Newsletter: US Climate Risk Disclosure, Climate at Moody’s ESG and more

Four Twenty Seven's monthly newsletter highlights recent developments in climate risk and resilience. This month we feature an analysis on US climate risk disclosure, highlight developments at Moody's ESG Solutions and share recordings of recent climate risk events.

In Focus: Are U.S. Corporates Ready for Climate Risk Disclosures?

Analysis: The State of Climate Risk Disclosure in the US

The results from the U.S. presidential elections signal an impending radical shift in U.S. climate policy. President-elect Biden’s transition team identified climate change as one of four top priorities, promptly followed with the appointment of John Kerry as special envoy for climate. As part of his transition plan, Biden announced ten executive actions related to climate change that he intends to take on his first day in office. One of these measures is the requirement for public companies to disclose climate risks and greenhouse gas emissions in their operations and supply chains. This disclosure requirement aligns with a global trend, following similar announcements in the UK and in New Zealand.

In light of this increasing focus on climate risk regulation, our latest analysis uses the TCFD Climate Strategy Assessment dataset from Moody's affiliate V.E to explore how US firms stand against policy recommendations outlined in recent reports by the US Commodity and Futures Trading Commission (CFTC) and the Business Roundtable (BRT), including implementing a carbon price, conducting scenario analysis and creating products that contribute to the transition to a low-carbon economy.

We find that the largest US corporations tend to be slightly behind in terms of disclosing key indicators compared to their international peers. However, among all assessed regions, not even a quarter of the firms disclose the indicators reviewed in this assessment. This demonstrates the significant room for progress and shows that increasing firms’ capacity to assess and disclose climate risks in an informative manner remains a global challenge, aligning with findings in the TCFD's 2020 Status report released last month.
Read the Analysis
Climate Risk at Moody's ESG Solutions

Emilie Mazzacurati Appointed Global Head of Moody's Climate Solutions

Moody's announced last week that Four Twenty Seven Founder and CEO, Emilie Mazzacurati will oversee the climate solutions suite within Moody’s ESG Solutions Group, a new business unit formed earlier this year to serve the growing global demand for ESG and climate analytics. As part of its climate solutions suite, Moody’s ESG Solutions provides risk measurement and evaluation tools to understand, quantify and manage physical and transition risks, informing due diligence and risk disclosure in line with the recommendations from the Taskforce on Climate-related Financial Disclosures (TCFD).
Emilie also remains CEO of Four Twenty Seven, which is now fully owned by Moody's. 

Moody's Analytics Wins Climate Risk Award at Chartis RiskTech100®

Moody’s Analytics won the Climate Risk category in the 2021 Chartis RiskTech100®  highlighting its commitment to integrating climate analytics into its world-class risk models.
Moody’s Analytics' offering helps customers first identify whether they have exposure to climate risk in their portfolios and then quantify the credit risk implication of climate risk factors. These solutions incorporate climate risk analytics from Moody's ESG Solutions powered by Four Twenty Seven and V.E.

Moody’s: Climate Risk and Resilience at US Airports

Climate change will expose the airport sector to increased physical climate risks within the next two decades. In its report, US airports face growing climate risks, but business model and resiliency investments mitigate impact, Moody’s Investors Service leverages Four Twenty Seven’s physical climate risk data to explore potential damages from increased exposure of US airports to floods, heat stress, hurricanes, sea level rise and wildfires. The report finds significant exposure to floods and sea level rise, which can damage crucial structures, leading to significant costs or rendering the assets unusable. Hazards such as heat stress and wildfires present risks with implications for take-off and landing. Airports often undertake long-term capital intensive projects and integrating resilience measures into planning these investments will be critical. Register for free to read the report.
Climate Change and Financial Stability

Financial Stability Board Releases Report on Climate Risk

Yesterday the Financial Stability Board (FSB) released its report, The Implications of Climate Change for Financial Stability, outlining the ways in which physical and transition risks may affect the financial system. It highlights how physical risks can decrease asset prices, increasing uncertainty and how a disorderly transition could also destabilize the financial system, while an orderly transition is expected to have a less significant impact on asset prices. Likewise, the report emphasizes that climate risk could amplify credit, liquidity and counterparty risks and interact with other macroeconomic risks, with significant implications for financial stability.
Earlier this month the Federal Reserve announced its application to join the Network for Greening the Financial System, expecting to gain membership by the group's annual meeting next April. The Governor of the US Federal Reserve is also the Chair of the FSB and such recent events may foreshadow more attention to climate risks at the Fed.
Public Consultations on Climate Risk

EIOPA Consultation on Climate Change Scenarios

The European Insurance and Occupational Pensions Authority (EIOPA) opened a public consultation on its draft opinion on the supervision of the use of climate change risk scenarios in ORSA. This consultation is a follow-up to EIOPA's recommendations that insurers integrate climate risks into their governance and risk management beyond a one-year time horizon, aiming to provide additional guidance on the supervision of these processes. Respond by January 5, 2021.

Hong Kong SFC Consultation on Climate Risk Management for Funds

The Hong Kong Securities and Futures Commission (SFC) opened a public consultation on its proposed guidance for fund managers to integrate climate risk into their investment decision-making and to release climate risk disclosures. The guidance applies to all fund managers, while those with at least HK$4 billion under management would have to comply with additional requirements, such as disclosing more quantitative metrics. The recommendations reference the TCFD Recommendations to encourage consistency in risk disclosure. Respond by January 15, 2021.

TCFD Consultation on Forward-looking Metrics

The Task Force on Climate-related Financial Disclosures (TCFD) released a public consultation on decision-useful forward-looking disclosure metrics for financial institutions. Recognizing the growing need for standards guiding forward-looking, comparable climate risk disclosures, it solicits input on the utility and challenges of disclosing certain forward-looking metrics, including metrics on implied temperature rise and value at risk. Respond by January 27, 2021. 
 
Climate Analytics for Financial Risk Assessment: Panel Recordings

Moody's Analytics Synergy Americas Conference

Founder & CEO, Emilie Mazzacurati, and Moody’s Analytics Managing Director, Global Head of Quantitative Research, Jing Zhang, discuss the impacts of climate risk on credit risk in the panel, “How Floods, Wildfires, and Heat Stress Can Play a Role in Financial Reporting and CECL.” Register for free to access the recording.
 

Risk Australia Virtual 2020: Taming the Green Swan

Emilie Mazzacurati presents a keynote presentation titled “Taming the Green Swan: Incorporating Climate Risk into Risk Management.” She covers changes in the regulatory environment and how investors can use science to inform risk management and investment decisions. Emilie discusses progress made on climate risk disclosure to date, explains the latest thinking on conducting scenario analysis for climate risks and provides case studies of the economic impacts of climate risk in Asia and Australia. 
Webinar: How Real Estate Can Adapt and Prepare for Climate Risks

Join us on Thursday Dec. 10 at  9am PST / 12pm ET / 5pm GMT

We’re already seeing the impacts of climate change on our real assets—so how do we better prepare for future climate events? Four Twenty Seven will join CBRE, Measurabl and Nova Group GBC to discuss the full process of integrating physical climate risk management into real estate investment. The webinar will include an explanation of the climate data driving the analytics, how to understand physical climate risks alongside broader ESG data and how to leverage this information to mitigate risk by building resilience.

Speakers:
  • Zachary Brown, Director of Energy and Sustainability at CBRE
  • Yoon Kim, Managing Director, Global Client Services at Four Twenty Seven
  • Cameron Ravanbach, Account Manager at Measurabl
  • Rob Jackson, Vice President, Equity Markets Group at Nova Group, GBC
Register Here
Upcoming Events

Join the team online at these upcoming events and check our Events page for updates:

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Are U.S. Corporates Ready for Climate Risk Disclosures?

Introduction

The results from the U.S. presidential elections signal an impending radical shift in U.S. climate policy. President-elect Biden’s transition team identified climate change as one of four top priorities, promptly followed with the appointment of John Kerry as special envoy for climate. As part of his transition plan, Biden announced ten executive actions related to climate change that he intends to take on his first day in office. One of these measures is the requirement for public companies to disclose climate risks and greenhouse gas emissions in their operations and supply chains.

This disclosure requirement aligns with a global trend, following similar announcements in the UK and in New Zealand, with other financial regulators across Europe and the Asia-Pacific also actively considering such measures.

Disclosures are but one of many policy measures the new Administration may implement to address potential risks from climate change on financial markets and the economy. The report published by the US Commodity and Futures Trading Commission (CFTC) in September 2020 provided an extensive list of policy recommendations for financial regulatory agencies and the government at large to regulate climate risk.

A number of these policy recommendations overlapped with the September 2020 report from the Business Roundtable (BRT)[1], where large corporations employing over 15 million in total and representing $7.5 trillion in assets(revenues) called on bold policy action to address the looming climate crisis.

Our analysis examines recommendation from the BRT and CFTC, alongside data on corporate risk disclosure, to provide an indication of how US firms are currently standing against the recommendations, and to provide a comparison to other markets.

Methodology

We use the TCFD Climate Strategy Assessment dataset from V.E, an affiliate of Moody’s, which provides a granular view of how 2,855 companies report in line with the TCFD recommendations. This data is based on a comprehensive analysis of companies’ risk disclosures, across sectors and regions. For the purpose of this analysis, we grouped firms based on the region in which they’re listed, comparing the progress of firms in the US (498 companies), Canada (109), Japan (399) and the European Union (EU) (840). Each of these regions have different approaches to  climate policy, with the EU leading the way in terms of regulatory developments for assessing and disclosing climate risk, while Japan expects markets to address financial risks from climate change through emerging best practices and market pressure. Comparing recommendations from the BRT and CFTC to companies’ risk disclosures, we grouped our analysis into two sections, first looking at recommendations around emissions reductions efforts and then discussing recommendations around risk management.

Emissions Reductions

Carbon price

Both the CFTC and BRT recommend imposing a carbon price to develop a clear price signal associated with greenhouse gas (GHG) emissions. Firms sometimes use  internal carbon pricing as a management tool, which suggests that they are more prepared to adjust to a nationwide carbon price.

We find that only 3% of assessed US firms report using an internal carbon price, which is fewer than Canada, the EU and Japan. Alongside Canada, US firms also have the highest average carbon footprint of the assessed regions, based on carbon footprint data from V.E. However, Canada shows the largest proportion of firms reporting an internal carbon price, at 19% of firms. The data shows that US firms are behind their peers and have not leveraged the use of an internal carbon price as a management tool to incentivize carbon reductions and price the externalities associated with carbon emissions.

However, we find that many firms that disclose internal carbon prices in the US are from the automobile, energy, mining and pharmaceutical sectors. These sectors are among those with the largest dependencies on energy consumption or fossil fuels, which are expected to be most exposed to transition risks. The overall low numbers are therefore balanced by the fact that the firms in these sectors that do use internal carbon prices are also those that most need to prepare for shifting climate policy.

Table 1. The percent of companies in each region disclosing each indicator.

Low-Carbon Technology

The BRT emphasizes the significant opportunity for the U.S. to continue to lead in development and commercialization of energy efficiency and renewable energy to support the transition to a low-carbon economy. It underscores the need to invest in low-carbon and emissions reduction technology to allow us to capitalize on this opportunity.

In the US, 7% of assessed firms disclose the development of products that contribute to the transition to a low-carbon economy, which is less than firms of other regions.  Japan and the EU lead the way with 19% and 18% of firms respectively reporting investments in low carbon technology. Only 1% of US firms report acquisition of businesses contributing to the transition; although all regions assessed show low uptake of this indicator. In the US, 35% of the companies in industrials, 33% in electrics and 30% in the automobile sector disclose development of products contributing to the energy transition. This demonstrates the opportunities for firms in sectors with high exposure to transition risk, such as electrics and automobiles, to invest in developing new products which would be in higher demand if climate policy increased.

The EU’s Sustainable Finance Taxonomy helps investors identify which activities contribute to climate adaptation and mitigation which in turn informs portfolio alignment with the Paris Agreement or other emissions reduction goals. The Taxonomy puts additional pressure and incentive for corporations to develop activities that directly contribute to the transition. This may explain why EU companies have made among the most progress to date, although it also may be an indication of further pressure growing outside of the EU as global investors aim to align with the taxonomy.

GHG Reduction Targets

The BRT recommends aligning policy and greenhouse gas reduction targets with scientific evidence around the need to reduce emissions. While few firms have disclosed divestment from or decommissioning of carbon intensive assets, those in the US and Japan show the least progress with only 1% of the assessed firms disclosing this indicator, while the EU shows the highest with 6%. Similar to the developments described above, as investors increasingly strive to align their portfolios with emissions reductions targets, companies will experience increased pressure to align their activities with such targets. While the US has experienced less regulatory activity to date in this regard than the other regions, this is likely to change going forward and companies prepared for those change are likely to be better positioned than others.

Risk Management

Governance

The CFTC recommends that financial firms define oversight responsibilities for climate risks for the board of directors. While this recommendation is particularly directed at financial firms, it also aligns directly with one of the TCFD recommendations, and as such will  be increasingly relevant as companies are increasingly asked to disclose their climate risks and opportunities in line with the TCFD. The BRT also recommends voluntary and transparent climate risk disclosure by corporations in line with existing frameworks.

Only 8% of US firms disclose integration of climate risk into board oversight and Japan and Europe show similar progress. Canada stands out with 19% of firms disclosing processes used by the board to monitor and oversee climate progress.

Table 2. The percent of companies in each region disclosing each indicator.

Integration into Risk Management

The CFTC report recommends that financial firms integrate climate risk monitoring and management into their governance. However, only 10% of US firms disclose integration of climate risks into their enterprise risk management. While this is similar to progress in Japan, 17% and 20% of firms in the EU and Canada respectively report integration of climate risks into their management, indicating that they are likely more well prepared both for an increase in extreme events or transition risks and for regulations around assessing and disclosing risk.

The CFTC recommends that financial firms conduct scenario analysis aligned with international efforts, In the US, 11% of firms have disclosed use of scenario analysis, which is similar to Japan and the EU. Canada stands out with 20% disclosing use of scenario analysis. There has been a rapid uptick in both the pressure to conduct scenario analysis and stress tests, particularly for banks, as well as the resources available to support these assessments, such as the reference scenarios released by the Network for Greening the Financial system in June 2020.

Conclusion

Our analysis shows that the largest US corporations tend to be slightly behind in terms of disclosing key indicators compared to their international peers. However, among all assessed regions, only a small percentage of firms disclose the indicators highlighted in this analysis, which demonstrates that there is significant room for progress. Increasing firms’ capacity to assess and disclose climate risks in an informative manner remains a global challenge.

Our analysis focused on the largest publicly trading companies, which are the first that have to comply with upcoming regulations around climate risk disclosure. The picture of progress likely looks different for mid-market firms where integration of emerging best practices for ESG and climate risk is not yet as deep.

 

[1] Moody’s Corporation, Four Twenty Seven’s parent company, is a BRT member.

Panel Recording: Taming the Green Swan

In this keynote presentation during Risk Australia Virtual 2020, Founder & CEO, Emilie Mazzacurati, discusses “Taming the Green Swan: Incorporating Climate Risk into Risk Management.” She covers changes in the regulatory environment and how investors can use science to inform risk management and investment decisions. Emilie discusses progress made on climate risk disclosure to date, explains the latest thinking on conducting scenario analysis for climate risks and provides case studies of the economic impacts of climate risk in Asia and Australia.

Report: Measuring TCFD Disclosures

September 24, 2020 – Vigeo Eiris and Four Twenty Seven Report. The TCFD recommendations helped to catalyze a global conversation on the need for increased climate risk assessment and disclosure. While there is much progress still to be made, there has recently been significant developments in the uptake and quality of TCFD-aligned climate risk disclosures. This report explains Vigeo Eiris’ new TCFD Climate Strategy Assessment dataset, sharing key findings of how firms’ disclosure align with each element of the TCFD framework and includes a case study on how companies’ risk reporting compare to their physical risk exposure.

Download the report.

Consistent climate risk disclosure is essential to improving market transparency and building a more resilient financial system. As devastating extreme events, regulatory developments and investor pressure have led to an increase in climate risk disclosure, the Task Force on Climate-related Financial Disclosures’ (TCFD) recommendations have become a global reference. Moody’s affiliate Vigeo Eiris’ new TCFD Climate Strategy Assessment dataset provides a granular view of how 2,855 companies report in line with TCFD recommendations.

This new Vigeo Eiris and Four Twenty Seven report, Measuring TCFD Disclosures, explores the key findings from this assessment, highlighting companies’ disclosures in governance, strategy and risk management.  We find that while 30% of companies have identified at least one climate-related risk that may affect their business, only 3% have disclosed enhanced due diligence for projects and transactions. The report highlights examples from the three sectors of energy, electric & gas utilities and diversified banks to compare reporting for several indicators within each TCFD category. It  includes a case study on the energy sector to review how companies’ physical risk exposure compares to their risk disclosure. Based on Four Twenty Seven’s data on physical climate risk, we find that there is still significant discrepancy between how companies are exposed to climate risk and what they disclose. This is essential for investors to understand when leveraging disclosures to assess their own risk exposure and when engaging with companies around improving climate risk assessment and disclosure.

Key Findings:

  • Overall:
    • 30% of the companies have identified at least one climate-related risk that may affect their business and strategy over the short, medium and long term.
    • Physical risks are most frequently reported, followed by policy and legal risks.
  • Governance:
    • 15% of the companies report on having assigned climate-related responsibilities to management.
    • 16% have established processes to inform board members about climate change issues.
  • Strategy
    • 12% of all assessed companies report the development of products or services that contribute to the low-carbon economy, making it the most common Strategy disclosure.
    •  Only 8% of the European and 7% of the North American companies in the panel disclosed climate change as a material factor in their financial planning.
  •  Risk Management:
    •  30% of the assessed energy companies report using an internal carbon price.
    •  Enhanced due diligence for projects and transactions remains a minority practice, with only 3% of companies disclosing information on this specific recommendation.

Download the report.

————————————–

For more information on climate risk exposure and disclosure explore Vigeo Eiris’ transition risk data and Four Twenty Seven’s solutions for assessing physical risk exposure across asset classes.

Panel Recording: Preparing for the Future of ESG

This panel on Preparing for the Future of ESG  features a discussion on interactions between ESG, the global pandemic and corporate strategy and is part of the Vinson & Elkins (V&E) ESG Symposium: Capital, Climate and Culture in the New World.

Speakers

  • Beth Lowery, Managing Director of TPG discusses ESG governance in the corporate sector.
  • Emilie Mazzacurati, Founder and CEO of Four Twenty Seven, offers insight into the increasing understanding of ESG and climate risks as materially relevant, underscored by regulatory developments, objective data and investor pressure.
  • Sarah Fortt, Counsel – Mergers & Acquisitions and Capital markets of V&E, speaks on metrics for measuring ESG through company behavior and disclosure.
  • Skye d’Almeida, Senior Vice President, Investor Coverage of Green Investment Group at Macquarie, discusses the financial success of ESG products due to long-term predictable revenue.
  • Susan Gray, Global Head of Sustainable Finance Business and Innovation of S&P Global Ratings, discusses company engagement with stakeholders and the increased granularity of investor focuses.
  • Moderator: Maggie Peloso, Partner –  Environmental & Natural Resources of V&E.

 

Moody’s Launches Comprehensive ESG Solutions Group; Appoints Global Head

Moody’s launches an ESG Solutions Group, offering data and analytics across ESG, climate risk and sustainable finance. Read the press release from Moody’s:

LONDON–(BUSINESS WIRE)– Moody’s Corporation (NYSE: MCO) announced today the formation of an Environmental, Social, and Governance (ESG) Solutions Group to serve the growing global demand for ESG insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody’s Investors Service (MIS) and Moody’s Analytics (MA) to deliver a comprehensive, integrated suite of ESG customer solutions.

The ESG Solutions Group develops tools and analytics that identify, quantify, and report on the impact of ESG-related risks and opportunities. Moody’s ESG capabilities expanded following its investments in Vigeo Eiris (VE), a global pioneer in ESG assessments, data and tools, and sustainable finance, and Four Twenty Seven, a leader in climate risk analysis, in 2019. ESG and climate risk considerations are already integrated into credit ratings and research offered by Moody’s Investors Service, and will be integrated into a range of Moody’s Analytics risk management solutions, research, data and analytics platforms.

“Moody’s ESG Solutions Group brings together capabilities from across the company to help market participants advance strategic resilience, responsible capitalism, and the greening of the economy by identifying risks and opportunities and providing meaningful performance measurements and insights,” said Rob Fauber, Moody’s Chief Operating Officer.

The ESG Solutions Group is led by Andrea Blackman, who has over 30 years of experience in harnessing financial and technology innovation in leadership roles with banks, asset managers, and financial technology vendors. She previously managed Moody’s CreditView, growing it into the leading global research, data, and analytics platform for credit market professionals.

Including its affiliates, Moody’s ESG-related offerings now include:

  • 5,000+ company ESG assessments
  • Controversy screening for 7,900 companies
  • 1 million climate risk scores
  • 250+ sustainable bond and loan reviews
  • 70+ ESG specialty indices
  • Credit ratings that integrate ESG risk considerations
  • Risk management solutions integrating ESG and climate risk factors

VE and Four Twenty Seven will continue to offer market-leading stand-alone ESG and climate risk solutions given strong demand for their innovative products. VE recently launched enhanced Second Party Opinions for sustainability bonds that integrate aspects of the EU Taxonomy and Green Bond standard. Four Twenty Seven recently announced the addition of wildfire risk to their on-demand Real Asset Scoring Application for a property or facility’s projected exposure to climate change effects.

For more information visit Moody’s ESG & Climate Risk hub at www.moodys.com/esg

Newsletter: Black Lives Matter

Four Twenty Seven's monthly newsletter highlights recent developments in climate risk and resilience. This month we emphasize the need for racial justice, share new resources on climate risk for investors and regulators and highlight recent calls for climate risk disclosure.

Black Lives Matter

We at Four Twenty Seven are saddened and angered by the recent killings

of Rayshard Brooks, George Floyd, Breonna Taylor, Ahmaud Arbery along with so many others, and by the systemic injustice and continued brutality Black individuals experience every day. We stand in solidarity with the Black community against all forms of racial injustice and we state unequivocally that Black Lives Matter.

During this time of national reckoning, we are reflecting on our responsibility to use our platform to speak out against injustice and elevate the voices of Black people, other People of Color, and those who have dedicated themselves to racial justice.

While the issues we are facing today are not new, they have reached a boiling point, due to centuries of injustice, mistreatment and violence against Black individuals. This is a systemic problem, deeply rooted in our society, that calls for systemic change. We are committed to being a part of the change.

Together with Moody’s, our parent company, we believe “we all have a responsibility to do better and to build a more just society that serves everyone equally.”

As a company whose mission is to catalyze climate adaptation and resilience, we are committed to supporting equity and racial justice in our daily work. Black communities and communities of color are disproportionately affected by climate change and environmental degradation. They are on the frontlines of the impacts of pollution, extreme heat, storms, and disease. They have less means to mitigate detrimental climate and environmental effects, and often lack insurance and other means to recover when disaster strikes. Any investment in systemic resilience must be an investment in equitable adaptation.

As part of our commitment to change and owing to our expertise on environmental and climate-related issues, we commit to taking the following steps:

  • Use Four Twenty Seven’s platform to educate about environmental justice, equitable adaptation, and the interplay of race and climate change through webinars, publications and research;
  • Incorporate into our analytics a lens on equity and racial justice wherever possible; and
  • Connect students from underserved communities with education around opportunities in climate science through mentorship and internship opportunities.

As an organization and an employer, we also commit to fostering dialogue on racial justice among our team members and will strive to enhance the diversity of our team.

James Baldwin’s words ring true today more than ever: “Not everything that is faced can be changed, but nothing can be changed until it is faced.” We stand in solidarity with the Black community and are committed to doing our part to change the system and fight racism and injustice in our country.

Forthcoming Publications & Webinar on Racial Justice & Climate Action

As part of our commitment to using our platform to educate on these topics, we have planned the following pieces:
  • A blog outlining the issues of environmental justice in the U.S. and the disproportionate exposure and vulnerability of Black communities and other People of Color to the impacts of climate change.
  • A blog explaining the need for racial equity in climate adaptation and sharing approaches for integrating equity into adaptation planning and implementation.
  • A webinar on racial equity and climate action, scheduled for July 8th at 5pm CET / 11am EST / 8am PST.
Guidance for Addressing Climate Risk

Network for Greening the Financial System Guide for Supervisors

The NGFS Guide for Supervisors: Integrating climate-related and environmental risks into prudential supervision, outlines five recommendations for supervisors to address climate risks: determine how climate risks affect economies, develop a strategy, identify risk exposure in supervised firms, set transparent supervisory expectations and engage with financial institutions around effective risk management. The report highlights ways in which supervisors around the world are taking steps to address these risks, citing data from Four Twenty Seven.

The Institutional Investors Group on Climate Change Guidance for Asset Owners and Asset Managers

The new report, Understanding physical climate risks and opportunities, and its brief companion report, Addressing physical climate risks: key steps for asset owners and asset managers, provide an overview on the latest climate science, its implications for financial institutions and a process for addressing climate risks. It outlines five key steps, providing examples of how firms can understand physical climate risks, assess risks at the asset or fund level, review portfolio-level effects, identify risk management options, and monitor and report on these actions.
Continued Calls for Climate Risk Disclosure

The International Monetary Fund on Physical Risk and Equity Prices

The International Monetary Fund (IMF) dedicated a chapter of its Global Financial Stability Report to exploring the affects of physical climate risks on financial stability and found that equity investors may not be pricing these risks sufficiently. The IMF encourages mandating global physical climate risk disclosure and emphasizes the need for granular climate risk exposure data.

Ceres on Why U.S. Regulators Need to Address Climate Risk

Ceres' recent report, "Addressing Climate as a Systemic Risk: A call to action for U.S. financial regulators," encourages US. regulators to address climate risk as a systemic risk. Its recommendations include integrating climate change into prudential supervision, exploring how to address climate risks through monetary policy, considering climate risk in community reinvestment programs and joining the NGFS. 
Meanwhile, the Commodities Futures Trading Commission is preparing to release a report on addressing climate risks next month.
Rising Temperatures and Climate Science
The past seven Mays have been the seven hottest Mays on record, with this past spring being the second hottest on record. As the climate continues to change, we have record high temperatures more often, and parts of Africa, Asia, western European, South and Central America all experienced record warmth this spring. Meanwhile, new research suggests that the climate may be more sensitive to carbon emissions than previously expected, due to increased understanding of cloud microphysics. 
Four Twenty Seven Partners with Measurabl

Access Four Twenty Seven's Physical Climate Risk Data on Measurabl's ESG software for Commercial Real Estate

Twenty Seven’s physical risk data is now available in a new Physical Climate Risk Exposure tool on Measurabl’s investment grade ESG (environmental, social, governance) data hub. Through this integration Measurabl customers can now identify their physical climate risks to inform opportunities to build resilience across their real estate portfolios. “We’re thrilled to partner with the leading ESG data management platform to provide unprecedented levels of transparency to real estate owners and managers worldwide,” said Emilie Mazzacurati, Four Twenty Seven's Founder and CEO. “As climate change increasingly causes financial damage to real assets, this partnership helps fill the urgent demand for data to help the real estate industry prepare for the impacts of climate change.”

“The evolution of Measurabl’s software to include climate risk data was a natural development as we continue to build the best-in-class ESG –and now “R” – platform for commercial real estate,” said Matt Ellis, Measurabl's Founder and CEO. “The union of physical climate risks with ESG creates unparalleled transparency for climate-related financial decisions and disclosures.”
 

Webinar on Physical Climate Risk: Identifying Your Exposure with Measurabl

How does physical climate risk manifest for real estate assets and how can investors identify and manage their risk exposure? Josh Turner, Director, Research, at Four Twenty Seven, joined Measurabl's Noelle Bohlen and Cameron Ravanbach to discuss the climate data driving Four Twenty Seven's analysis and share insights on how real estate investors can leverage this information. Watch the recording.
Public Consultations on Climate Risk

European Commission Consultation on Climate Adaptation

As part of its Green Deal the European Commission has launched a climate adaptation strategy to encourage eco-friendly investments and build resilience. It is refining the initiative and soliciting feedback through a public consultation. Respond by June 30.

European Central Bank Consultation on Climate Risk Disclosure Guidance

Last month the European Central Bank (ECB) published guidance asking banks to disclose their climate-related risks and integrate these risks into their risk management processes. Compliance will be expected when the guidelines are finalized at the end of the year. The ECB has solicited feedback through a public consultation open until September 25.
Inside the Office at Four Twenty Seven

Derani Brewis - Australia & New Zealand

Four Twenty Seven is delighted to partner with Derani Brewis, of DB Funds Advisory, who will lead Four Twenty Seven's business development and growth strategy in Australia and New Zealand.

Derani brings over 25 years of experience in the Australian asset management industry, with relationships across the Australian superannuation and investment management community.

Most recently, Derani was Head of Business Development and Asset Consultants at GMO Australia. Derani has also held senior roles with BT Financial Group, Rothschild Asset Management and Prudential Fund Managers. 

Join the team! Four Twenty Seven is Hiring

There are several opportunities to join Four Twenty Seven's dynamic team. See the open positions below and visit our Careers page for more information.
  • Project Manager with excellent leadership skills and proven experience coordinating activities across teams of different disciplines within research, content and technology
  • Regional Sales Director (North America) with extensive experience selling and supporting data products and services for large commercial, financial and government institutions
  • Climate Data Analyst with expertise translating applied climate science for a wide range of stakeholders.
Upcoming Events

Join the team online at these upcoming events and check our Events page for updates, including registration links to webinars not yet available:

  • Jun. 15 - 19 - Responsible Investor Digital Festival, Virtual: Four Twenty Seven joins Moody's and Vigeo Eiris at a virtual exhibit and Emilie Mazzacurati, Founder & CEO, will presented on climate scenario analysis today.
  • Jun. 30 Urban Land Institute Webinar, Living on the Edge: Sea Level Rise, 9:30am EST / 6:30am PST: Emilie Mazzacurati will present on climate risk for real estate.
  • Jul. 2 – Finance for Adaptation Solutions & Technologies Roundtable, 4pm BST/ 8am PST: Emilie Mazzacurati will speak.
  • Jul. 8 – Moody's Sustainable Finance Webinar on Racial Justice and Climate Change, 5pm CET / 11am EST / 8am PST: Members of the Four Twenty Seven team will speak.
  • Sept. 2-3 – Risk Americas Convention, New York, NY: Members of the Four Twenty Seven team will host a booth and present on climate risk.
  • Sept. 9 Environmental Finance - The Future of ESG Data 2020, Virtual: Léonie Chatain will speak.
  • Sept. 15 - 16 – Responsible Investor Tokyo 2020, Tokyo, Japan: Members of the Four Twenty Seven team will present on risk disclosure and host a booth. 
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Four Twenty Seven sends a newsletter focused on bringing climate intelligence into economic and financial decision-making for investors, corporations and governments. Fill in the form below to join our mailing list. As data controller, we collect your email address with your consent in order to send you our newsletter. Four Twenty Seven will never share your mailing information with anyone and you may unsubscribe at any moment. Please read our Terms and Conditions.
 

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Newsletter: How does climate risk threaten financial stability?

Four Twenty Seven's monthly newsletter highlights recent developments on climate risk and resilience. This month we feature analyses on climate change from the Federal Reserve, highlight insights on climate risk across sectors and announce the opening of Four Twenty Seven's Tokyo Office.

In Focus: Regulators Speak Up on the Financial Impacts of Climate Change

Federal Reserve Publishes Research on Climate Resilience

Last week, the Federal Reserve Bank of San Francisco released a set of articles on the impacts of climate change on communities and the economic and financial implications of these risks. The articles cover a range of topics including the impacts of sea level rise on real estate assets and lending, the need for innovation in insurance markets and the implications of climate-induced migration for the private sector. Four Twenty Seven contributed a piece on the connection between community resilience and asset-level resilience, describing a methodology for investors to understand and promote community adaptive capacity.

"The collection of 18 papers by outside experts amounts to one of the most specific and dire accountings of the dangers posed to businesses and communities in the United States — a threat so significant that the nation’s central bank seems increasingly compelled to address it." - The New York Times' Christopher Flavelle wrote.
Read the Publication

International Monetary Fund to Assess Financial Risk of Climate Change

“'We are doing work on the pricing of climate risks and to what extent it is priced into stock and bond markets,' Tobias Adrian, financial counselor and director of the IMF’s monetary and capital markets department, told Reuters." Adrian cited the costly impact of Hurricane Dorian in the Bahamas and growing investor concern around the mispricing of climate risk in mortgage-backed securities as examples of the widespread financial impacts of climate change. This was one of many climate change conversations at the IMF's annual meeting last week.
Resources for Resilience Across Sectors  

Optimizing Community Infrastructure

Optimizing Community Infrastructure: Resilience in the Face of Shocks and Stresses examines the multiple dimensions of infrastructure that underpin resilient societies. The book discusses transportation infrastructure as well as utilities, land use and buildings and includes case studies and guidance on financing resilient infrastructure. Four Twenty Seven co-wrote a chapter with Climate Finance Advisors that examines how physical climate risks can impact infrastructure assets throughout their life cycle and ways in which investors and lending institutions can identify and manage physical climate risks in infrastructure assets. 

Resilient Cities - Transforming Over Time

This set of editorials discusses innovative opportunities to adapt communities and infrastructure to climate risks. The pieces cover the economic and social elements of climate risk and resilience, and Four Twenty Seven contributed an article, Addressing Shared Climate Risks to Build Community-Corporate Resilience. 

Podcast: Climate Change is Here. Are We Ready?

Founder & CEO, Emilie Mazzacurati, joins a new podcast, The Last Environmentalist, to discuss the evolving views of climate risk in the financial sector. Emilie describes near-term impacts of climate change on real estate markets, adaptation actions taken by corporations and the linkages between climate risk and resilience across private and public sectors.
 Climate Change Exacerbated the Impacts of Typhoon Hagibis
Within 24 hours Typhoon Hagibis sent over three feet of rain into areas surrounding Tokyo, as fierce winds exacerbated flooding from storm surge. At least 74 people died, 34,000 homes lost power and 110,000 lost running water. Meanwhile, disrupted ground transportation and damaged facilities had rippling effects. Subaru stopped operations at three facilities in the area due to disruptions at their suppliers, other automobile manufacturers halted production at damaged facilities and logistics firms incurred the costs of doubling their distance with alternate routes. 

While many areas of Japan have robust building standards to account for already frequent typhoons, the frequency and distribution of storms in Japan is shifting. Three of Japan's most costly typhoons since 1950 have happened in the past two years, with Typhoon Hagibis expected to be the fourth. The storm was unique partly because it is rare for storms to hit Tokyo with so much force. Research shows that tropical cyclones in the Northwest Pacific Ocean Basin are reaching maximum intensities further north than they used to, partly influenced by climate change, which means areas less accustomed to these extreme storms may experience them more often. 
Inside the Office at Four Twenty Seven

Four Twenty Seven Opens Toyko Office and Announces Country Director

Yesterday, Four Twenty Seven announced the opening of its Tokyo Office. This office opens as investors and businesses in Japan and across the Asia-Pacific region face increasing market pressure to assess and disclose the risks physical climate hazards pose to their investments.

Four Twenty Seven welcomes Toshi Matsumae as Director of Japan. Toshi leverages his 30 years of experience in sales and development to lead Four Twenty Seven’s effort to provide climate risk screening to investors, asset managers, banks and corporations striving to understand their risk to physical climate hazards throughout Japan.
“We’ve seen growing demand from Japanese markets over the past year for transparency around exposure to physical climate risks in corporate assets, investment portfolios and in credit portfolios,” said Emilie Mazzacurati, Four Twenty Seven’s Founder and CEO. “Four Twenty Seven’s on-the-ground presence in Japan will allow us to bring asset-level risk data to support this demand and inform global resilience-building.”

Join the Team! Four Twenty Seven is Hiring

There are several opportunities to join Four Twenty Seven's dynamic team in offices across the U.S. and Europe. See the open positions below and visit our Careers page for more information.
  • Regional Sales Directors (North America and United Kingdom), with extensive experience selling and supporting data products and services for large commercial, financial and government institutions
  • Controller experienced in financial reporting, planning and analysis
  • Director of Financial Data Systems with significant experience in the development and management of financial data processing, storage and retrieval
Upcoming Events

Join the Four Twenty Seven team at these events:

  • Oct 25 – Yale Alumni Real Estate Annual Conference, New Haven, CT: Senior Analyst, Lindsay Ross, will speak about resilience planning in real estate.
  • Nov 5 – Moody's ESG Conference, London, UK: Director of Analytics, Nik Steinberg, will discuss climate change's financial implications and Chief Revenue Officer, Lisa Stanton, will also join. 
  • Nov 7 –  Moody's U.S. Public Finance Conference, New York, NY: Lindsay Ross will participate. 
  • Nov 7 - 8 – Building Resilience 2019, Cleveland, OH: Global Director of Client Services, Yoon Kim, will speak on a panel about public-private partnerships.
  • Nov 8 – Yale Initiative on Sustainable Finance Symposium, New Haven, CT: Editor, Natalie Ambrosio, will speak about physical climate risk disclosure. Invite-only.
  • Nov 13 - 15 – SRI Conference, Colorado Springs, CO: Natalie Ambrosio will speak about physical climate risk in investments.
  • Nov 21 - 22 – IACPM 2019 Annual Fall Conference, Miami, FL: Lisa Stanton will speak at this International Association of Credit Portfolio Managers conference.
  • Nov 29 – Climate Finance Day, Paris, France: Lisa Stanton, Director, Europe, Nathalie Borgeaud, and Senior Analyst, Léonie Chatain, will attend.
  • Dec 4 – 2019 HIVE Conference, Austin, TX: Strategic Advisor, Josh Sawislak, will present about how to use data to build resilience. 
  • Dec 4 - RI New York 2019, New York City, NY: Yoon Kim, will speak on the panel “Banks, insurers and climate risk stress-testing,” and Lindsay Ross and Natalie Ambrosio will host Four Twenty Seven's booth.
  • Jan 6 - Jan 9NCSE 2020 Annual Conference, Washington, DC: Yoon Kim and Lindsay Ross will speak about cross-sector resilience-building and resilient infrastructure, respectively.
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Copyright © 2019 Four Twenty Seven, All rights reserved.
Four Twenty Seven sends a newsletter focused on bringing climate intelligence into economic and financial decision-making for investors, corporations and governments. Fill in the form below to join our mailing list. As data controller, we collect your email address with your consent in order to send you our newsletter. Four Twenty Seven will never share your mailing information with anyone and you may unsubscribe at any moment. Please read our Terms and Conditions.
 

Our mailing address is:
Four Twenty Seven
2000 Hearst Ave
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Addressing Shared Climate Risks to Build Community-Corporate Resilience

Introduction: Companies Begin Adapting to Climate Change

Increasingly severe and frequent extreme weather events and chronic stresses are threatening urban communities and economic stability globally. In September 2019, during Typhoon Faxai almost a million people lost power throughout Tokyo and commuter trains were canceled. Evacuations were ordered, disrupting both residential life and business operations. Sony stopped operations at a PlayStation 4 console manufacturing site due to power outages, a Nissan production facility was partly flooded, and 10 shipping containers tipped over at Tokyo Port. In the United States, Hurricane Dorian led to the closure of ports spanning from Miami to Georgetown, with implications for local and global trade and the businesses downstream in the supply chain.

Businesses are increasingly aware that climate change hazards pose financial risks through operational disruptions and repair costs. Some corporations are beginning to implement resilience measures, investing in forward-looking climate risk assessments, considering flood resilience measures for their facilities, and improving their water efficiency. However, asset-level preparedness is only the beginning of essential climate resilience measures that businesses must take. Economic resilience is integrally connected to community resilience because corporations rely on functional transportation, power, and water infrastructure for their operations and depend on the city residents that make up their employee and client bases.

Economic Resilience & Community Resilience: Two Pieces of the Same Puzzle

Economic resilience is critical to community resilience, while business continuity is also dependent on resilient communities and infrastructure. Local businesses underpin local economies, which are key to maintaining stability within a city. As credit rating agencies increasingly integrate physical climate risks into their municipal bond ratings, cities’ preparedness for climate impacts will shape their access to capital. Economic stability is a key element in credit rating agencies’ methodologies for determining municipal credit ratings. Thus, the resilience of local business and economic activities to climate impacts will be a key feature of assessments of city climate resilience.

 

Figure 1. Hurricane Irma flooded this parking garage in downtown Jacksonville, FL. Extreme weather events disrupt infrastructure with implications for the businesses and residents that rely on their services. Photo from iStock.

Likewise, local businesses contribute directly to community resilience. Job opportunities attract new residents to cities and a growing population means a growing tax base, with more financial resources to invest in adaptation. When local businesses recover quickly after extreme events, residents retain their jobs and are more likely to stay in the area, both sustaining the tax base and maintaining social capital—an important element of urban resilience. When businesses are resilient to extreme events they can also offer emergency support, including turning their facilities into shelters, offering food, and donating rescue and first aid equipment, as seen after Hurricane Harvey hit Houston in 2017.

However, it is not a one-way relationship. If a catastrophic hurricane or wildfire destroys homes, displaces residents, and disrupts transportation infrastructure in a city, even climate-proofed corporate facilities will not be able to operate effectively. If employees cannot get to work safely or if they are displaced from the area, business operations may be disrupted. Likewise, if goods cannot be transported to and from a manufacturing facility or storage center, disruptions can ripple through supply chains with wide economic impacts. During Japan’s deadly rainfall in July 2018, Mazda Motor Corporation’s headquarters incurred no major damage. However, operations were halted for days because over 100 employees had flooded homes and many faced challenges traveling to work.

Innovation: Partnering Across Sectors for Shared Resilience

Since the resilience of businesses and cities is inextricably connected, the most effective resilience-building will involve collaborating towards shared resilience. Private and public sector stakeholders often use different terms, have different operating and planning processes, and are unaccustomed to collaborating with counterparts from the public or private sector. The development of a model for private-public partnerships that leverages respective strengths and advances shared climate resilience priorities, is a needed innovation.

Businesses and governments must work to establish trust and create a shared language around climate risks, establishing a foundation for successful collaboration on proactive adaptation and resilience planning as well as disaster response. Each can engage by identifying and contributing their strengths to shared efforts. Businesses can provide resources for the adaptation planning process and implementation, including technical expertise, staff time, and financial resources. For example, Facebook contributed over $200,000 to the development of the San Francisquito Creek Joint Powers Authority’s strategy for sea level rise resilience along the San Francisco Bay, which had implications for its Menlo Park campus. These local vulnerability assessments or adaptation plans can inform businesses’ own resilience-building efforts, while climate risk assessments completed for corporate risk management initiatives can also inform regional resilience planning. Information-sharing goes both ways.

Corporations rely on community adaptation to build resilient regional infrastructure and minimize the impacts of extreme events on their assets. Private-public partnerships can be an important mechanism for building support for these initiatives. For example, the Bay Area business community was influential in passing Measure AA, the regional parcel tax to restore the San Francisco Bay and improve resilience to flooding.

Private-public partnerships can also identify opportunities to increase regional preparedness for extreme events. For example, Airbnb works with San Francisco’s Hub for Emergency Preparedness and Portland, Oregon, to enable hosts to offer their homes for free and for other residents to open their homes to disaster victims in areas affected by an extreme event. This system allowed Airbnb to provide lodging to residents in the wake of Hurricanes Harvey, Maria and Irma in 2017, potentially reducing emigration and increasing the possibility of residents continuing to go to work.

As companies begin to incorporate forward-looking climate risk assessment into their processes, they are increasingly well positioned to engage with the surrounding community to support informed resilience building. Likewise, local governments can bring their understanding of climate change impacts on city infrastructure and operations to inform collaborations with the businesses in their community. Effective partnership, leveraging shared objectives and values, as well as unique capabilities, is called for now to improve economic and urban resilience in the face of changing climate conditions.

This article was originally posted by NewCities and was written with support from Yoon Kim.

Newsletter: How will climate affect Europe’s real estate & U.S. retail?

Four Twenty Seven's monthly newsletter highlights recent developments on climate risk and resilience. This month we feature analysis on climate risk in European real estate, Moody's research on credit quality and heat stress and the first climate resilience bond.

In Focus: Real Estate Climate Risk in Europe

Four Twenty Seven Analysis - Real Estate Climate Risks: How Will Europe be Impacted?

From this summer's record-breaking heat waves to storm-surge induced flooding, Europe is increasingly experiencing the impacts of climate change. Extreme events and chronic stresses have substantial impacts on real estate, by damaging individual buildings, decreasing their value and potentially leading to unusable assets. These asset-level impacts also have wider market implications.

Our latest analysis assesses the exposure of retail sites and offices across Europe to floods, sea level rise and heat stress. We find that 19% of assessed retail spaces and 16% of offices in Europe are exposed to floods and/or sea level rise, with floods presenting the highest risk for both types of asset. The analysis identifies the cities with the largest percent of facilities exposed to floods and sea level rise, and discusses the implications this exposure has for business continuity and real estate markets across the continent. 
Read the Analysis
Credit Quality in U.S. Governments Exposed to Heat Stress

Moody's Investors Service Analysis - Growing Exposure to Heat Stress Mitigated by Economic and Fiscal Strengths

Moody's new analysis overlays Four Twenty Seven's data on exposure to heat stress in U.S. governments with information on outstanding debt and credit quality, finding that 21% of outstanding debt they rate is exposed to high or very high heat stress. This exposure is concentrated in the central U.S. and Florida. The Southeast has the most debt exposed to heat stress, but this debt tends to be from larger, well-resources governments with diverse economies, which improves governments' resilience to extreme events. Bloomberg covers the report, emphasizing the potential implications of heat stress for Midwest bond issuers. Register for free to read the analysis:
Read the Report
New Principles Support Integration of Resilience into Bond Markets

CBI Releases Climate Resilience Principles 

Last Week the Climate Bond Initiative released Climate Resilience Principles, integrating forward-looking climate risk assessment and resilience considerations into bond markets. The guidance document is meant to inform investors', governments' and banks' reviews of how projects and assets contribute to a climate-resilient economy. The principles will be integrated into the Climate Bonds Certification of green bonds, signaling a valuable step toward the consistent use of resilience standards for debt projects. Four Twenty Seven is proud to have contributed to the Adaptation and Resilience Expert Group that developed the principles. 

EBRD Issues First Climate Resilience Bond

The European Bank for Reconstruction and Development (EBRD) issued the first bond to solely finance climate resilience projects. This is the first bond to fulfill the requirements of the new Climate Resilience Principles. Craig Davies, head of climate resilience investments at the EBRD, told Environmental Finance "The climate resiliency principles that the CBI has developed are a really important landmark because they very clearly set out eligibility criteria, and some very simple but clear and robust methodologies for defining a climate-resilient investment." The EBRD's four year bond raised $700 million to finance "climate-resilient infrastructure, business and commercial operations, or agricultural and ecological systems."

The EBRD also released a consultation draft of a Framework for Climate Resilience Metrics in Financing Operations this week. The report, published jointly with other multilateral development banks and the International Development Finance Club, outlines a vocabulary to facilitate consistent discussion and measurement of resilience investment.
Global Commission on Adaptation Launches Year of Action
The Global Commission on Adaptation presented its flagship report, Adapt Now: A Global Call for Leadership on Climate Resilience this week at the United Nations Climate Summit. This report emphasizes the return on investment of climate adaptation, noting that "investing $1.8 trillion globally in five areas from 2020 to 2030 could generate $7.1 trillion in total net benefits." It focuses on early warning systems, climate-resilient infrastructure, improving dryland agriculture, mangrove protection and increasing the resilience of water resources. This kicks off the Commission's Year of Action, during which it will advance recommendations, accelerate adaptation, promote more sustainable economic development and collate findings to present at the Climate Adaptation Summit in October 2020.
The Commission's report was informed by a paper called Driving Finance Today for the Climate Resilient Society Tomorrow by the UNEP Finance Initiative and Climate Finance Advisors. It outlines financial barriers to the acceleration of adaptation investment and recommends six actions to unlock adaptation finance. These actions include accelerating climate-relevant policies, implementing climate risk management, developing adaptation metrics, building financial sector capacity, highlighting investment opportunities and leveraging public institutions to accelerate adaptation investment. 
Retailers Prepare for Physical Climate Risk
Women's apparel store, A'gaci, filed for bankruptcy in January 2018 after most of its stores were hit by hurricanes in Texas, Florida and Puerto Rico. Hurricanes can affect retail operations by causing building damage, merchandise loss and supply chain disruptions, and Hurricane Irma caused an estimated $2.8 billion loss for the sector. Retail Dive explores the implications of climate change for the retail sector at large, using Four Twenty Seven's data on retail site exposure. With over 17,000 retail facilities exposed to floods in the U.S., some businesses are beginning to prepare, reorganizing their distribution patterns and supply chains. Some retail stores, such as Home Depot, can also see increases in demand after extreme events, and will particularly stand to benefit if their facilities are resilient to climate hazards and can accommodate the associated surge in business. 

New research by a Federal Reserve Board Economist, finds that weather variability impacts retail sales. On average, sales tend to increase with temperature and decrease with rain and snowfall. Overall there is not a clear shift in shopping habits from outdoor stores to indoor venues during extreme weather, but these patterns do show regional variation, suggesting that the impacts of extreme weather events vary by region. The impact of extreme events on sales will have an impact on retail employees and local economies depending on these companies. Businesses can leverage this research, alongside data on climate risk exposure, to plan for these shifts in consumer behavior. 
Inside the Office at Four Twenty Seven

Meet Operations Coordinator, Naoko Neishi 

Four Twenty Seve welcomes Naoko, who supports senior management and works with the Operations Manager to achieve operational excellence. Naoko has over 16 years of experience as a sales assistant and office manager in the United States and Japan, working in the financial and engineering industries.

Upcoming Events

Find Four Twenty Seven at Climate Week NYC:

Join the Four Twenty Seven team at these events:

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Copyright © 2019 Four Twenty Seven, All rights reserved.
Four Twenty Seven sends a newsletter focused on bringing climate intelligence into economic and financial decision-making for investors, corporations and governments. Fill in the form below to join our mailing list. As data controller, we collect your email address with your consent in order to send you our newsletter. Four Twenty Seven will never share your mailing information with anyone and you may unsubscribe at any moment. Please read our Terms and Conditions.
 

Our mailing address is:
Four Twenty Seven
2000 Hearst Ave
Ste 304
Berkeley, CA 94709