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

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* The [https://www.ngfs.net/ngfs-scenarios-portal/use/ 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<ref>Basel Committee on Banking Supervision (BCBS), 2022. Principles for the effective management and supervision of climate‐related financial risks.</ref> and European Central Bank<ref>Alogoskoufis, Spyros, et al. ''ECB economy-wide climate stress test: Methodology and results''. No. 281. ECB Occasional Paper, 2021.</ref>.  
* The [https://www.ngfs.net/ngfs-scenarios-portal/use/ 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<ref>Basel Committee on Banking Supervision (BCBS), 2022. Principles for the effective management and supervision of climate‐related financial risks.</ref> and European Central Bank<ref>Alogoskoufis, Spyros, et al. ''ECB economy-wide climate stress test: Methodology and results''. No. 281. ECB Occasional Paper, 2021.</ref>.  
== Others ==
* [https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fwww.c2es.org%2Fwp-content%2Fuploads%2F2022%2F03%2FC2ES-Physical-Risk-Toolkit_download.xlsx&wdOrigin=BROWSELINK '''Physical Risk Toolkit'''] by [https://www.c2es.org/ C2ES] This toolkit helps companies identify data and information providers for conducting physical climate risk assessments, focusing on US-based publicly available federal and academic resources. It includes some tools from private organizations but does not endorse them. The toolkit mainly serves as a starting point for further analysis.


== References ==
== References ==

Revision as of 18:16, 18 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].

Others

  • Physical Risk Toolkit by C2ES This toolkit helps companies identify data and information providers for conducting physical climate risk assessments, focusing on US-based publicly available federal and academic resources. It includes some tools from private organizations but does not endorse them. The toolkit mainly serves as a starting point for further analysis.

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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