Open-source Tools for Physical Risk Analysis

First, a practical guide for researchers and practitioners on how to calculate climate-related financial risk, including biodiversity-related financial risk, highlighting best practices and methodologies for companies of varying sizes.

Catastrophe models

• CLIMADA: An open-source risk assessment model developed by ETH Zurich. 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 organisation 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)
• Climate and Risk Disaster Screening Tool by the World Bank is a free online resource for identifying short and long term climate and disaster risks to build resilience in development projects, policies, and programs.

Macroeconomic models

• in progress