, “CLIMADA: Economics of Climate Adaptation,” <nowiki>https://wcr.ethz.ch/research/climada.html</nowiki>.</ref> It uses probalistic modelling to estimate the expected economic damage as a measure of risk today. The model is well suited to provide an open and independent view on physical risk, in line with TCFD and underpins the Economics of Climate Adaptation (ECA) approach. As of today, it provides global coverage of major climate-related extreme-weather hazards (tropical cyclones, river flood, agro drought, and European winter storms) at high resolution (4km) for historic and some selected climate forcing scenarios (RCPs). Also see the [https://climate-adapt.eea.europa.eu/en/metadata/tools/climada introduction] by European Environment Agency.
* [https://climada-python.readthedocs.io/en/stable/tutorial/1_main_climada.html CLIMADA]: An open-source risk assessment model developed by ETH Zurich.<ref>ETHZürich, “CLIMADA: Economics of Climate Adaptation,” <nowiki>https://wcr.ethz.ch/research/climada.html</nowiki>.</ref> It uses probalistic modelling to estimate the expected economic damage as a measure of risk today. The model is well suited to provide an open and independent view on physical risk, in line with TCFD and underpins the Economics of Climate Adaptation (ECA) approach. As of today, it provides global coverage of major climate-related extreme-weather hazards (tropical cyclones, river flood, agro drought, and European winter storms) at high resolution (4km) for historic and some selected climate forcing scenarios (RCPs). Also see the [https://climate-adapt.eea.europa.eu/en/metadata/tools/climada introduction] by European Environment Agency.
* The [https://oasislmf.org/ Oasis Loss Modelling Framework ("LMF")]: an open source catastrophe modeling platform. It developed by a nonprofit organization funded and owned by the Insurance Industry to promote open access to models and to promote transparency. Additionally, some firms within the insurance industry are currently working with the Association for Cooperative Operations Research and Development (ACORD) to develop an industry standard for collecting and sharing exposure data.
* The [https://oasislmf.org/ Oasis Loss Modelling Framework ("LMF")]: an open source catastrophe modeling platform. It developed by a nonprofit organization funded and owned by the Insurance Industry to promote open access to models and to promote transparency. Additionally, some firms within the insurance industry are currently working with the Association for Cooperative Operations Research and Development (ACORD) to develop an industry standard for collecting and sharing exposure data.
* [https://www.eiopa.europa.eu/tools-and-data/open-source-tools-modelling-and-management-climate-change-risks_en An open-source tools] for the modelling and management of climate change risks is developed using CLIMADA by European Insurance and Occupational Pensions Authority (EIOPA)
* [https://www.eiopa.europa.eu/tools-and-data/open-source-tools-modelling-and-management-climate-change-risks_en An open-source tools] for the modelling and management of climate change risks is developed using CLIMADA by European Insurance and Occupational Pensions Authority (EIOPA)

Revision as of 16:58, 17 October 2024

Catastrophe models

  • CLIMADA: An open-source risk assessment model developed by ETH Zurich.[1] It uses probalistic modelling to estimate the expected economic damage as a measure of risk today. The model is well suited to provide an open and independent view on physical risk, in line with TCFD and underpins the Economics of Climate Adaptation (ECA) approach. As of today, it provides global coverage of major climate-related extreme-weather hazards (tropical cyclones, river flood, agro drought, and European winter storms) at high resolution (4km) for historic and some selected climate forcing scenarios (RCPs). Also see the introduction by European Environment Agency.
  • The Oasis Loss Modelling Framework ("LMF"): an open source catastrophe modeling platform. It developed by a nonprofit organization funded and owned by the Insurance Industry to promote open access to models and to promote transparency. Additionally, some firms within the insurance industry are currently working with the Association for Cooperative Operations Research and Development (ACORD) to develop an industry standard for collecting and sharing exposure data.
  • An open-source tools for the modelling and management of climate change risks is developed using CLIMADA by European Insurance and Occupational Pensions Authority (EIOPA)

Macroeconomic models

  • in progress
  • For further guidance on selecting appropriate macroeconomic models, see the recommendations on page 29.

NGFS Scenarios Portal

  • The NGFS Climate Scenarios Portal provides a comprehensive suite of data and tools to analyze transition risks, physical risks, and their broader economic and financial impacts. This was created for central banks and financial supervisors but has been reported useful for private sectors. This resource is widely recognized and used by key regulatory bodies, including the Basel Committee on Banking Supervision[2] and European Central Bank[3].

References

  1. ↑ ETHZürich, “CLIMADA: Economics of Climate Adaptation,” https://wcr.ethz.ch/research/climada.html.
  2. ↑ Basel Committee on Banking Supervision (BCBS), 2022. Principles for the effective management and supervision of climate‐related financial risks.
  3. ↑ Alogoskoufis, Spyros, et al. ECB economy-wide climate stress test: Methodology and results. No. 281. ECB Occasional Paper, 2021.
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