CRL Wiki:Main Page
UW Climate Risk Lab
“Making the best climate risk data, analysis and tools available to all.”
About
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. [ https://foster.uw.edu/faculty-research/directory/phillip-bruner/ 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, Riskthinking.ai 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 for a CRL was originally conceived by Ron Dembo, Founder of Riskthinking.ai and later brought forward by a co-founding 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
Dorothy Reed, Professor of Civil and Environmental Engineering, and Adjunct Professor of Industrial and Systems Engineering
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
What are Climate risks?
Climate risks are the negative impacts of climate change events on industry, governments, and individuals. These risks are estimated to incur trillions of dollars in damages in the next century as the climate continues to worsen.
What is climate risk?
Climate risk is the potential for negative consequences for human or ecological systems from the impacts of climate change. [1] It refers to risk assessments based on formal analysis of the consequences, likelihoods and responses to these impacts and how societal constraints shape adaptation options. [2] [3] The science also recognizes different values and preferences around risk, and the importance of risk perception. [4]
Common approaches to risk assessment and risk management strategies based on natural hazards have been applied to climate change impacts although there are distinct differences. Based on a climate system that is no longer staying within a stationary range of extremes, climate change impacts are anticipated to increase for the coming decades. Ongoing changes in the climate system complicate assessing risks. Applying current knowledge to understand climate risk is further complicated due to substantial differences in regional climate projections. There is also an expanding number of climate model results, and the need to select a useful set of future climate change scenarios in the assessments.
The Intergovernmental Panel on Climate Change (IPCC) assessment framework is based on the understanding that climate risk emerges from the interaction of three risk factors: hazards, vulnerability and exposure. The IPCC summarizes published research on climate risk evaluations. International and research communities have been working on various approaches to climate risk management including climate risk insurance.
Climate Risk Categories
Physical risks - Climate risks that pose a variety of financial consequences, including property damage and human illness. These climate risks include acute events, like extreme temperatures and climate disasters such as hurricanes, wildfires, and floods, and chronic events, like rising global temperatures, sea-level rise, and the extinction of animal, insect, and plant species. Data representing the physical risks of climate change include global temperature data, sea-level measurements, ocean temperatures during extreme temperature events, and damages to property in the wake of a natural disaster.
Transitional risks - The risks to society associated with changing policy and laws to address and mitigate climate change. These include increased costs to develop goods and provide services, reduced company output, and loss of assets. Data representing these risks include articles outlining changes in government policy and projected loss of revenue due to the implementation of such policy measures.
Liability risk- Also known as legal liability or legal risk, these risks refer to the potential for an individual, organization, or entity to be held legally responsible or accountable for actions, decisions, or events that may result in harm, loss, injury, or damage to others. In the context of liability risk, "liability" typically refers to the legal obligation to compensate or make amends for such harm or loss. Liability risks can arise in various situations, and they are an important consideration for individuals, businesses, and institutions.
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Notes
- ↑ IPCC, 2022: Annex II: Glossary [Möller, V., R. van Diemen, J.B.R. Matthews, C. Méndez, S. Semenov, J.S. Fuglestvedt, A. Reisinger (eds.)]. In: Climate Change 2022: Impacts, Adaptation and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O.Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 2897–2930, doi:10.1017/9781009325844.029.
- ↑ Adger WN, Brown I, Surminski S (June 2018). "Advances in risk assessment for climate change adaptation policy". Philosophical Transactions. Series A, Mathematical, Physical, and Engineering Sciences. 376 (2121): 20180106. Bibcode:2018RSPTA.37680106A. doi:10.1098/rsta.2018.0106. PMC 5938640. PMID 29712800.
- ↑ Eckstein D, Hutfils M, Winges M (December 2018). Global Climate Risk Index 2019; Who Suffers Most From Extreme Weather Events? Weather-related Loss Events in 2017 and 1998 to 2017 (PDF) (14th ed.). Bonn: Germanwatch e.V. p. 35. ISBN 978-3-943704-70-9. Retrieved 7 December 2019.
- ↑ Ara Begum, R., R. Lempert, E. Ali, T.A. Benjaminsen, T. Bernauer, W. Cramer, X. Cui, K. Mach, G. Nagy, N.C. Stenseth, R. Sukumar, and P. Wester, 2022: Chapter 1: Point of Departure and Key Concepts. In: Climate Change 2022: Impacts, Adaptation and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change [H.-O. Pörtner, D.C. Roberts, M. Tignor, E.S. Poloczanska, K. Mintenbeck, A. Alegría, M. Craig, S. Langsdorf, S. Löschke, V. Möller, A. Okem, B. Rama (eds.)]. Cambridge University Press, Cambridge, UK and New York, NY, USA, pp. 121–196, doi:10.1017/9781009325844.003.