scholarly journals Climate Change Risks in Financial Business

2021 ◽  
Vol 3 (49) ◽  
pp. 140-146
Author(s):  
I. V. Krasnova ◽  
◽  
L. O. Prymostka ◽  
V. V. Lavreniuk ◽  
◽  
...  
Keyword(s):  
Climate Change ◽  
Financial Institutions ◽  
Financial Stability ◽  
Complex Dynamics ◽  
Global Climate ◽  
Extreme Weather Events ◽  
Financial Risks ◽  
Weather Events ◽  
Climate Change Risks ◽  
High Level

The article is aimed at identifying, firstly, the features and the ways in which climate change influences the profile of financial business, and secondly, financial risks modification while taking into account climate change risks. Climate change is global, it causes new challenges for corporations, financial institutions and central banks, and for economy, as a whole. Statistics on the scale of the threatening impact produced by climate-re;ated risks on economy and its financial sector are presented. It is noted that the aggregate impact of climate change risks significantly exceeds the losses from the financial markets collapse. In particular, due to the natural disasters in 2020, the world economy suffered losses of about US$ 200 billion. The properties of climate-related risks are systematized and generalized, including the following: unpredictability, radical uncertainty, complex dynamics, chain effect, irreversibility, nonlinearity. Due to the high level of uncertainty, the problem of integrating climate change risks into the risk management system of financial institutions remains particularly complex. The ways in which risks generated by global climate change transform into financial risks are determined. It is noted that, despite the threatening impact of damage caused by extreme weather events and climate catastrophes, the management of these risks is still characterized by a low level of penetration into the system of risk-oriented management of financial institutions. In order for the financial business to effectively manage risks taking into account climate change, innovative approaches of strategic importance have been suggested, namely, green bonds and disaster bonds. The financial stability and sustainable dynamic development of economy will depend on the performance of financial institutions in implementing their policies in this area

scholarly journals Financial Stability and Climate Change

2020 ◽  
Vol 9 (3) ◽  
pp. 27-43
Author(s):  
Nikola Fabris
Keyword(s):  
Climate Change ◽  
Financial Institutions ◽  
Financial Stability ◽  
Financial Risk ◽  
Negative Impact ◽  
Weather Conditions ◽  
Extreme Weather ◽  
Financial Risks ◽  
Balance Sheets ◽  
Sea Levels

AbstractFighting climate change is one of the biggest challenges in the 21st century. Climate change that leads to global warming has been increasingly visible in our environment. Extreme weather conditions such as hurricanes, floods, and droughts have been escalating and their acceleration can be expected in the future. They cause changes in sea levels, epidemics, large fires, etc. Increasingly, we are witnessing minor or major damage caused by these extreme weather conditions. Numerous studies have proven that climate change has negative impact on economic growth and prosperity. However, this paper starts from the premise that in addition to unequivocally identified threats, climate change also creates opportunities.The paper reaches a conclusion that climate change can adversely affect balance sheets of financial institutions. Therefore, climate change is a source of financial risk and thus a part of the mandate of central banks and supervisors in preserving financial stability. This type of risk has not been given enough attention by either supervisors or financial institutions over the past period. This paper develops a model for managing financial risks as a result of climate change.

The Influence of External Climate Environment on Safe Operation of Power System

2014 ◽  
Vol 521 ◽  
pp. 423-428
Author(s):  
Ling Ling Pan ◽  
Feng Li ◽  
Sheng Chun Yang ◽  
Shu Hai Feng ◽  
Yong Wang
Keyword(s):  
Climate Change ◽  
Power System ◽  
Electric Power ◽  
Global Climate Change ◽  
Global Climate ◽  
Electric Power Industry ◽  
Power Industry ◽  
Extreme Weather ◽  
Extreme Weather Events ◽  
Weather Events

Frequency and severity of some extreme weather events are increasing, and weather can impact the power system and its components in a number of ways. This paper identifies key technical issues facing the electric power industry, related to global climate change. The technical challenges arise from: 1) impacts on supply and demand balance; 2) impacts on system operating strategies, and power generation scheduling; 3) impacts on power grid structure, and power infrastructure response to extreme weather events; and 4) impacts on operation parameters of power system. The objective of this paper is to facilitate continued discussion of power systemclimate change interactions. To this end, this paper identifies key issues relating to the interactions between the electric power industry and global climate change. These issues will not be resolved quickly, and it requires sustained attention if they are to be resolved successfully.

scholarly journals The Impact of Climate Change on the Food System in Toronto

2018 ◽  
Vol 15 (11) ◽  
pp. 2344 ◽  
Author(s):  
Kimberly Zeuli ◽  
Austin Nijhuis ◽  
Ronald Macfarlane ◽  
Taryn Ridsdale
Keyword(s):  
Climate Change ◽  
Food Access ◽  
Food System ◽  
Extreme Weather ◽  
Food Distribution ◽  
Extreme Weather Events ◽  
Weather Events ◽  
High Level ◽  
The Impact ◽  
The City

As part of its Climate Change and Health Strategy, in 2017, Toronto Public Health engaged stakeholders from across the food system to complete a high-level vulnerability assessment of the impact of climate change on the food system in Toronto. Using the Ontario Climate Change and Health Vulnerability and Adaptation Assessment Guidelines, the City of Toronto’s High-Level Risk Assessment Tool, and a strategic framework developed by the Initiative for a Competitive Inner City, Toronto Public Health identified the most significant extreme weather event risks to food processing, distribution and access in Toronto. Risks associated with three extreme weather events that are the most likely to occur in Toronto due to climate change were analyzed: significant rain and flooding, an extended heat wave, and a major winter ice storm. The analysis finds that while extreme weather events could potentially disrupt Toronto’s food supply, the current risk of an extended, widespread food supply disruption is relatively low. However, the findings highlight that a concerted effort across the food system, including electrical and fuel providers, is needed to address other key vulnerabilities that could impact food access, especially for vulnerable populations. Interruptions to electricity will have food access and food safety impacts, while interruptions to the transportation network and fuel will have food distribution and access impacts. Actions to mitigate these risks could include addressing food access vulnerabilities through ongoing city-wide strategies and integrating food access into the City’s emergency response planning. The next steps will include engaging with multiple partners across the city to understand and strengthen the “last mile” of food distribution and develop community food resilience action plans for vulnerable neighbourhoods.

scholarly journals Determining Canadian water utility preparedness for the impacts of climate change

2015 ◽  
Vol 2 (1) ◽  
Author(s):  
Meagan Brettle ◽  
Peter Berry ◽  
Jaclyn Paterson ◽  
Gordon Yasvinski
Keyword(s):  
Climate Change ◽  
Climate Change Impacts ◽  
Water Utilities ◽  
Extreme Weather Events ◽  
Water Utility ◽  
Weather Events ◽  
Vulnerability Assessments ◽  
Climate Change Risks ◽  
Water And Wastewater ◽  
Impacts Of Climate Change

AbstractGeneral warming and extreme weather events associated with climate change are expected to negatively impact water utilities. Water utilities will need to adapt to continue providing safe drinking water and wastewater services. In 2012, the Canadian Water and Wastewater Association (CWWA) conducted a survey of 53 water utility officials to understand the expert perceptions of climate change risks and preparedness of Canadian utilities for current and future impacts. Results indicated that there is low awareness among water utility officials (30%) of thepossible impacts of climate change on water utilities, and more than half have not conducted climate change vulnerability assessments (65%) and do not have operational plans to address climate change impacts (56%). Officials from smaller utilities, which are considered to be more vulnerable to impacts, were of those less aware of these risks and reported taking fewer preparedness activities. Efforts to prepare water utilities for climate change impacts in Canada would benefit from education of utility officials about possible climate change risks, encouraging assessments of vulnerabilities, and increased training with new adaptation tools and resources.

scholarly journals Climate changes: Economic impact and implication

2020 ◽  
Vol 22 (2) ◽  
pp. 51-71
Author(s):  
Vesna Martin
Keyword(s):  
Climate Change ◽  
Financial Stability ◽  
Climate Changes ◽  
Economic Cost ◽  
Climate Change Risk ◽  
Weather Events ◽  
Climate Change Risks ◽  
Liability Risk ◽  
Management Approaches ◽  
Monetary And Fiscal Policy

Climate changes nowadays present a topic of huge importance taking into account its influence on conducting monetary and fiscal policy, achieving and improving financial stability, but also it is a concern for regulators and supervisors. In order to have an appropriate reaction, it is necessary to identify risk from climate changes in a timely manner. Three categories of climate-related risks can be identified: 1) physical risks which are associated with more frequent severe weather events and permanent changes in the environment, 2) transition risks that represent the policies and technological changes needed to achieve a greener economy and 3) liability risk which represents the impacts that could arise tomorrow if parties who have suffered loss or damage from the effects of climate change seek compensation from those they hold responsible. As a way to achieve satisfactory results in the fight against climate change risks, the financial institutions developed climate change risk management approaches, which include a variety of methods and instruments. The aim of this paper is the presentation of impact and implication regarding climate change regulations, identification of the risks and its management approaches, as well as economic cost and proposals for future action.

scholarly journals Ethical communication to guide climate policy decisions in the Arctic

Polar Record ◽  
2016 ◽  
Vol 52 (6) ◽  
pp. 624-629
Author(s):  
Mona Behl
Keyword(s):  
Climate Change ◽  
Global Climate ◽  
The Arctic ◽  
Extreme Weather Events ◽  
Science Journalism ◽  
Sea Levels ◽  
Weather Events ◽  
Thawing Permafrost ◽  
Increasing Temperature ◽  
Ethical Communication

ABSTRACTRecent records of increasing temperature, melting of sea-ice, retreating glaciers, thawing permafrost, increasing sea levels, and increase in the frequency and intensity of extreme weather events provide clear evidence of global climate change, particularly in the Arctic. The impacts of climate change are not only environmental, but also influence social, economic, psychological, and political conditions in the region. The confluence of these conditions emphasises the need for improved communication of climate information and formulation of ethical responses to address changes in the Arctic. This review explores the meaning of ethical communication followed by an overview of the barriers to ethical communication including uncertainties related to climate change, and constructions of varying interpretations of climate change due to discipline-specific perspectives of science, journalism, and law, in the Arctic. The final section of this paper summarises key elements of ethical communication, and integration of ethical principles in formulating decision-making strategies to address climate change in the Arctic.

scholarly journals WAVE CLIMATE CHANGE PROJECTION AT THE END OF 21ST CENTURY

2011 ◽  
Vol 1 (32) ◽  
pp. 29
Author(s):  
Tomoya Shimura ◽  
Nobuhito Mori ◽  
Tracey Tom ◽  
Tomohiro Yasuda ◽  
Hajime Mase
Keyword(s):  
Climate Change ◽  
Climate Model ◽  
Global Climate ◽  
Wave Model ◽  
Wave Climate ◽  
Extreme Weather Events ◽  
Disaster Prevention ◽  
Present Climate ◽  
Weather Events ◽  
Ocean Wave Climate

The influence of global climate change due to green house effects will require impact assessment and adaptation strategies for future our society. The sea level rise is a static side issue of climate change and is important for human activity near the coastal zone. On the other hand, waves and storm surge are dynamic side of climate change and will be necessary to take into the consideration for coastal disaster prevention and reduction, if extreme weather events will become stronger than those in the present climate. This study estimate the future ocean wave climate in comparison with those in present climate based on the global atmospheric climate model and global wave model.

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