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UW Climate Risk Lab

The UW Climate Risk Lab (CRL) is a multidisciplinary research and innovation center based at the University of Washington Foster School of Business in the Department of Finance & Business Economics. Established in 2022, it advances data and technology solutions to issues in climate-related financial risk for corporate and government decision-makers. Phillip Bruner, co-founder of the CRL, currently serves as its Executive Director.

The CRL brings together academics and professionals in climate finance, risk management, business analytics, data engineering, computer science, atmospheric sciences, supply chains management, information systems and AI. It collaborates with several initiatives within the University of Washington (UW), which include the Buerk Center for Entrepreneurship, Clean Energy Institute, Creative Destruction Lab, eSciences Institute and Urban Infrastructure Lab. Its external partners include: the Duke Energy Data Analytics Lab, the Pacific Northwest Mission Accelerator Center, and Washington Maritime Blue.

History

The CRL originated in 2022 with a grant from the Office of UW President Ana Marie Cauce made to the Foster School of Business, Department of Finance & Business Economics. The idea was then developed by a team lead by Phillip Bruner, UW Professor of Sustainable Finance, Charlie Donovan, Senior Economic Advisor at Impax Asset Management, Sam Shugart, New Product & Services Market Analyst at Puget Sound Energy and Simon Park, Harvard graduate and Fellow of the UW Evans School of Public Policy.

Steering Committee

The CRL Steering Committee is currently made up of the following members:

Phillip Bruner, Professor of Sustainable Finance and CRL Executive Director

Léonard Boussioux, Assistant Professor of Information Systems and Operations Management

Charlie Donovan, Senior Economic Advisor at Impax Asset Management and CRL Leadership Council Chair

Emer Dooley, Artie Buerk Faculty Fellow and Site Lead at Creative Destruction Lab

Dale Durran, Professor of Atmospheric Sciences and Adjunct Professor of Applied Mathematics

Kristie Ebi, Professor of Global Health and Environmental and Occupational Health Sciences and Founder of the UW Center for Health and the Global Environment

Sara Jones, Director of the Masters of Supply Chain Management and Master of Science in Business Analytics

Dan Schwartz, Boeing-Sutter Professor of Chemical Engineering and Founding Director of the Clean Energy Institute

Jan Whittington, Associate Professor of the Department of Urban Design and Planning and Founding Director of the Urban Infrastructure Lab

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Climate-related Financial Risk

Climate change is already impacting the Earth dramatically, and the continued rise in greenhouse gas emissions will cause further warming of the planet, leading to significant socio-economic consequences. These impacts pose substantial risks to businesses, particularly those in vulnerable industries, affecting their credit profiles, share prices, and overall financial stability.

While the general understanding that climate change poses risks is widely accepted, it is not enough for lenders, investors, or regulators to act effectively without a clearer definition of the specific financial risks. These risks need to be quantified in terms of their scope, timing, and probability of occurrence. Identifying and understanding climate-related financial risks early on is critical, as they can lead to reduced asset utilization or valuation, decreased income, and lower profit margins. These financial impacts can translate into increased credit risk, influencing lenders' decisions and reshaping the financial profiles of affected industries.

The Taskforce on Climate-Related Financial Disclosures (TCFD) divided climate-related financial risks into two major categories:

• Physical Risks: risks related to the physical impacts of climate change. [Read more]
• Transition Risks: risks related to the transition to a lower-carbon economy. [Read more]

Climate-Related Risks, Opportunities, and Financial Impact

Source: Recommendations of the Task Force on Climate-related Financial Disclosures

Call for Collaboration

The goal of this platform is to continuously gather, update, and share high-quality data, analysis and tools to support climate-related financial risk education and decision-making. We invite you to join us in this effort by contributing your expertise, knowledge, datasets, and tools. We welcome participation from experts, organizations, and communities engaged in climate-related financial risk analysis. By sharing your resources, you will:

• Help enhance our collective understanding of climate-related financial risks.
• Enable broader access to cutting-edge climate-related financial risk models and forecasts.
• Join a network of professionals who support our mission to “make the best climate-related financial risk data, analysis and tools available for all.”

If you are interested in contributing to our work please choose one of the following options:

• Submit your data directly using this form;
• Request to join the Climate Risk Lab Wiki as an approved contributor;
• Contact us at xjliu@uw.edu

Together, we can work toward a future where climate risk is accounted for in all organizational decision-making worldwide!

References