Four Twenty Seven Wins Climate Change Business Journal Awards

FEBRUARY 19, 2019 – SAN DIEGO, CALIFORNIA – Four Twenty Seven receives Climate Change Business Journal Awards for three climate change risk and resilience projects. 

The Climate Change Business Journal (CCBJ) released its 10th annual CCBJ Business Achievement Awards, recognizing outstanding business performance in the climate change industry. CCBJ assesses markets and business opportunities across the emerging climate change industry and acknowledged Four Twenty Seven’s contributions to this field through our global dataset on climate risk in real estate, the development of the California Heat Assessment Tool and our contribution to the EBRD-GCECA initiative on Advancing TCFD Guidance on Physical Climate Risks and Opportunities.

Four Twenty Seven and GeoPhy earned the Technology Merit: Climate Change Risk Modeling and Assessment award for releasing the first global dataset on climate risk exposure in real estate investment trusts (REITs). REITs represent an increasingly important asset class that provides investors with a vehicle for gaining exposure to real estate portfolios. However, real estate is also increasingly affected by risks from climate change. Four Twenty Seven applied its scoring model of asset-level climate risk exposure to GeoPhy’s database of listed REITs holdings to create the first global, scientific assessment of REITs’ exposure to climate risk.

The California Heat Assessment Tool (CHAT) earned the Project Merit: Climate Change Adaptation and Resilience award for its innovative approach to helping public health officials, health professionals and residents understand what changing heat wave conditions mean for them, through a free online platform. CHAT is part of California’s Fourth Climate Change Assessment, a state-mandated research program to assess climate change impacts in California, and was developed by Four Twenty Seven, Argos Analytics, the Public Health Institute and Habitat 7 with technical support from the California Department of Public Health.

The European Bank for Reconstruction and Development and the Global Centre of Excellence on Climate Adaptation initiative on Advancing the TCFD Recommendations on Physical Climate Risks and Opportunities earned the Advancing Best Practices: Climate Change Adaptation and Resilience award. This project culminated in a conference and report building on Taskforce on Climate-related Financial Disclosure (TCFD) recommendations and providing common foundations for the disclosure of climate-related physical risks and opportunities. It identifies where further research or market action is needed so that detailed, consistent, industry-specific guidelines can be developed on the methodology for quantifying and reporting these risks and opportunities. Four Twenty Seven and Acclimatise provided the technical secretariat that led the working groups and authored the report.

Newsletter: PG&E Bankruptcy Sparks Investor Concern

Four Twenty Seven's monthly newsletter highlights recent developments on climate risk and resilience. This month we explore climate risk in the S&P 500, discuss the impacts of climate change on credit risk and share the latest reports on climate risk disclosure. 

In Focus: Climate Risk in the S&P 500

Barron's: An Exclusive Look at the Companies Most Exposed
to Climate Change Risk - And What They're Doing About It

Barron's features Four Twenty Seven's equity risk scores to explore physical climate risk exposure in the S&P 500, finding Western Digital, NextEra Energy, Micron Technology and Merck to be among the most exposed corporations in the United States. Barron's compelling story shows how (some) corporations are preparing for these risks, highlighting the need for more substantial and standardized disclosures on risk and resilience. 

Bloomberg also reports on corporate climate reporting, highlighting the self-reported exposure of many U.S. companies in CDP, as well as reported opportunities from a changing climate, such as Home Depot's estimation that increasing disasters and higher temperatures will mean more sales, particularly of fans and cooling appliances.
PG&E Bankruptcy Sparks Investor Concerns
The bankruptcy of PG&E, California's largest utility, has become a symbol of the very material impacts climate change can have on corporations and financial markets. While credit ratings agencies like Moody's had downgraded PG&E's credit rating to junk status based on its tens of billions of dollars in wildfire liability in the weeks preceding the bankruptcy, the question for investors is how these risks can be detected and priced in earlier.

In a broad review of emerging practices for ESG, Credit Risk and Ratings, the UN Principles for Responsible Investment highlights the increased transparency by credit rating agencies and investors into their thinking on ESG integration, although these groups often have different goals for their ESG analysis.

Indeed, the world of credit ratings is slowly moving towards a better integration of ESG considerations at large, including some aspects of climate change risk, like transition risk. Trucost, of S&P Global recently released a report on integrating transition risk scenario analysis into credit rating instruments, while  Fitch Ratings introduced ESG relevance scores that provide industry-specific explanations of ESG factors. Systematic integration of physical climate risk in corporate ratings, however, remains the next frontier for financial markets.
EU Releases Recommendations for
Climate Risk Disclosures

EU Technical Expert Group Report on Climate-related Disclosures

As part of Europe's Action Plan on Financing Sustainable Growth, the Technical Expert Group on Sustainable Finance released their final recommendations to the European Commission on integrating climate change into the Non-Financial Reporting Directive (NFRD). The European Commission plans to adopt the directive in June, after a round of stakeholder consultation

The report integrates climate risks into the existing NFRD framework, which includes business model; policies and due diligence processes; outcomes; principal risks and their management; and key performance indicators. It maps this framework to TCFD recommendations and goes further, referencing the EBRD-GCECA report on metrics for physical climate risks and opportunities reporting. While many of the metrics identified in the recommendations are for transition risk, the authors do integrate physical climate risk throughout the report and also require disclosure of a company's impact on climate change.
Quantifying Climate Risk:
Stories from the Field

Dutch Central Bank Assesses Water Risk in the Financial Sector

The Dutch Central Bank broke new grounds in its effort to quantify environmental risk in financial markets. In its report Values at risk? Sustainability risks and goals in the Dutch financial sector, DNB assesses the exposure of the Dutch financial sector to water stress, biodiversity loss, resource scarcity and human rights controversies, leveraging Four Twenty Seven's analytics on water stress.

Building on the Base: TCFD Disclosure in Asia

This report surveys the uptake of TCFD recommendations by large companies in Asia, focusing on the financial services, agriculture, energy, materials, buildings, mining and transport sectors. The research found that insurance, transport and energy sectors scored the highest for both quality and coverage of TCFD reporting, while asset owners and managers had lower average scores. 

On Again: France Enters Third Year of Mandatory Disclosures

2019 marks the third reporting year under Art. 173 in France, which requires investors to disclose their exposure to both transition and physical risk.  Noteworthy reports from previous years' reporting include analysis by French sovereign wealth fund Fonds de Réserve pour les Retraites (FRR) and insurance company Allianz France, which both integrate physical risk analysis by Four Twenty Seven. Read more about our reporting and analytics solutions for investors and banks. 
Upcoming Events

Join the Four Twenty Seven team at these upcoming events:

  • March 20-22 – Climate Leadership Conference, Baltimore, MD: Emilie Mazzacurati will speak about the evolving landscape of climate risk disclosure.
  • April 10-12 – RI Asia Japan, Tokyo, Japan: Hear Chief Development Officer, Frank Freitas, present on climate analytics for investors and meet with Emilie Mazzacurati at Four Twenty Seven's booth.
  • April 13-16  – APA National Planning Conference, San Francisco, CA: Director of Advisory Services, Yoon Kim, and Director of Analytics, Nik Steinberg, will speak on a panel called, "Beyond Vulnerability: Innovative Adaptation Planning."
  • April 23-25 – National Adaptation Forum, Madison, WI: Editor, Natalie Ambrosio, will present on local adaptive capacity from a private sector perspective and Yoon Kim will also join the convening.
  • April 29 - May 1  – Ceres Conference 2019, San Francisco, CA: The Four Twenty Seven team will join investors and corporations at this annual gathering.
  • June 11 - 12 – RI Europe, London, UK: Hear Emilie Mazzacurati present on climate risk in financial markets and meet with Director, Europe, Nathalie Borgeaud, at Four Twenty Seven's booth.
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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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Berkeley, CA 94709

Newsletter: Towards Adaptation Standards

Four Twenty Seven's monthly newsletter highlights recent developments in climate adaptation and resilience. This month, we release a new report to help corporations and investors understand local adaptive capacity, share initiatives to standardize adaptation and highlight resources on adaptation finance.

In Focus: Assessing Local Adaptive Capacity 

427 Report: Helping Corporations and Investors Understand
Local Adaptive Capacity 

Building resilient communities and financial systems requires an understanding of climate risk exposure, but also of how prepared communities are to manage that risk. From flooded or damaged public infrastructure hindering employee and customer commutes to competition for water resources threatening business operations and urban heat reducing public health, the impacts of climate change on a community will impact the businesses and real estate investors based in that community.

Our newest report describes Four Twenty Seven's framework for assessing adaptive capacity in a way that’s actionable for corporations seeking to understand the risk and resilience of their own facilities and for investors assessing risk in their portfolios or screening potential investments. We create location-specific analysis by focusing on three pillars: 1) awareness, 2) economic and financial characteristics, and 3) the quality of adaptation planning and implementation. This helps the private sector understand their assets' risks and provides an entry-point for collaboration on local resilience-building. 
Read the Report
Towards Adaptation Standards
While climate mitigation has traditionally been the focus of efforts to address climate change, the past few years have seen an increased recognition of adaptation as a critical element of confronting climate change. As efforts grow to understand, quantify and catalyze adaptation investment there is a growing need for standardization and metrics around resilience investments.

EU Technical Expert Group on Sustainable Finance  

The European Commission's Action Plan on financing sustainable growth lays out a two year timeline for implementation, with a goal to create a taxonomy for climate adaptation finance by the end of 2019. To accomplish this goal, the EU has launched a Technical Expert Group (TEG) on Sustainable Finance and is calling for expert feedback on what actions qualify as adaptation and mitigation.
This will contribute to the ongoing effort to identify investments that build resilience in specific industries. The TEG recently released its preliminary report outlining its current thinking and explaining where it is soliciting feedback. The report shows the current lack of consensus around adaptation metrics and the need to standardize resilience definitions.

Expert Group on Resilient Bond Standards

A parallel initiative by the Climate Bonds Initiative (CBI) is focused on strategically incorporating adaptation into green bond standards. While green bonds have tended to focus on mitigation to date CBI launched an Adaptation and Resilience Expert Group (AREG) in November, which will develop Adaptation and Resilience Principles for bonds.
These principles will be released for public consultation in June 2019 and will lay the foundation for the development of sector-specific adaptation and resilience criteria. Founder & CEO, Emilie Mazzacurati, and Strategic Advisor, Josh Sawislak, are members of AREG.
Science Suffers in Government Shutdown
Four Twenty Seven analysts Josh Turner and Colin Gannon attended the American Meteorological Society's annual meeting last week, where the absence of hundreds of federal scientists was sorely felt. Numerous sessions were cancelled or poorly attended, and information sharing was lost in both directions. 
 

 
Most Americans may not feel the shutdown's impacts on a daily basis, but there are long-lasting implications far beyond the lack of conference attendance. While only those employees responsible for "essential services" continue to work with limited pay, data collection for long-term climate studies will be hindered, research on wildfire impacts will be delayed and hurricane model improvements and emergency training aren't progressing as they should. Some federal data sites are not currently accessible and the dearth of economic monitoring means that key data used by investors and policy-makers, like agricultural production numbers, are no longer being reported. 

Despite these obstacles, the private sector is persevering in its efforts to understand and address climate impacts. IBM announced that it will release the world's first hourly-updating, highest-resolution global weather forecasting model later this year and McKinsey just added 121 weather-data variables to its agriculture analytics tool, refining crop yield predictions. This year also promises to see continued growth in publicly hosted data sets, satellite data, and machine learning techniques for climate projections.
Resources for Adaptation Finance

Plugging the Climate Adaptation Gap with High Resilience Benefit Investments

In this report S&P Global Ratings  highlights both the funding gap and the multifaceted benefits of resilience projects. It outlines both challenges and benefits of quantifying benefits of adaptation projects and the barriers to adaptation, providing a small case study on the economic benefits of adapting to sea level rise.  Lastly, the brief report emphasizes the need for private investment to support limited public funding.

Financing Climate Futures: Rethinking Infrastructure

This report outlines a vision for a realigned financial system, prepared for long-term climate risks and opportunities.  The OECD, World Bank and UN Environment explain the dire need to disclose climate-related financial information in infrastructure projects and to invest in low-emission, resilient infrastructure that is both prepared for a changing climate and able to catalyze economic growth. 

Money for Resilient Infrastructure

The ebook Money for Resilient Infrastructure: How to Finance America's Climate Changed Future, explains recent developments in the financial sector's understanding of climate-related risks and highlights the growing demand for resilient infrastructure. Joyce Coffee outlines infrastructure finance options, investment instruments and strategies for obtaining resilience financing. 
Emilie Mazzacurati Named Top 100 in Finance
The Top 100 Magazine includes Founder and CEO, Emilie Mazzacurati, in the 2018 Top 100 People in Finance. 

“I’m honored to be recognized by The Top 100 Magazine,” says Emilie.  “We’re pushing the boundaries of how the financial world thinks about climate change, and appreciate the recognition on how our work helps drive the conversation on climate risk.” The Top 100 Magazine writes that while climate data "may seem like a fairly novel niche within the financial sector, the demand for this data has grown exponentially over the past two years... [Four Twenty Seven's] analysis leverages best-in-class climate data at the most granular level, and scores assets based on their precise geographic location. This provides the financial industry with the most comprehensive overview of investment outcomes related to present and future climate changes."

Upcoming Events

Join the Four Twenty Seven team at these upcoming events:

  • January 23 – From Sciences Po to the Economic Risk of Climate Change, San Francisco, CA: Hear Founder & CEO, Emilie Mazzacurati, speak at this Sciences Po American Foundation event at 6:30pm. Use discount code 427 for a $10 ticket.
  • February 12 – Investing for Impact, New York, NY: Emilie Mazzacurati will present on adaptation as an impact investment opportunity at this annual convening hosted by The Economist.
  • March 20-22 – Climate Leadership Conference, Baltimore, MD: Emilie Mazzacurati will speak about the evolving landscape of climate risk disclosure.
  • April 10-12 – RI Asia Japan, Tokyo, Japan: Chief Development Officer, Frank Freitas, will present on climate analytics for investors and Emilie Mazzacurati will also join this convening.
  • April 13-16  – APA National Planning Conference, San Francisco, CA: Director of Advisory Services, Yoon Kim, and Director of Analytics, Nik Steinberg, will speak on a panel called, "Beyond Vulnerability: Innovative Adaptation Planning."
  • April 23-25 – National Adaptation Forum, Madison, WI: Editor, Natalie Ambrosio, will present on local adaptive capacity from a private sector perspective. 
  • April 29 - May 1  – Ceres Conference 2019, San Francisco, CA: The Four Twenty Seven team will join investors and corporations at this annual gathering.
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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

Four Twenty Seven Appointed by the Resilience Shift to Develop Resilience Primer

The Resilience Shift has announced that Four Twenty Seven will develop a primer on best-practices and opportunities for building climate resilience in the shipping sector. The Resilience Shift fosters global infrastructure resilience through projects, investments and events. Four Twenty Seven will support this effort by engaging with key stakeholders in the shipping sector to create industry-specific guidance on resilience strategies. Read the press release from the Resilience Shift:

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The Resilience Shift today announces the appointment of a new grantee, Four Twenty Seven, for its programme to improve the resilience of critical infrastructure.

The team at Four Twenty Seven, led by Dr. Yoon Kim, has been commissioned to develop an industry-specific primer focused on the Shipping Sector that will help key players understand actionable ways to improve their resilience to climate change.

The shipping of material goods is critical to industries and livelihoods around the world. With stakeholders including shipping companies, terminal operators, and ports, this sector is exposed to extreme shocks or stresses in every country and disruptions have a direct impact on the safety and well-being of millions of people.

In developing this practical, industry specific primer, Four Twenty Seven and the Resilience Shift will identify 1) current best practices by leading organisations that embed resilience into their decision-making, 2) incentives that are available for driving resilience, but are not capitalised upon, and 3) approaches to scale and augment the menu of incentives over time.

Ultimately, the vision of the Resilience Shift is a more resilient world which understands the interconnected nature of modern life and the services on which we all depend.

The Resilience Shift believes that greater resilience across the shipping sector is an achievable goal and that knowledge sharing around key incentives and levers can shift major stakeholders towards adopting more resilient practices and technologies.

The Resilience Shift will be supporting the team at Four Twenty Seven in this effort and will be sharing their findings by publishing a resilience primer in 2019.

Other grantees announced today include Wood, TRL, and Resilient Organizations.

The initial expression of interest closed at the end of August 2018, but the Resilience Shift anticipates continuing this work into 2019. They will welcome future submissions from interested grantees at any time.

Yoon Kim, Director of Advisory Services, Four Twenty Seven, said:

“The Shipping Sector plays a critical role in connecting global economies and shipping companies face complex exposure to climate impacts based on both their commodities and countries of business. Leaders in the sector have the opportunity to build their own resilience and mitigate their losses while supporting resilient economies around the world.”

Ibrahim Almufti, Project Leader, Resilience Shift, said:

“Our aim is to shift the needle on resilience practice so that all organisations embed it into their decision-making. To achieve this, we must clearly articulate the value that resilience can bring.”

Jo da Silva, Acting Programme Director, Resilience Shift, said:

“We are engaging directly with industry stakeholders and with those responsible for incentivizing resilience for critical infrastructure. The Resilience Shift is a global initiative, we want to develop a common understanding across infrastructure systems globally, and our new grantees are diverse both geographically and in their target sector.”

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Read more about resilient infrastructure in this Lenders’ Guide for Considering Climate Risk in Infrastructure Investments and explore Four Twenty Seven’s solutions for assessing physical climate risk and developing resilience strategies.

Four Twenty Seven Received ISAR Honours

OCTOBER 24, 2018 – GENEVA, SWITZERLAND – Four Twenty Seven received ISAR Honours for asset-level climate risk scores.

ISAR Honours recognized Four Twenty Seven’s contribution to developing best practices on corporate reporting. The Intergovernmental Working Group of Exports on International Standards of Accounting and Reporting (ISAR) supports progress on the Sustainable Development Goals (SDGs) by fostering corporate transparency, good governance and sustainability standards. Its awards aim to foster the dissemination of initiatives that improve global corporate reporting and integrate environmental, social and governance factors into reporting cycles. ISAR is convened through The United Nations Conference on Trade and Developments (UNCTAD).

“Four Twenty serves governments and cities, corporations and financial institutions,” Four Twenty Seven’s Director, Europe, Nathalie Borgeaud said during the awards ceremony. “We inform about the physical climate risks they incur. We inform about floods, cyclones and sea level rise and we inform about extreme heat and droughts, for each of their assets, with forward-looking, science-driven data. In order for all to develop  meaningful resilience strategies, we inform about the future that is knocking on our door. And we all know it is knocking hard.”

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Explore Four Twenty Seven’s award-winning equity risk scores and other climate data analytics that enable investors, corporations and governments to understand climate risk exposure and build resilience.

Newsletter: Japan’s Floods Halt Manufacturing

 

 

Four Twenty Seven’s monthly newsletter highlights recent developments in climate adaptation and resilience. This month, don’t miss our analysis of Japan’s recent flooding, a new report on economic climate risk in Australia, and context around other recent extreme weather events.

In Focus: Time and Tides – Flooding in Japan

Four Twenty Seven Analysis


Japan was the inundated by over 70 inches of rain in early July, resulting in significant loss of life and business disruptions. The clouds have since receded, leaving economic damage with long-term implications yet to be understood. However, estimates expect industry losses to be in the billions USD. Destruction was centered in Okayama and Hiroshima, driven by flooding and landslides. Japan’s floods were followed by a deadly heat wave, threatening those left without power after the storm and hindering recovery efforts.

Our latest analysis identifies companies affected by the event based on the location of vulnerable corporate facilities. We find several automobile manufacturers and electronic companies closed facilities during the flooding due to supply chain and labor disruptions. Understanding the ownership and operations of facilities in the damaged areas provides insight into what companies and industries may exhibit downturns in performance over the near term and be vulnerable to similar storms in the future.

Read our Analysis

Responding to Economic Climate Risk in Australia

New Four Twenty Seven report explores calls for increased climate risk disclosure in Australia


Our recent report, Responding to Economic Climate Risk in Australia, explores the connection between climate hazards and financial risks in Australia, sharing examples of corporate adaptation and investor engagement to build resilience.

Regulatory pressure and financial damage are necessitating an increase in physical climate risk disclosure in Australia. The nation’s predominant sectors are also the most exposed to drought and heat stress.

In exercising their own due diligence and assessing the exposure to physical climate risks in their portfolios, investors arm themselves with valuable information on corporate risk exposure which they can leverage to engage with companies around resilience.

Read the Report

Climate Change Contributes to Record Heat

Record-breaking heat around the world


Many areas around the world recently experienced their highest daytime temperatures and warmest lows. These records include Burlington, VT which had it’s warmest recorded low temperature of 80 degrees on July 2. Montreal had its highest recorded temperature of 97.9 degrees on July 2 when around 34 people died. Shannon Ireland set its all-time record of 89.6 degrees on June 28 and Quriyat Oman experienced the world’s warmest recorded low of 109 degrees on June 28.

Climate change threatens public health

Extreme heat threatens human health and economic productivity through impacts on the workforce, power grid and vulnerable populations. The Washington Post explains the connection between climate change and heat waves, and the social and economic challenges they bring. Strong and hot domes of high pressure have become more extreme as the climate warms, bringing heat waves. “While warm summer nights may seem less concerning than scorching afternoons” warmer nighttime lows are dangerous because the body has no respite, the New York Times reports.

Further Reading

Inside the Office at Four Twenty Seven

Four Twenty Seven in the Media

Upcoming Events

Join the Four Twenty Seven team in the field at these upcoming events:

  • July 18: Summer in the City CRS Investing Summit, New York, NY: Macroeconomic Risk Senior Analyst, Lindsay Ross, will speak on a panel about assessing physical climate risk in investment portfolios at this annual convening of the responsible investment community.
  • July 19: Webinar: Introduction to the California Heat Assessment Tool, 1:30-2:30pm PT: Director of Analytics, Nik Steinberg, will introduce the California Heat Assessment Tool (CHAT) to California public health officials during the CalBRACE webex meeting.
  • August 28-29: 3rd California Adaptation Forum, Sacramento, CA: Join Yoon Kim, Nik Steinberg, Kendall Starkman, Josh Turner, and Natalie Ambrosio at this biennial convening of adaptation professionals. Yoon will moderate a panel on the legal aspects of adaptation finance, Kendall will facilitate a panel on mobilizing climate adaptation through partnerships and Nik will present the California Heat Assessment Tool.
  • September 11: Building Transformational Community and Economic Resilience: San Francisco, CA: Four Twenty Seven will host a side event alongside the Global Climate Action Summit on Sept 11 to discuss the role of investors, businesses and governments in building climate resilience, both in California and abroad. Invite only.
  • September 12-14: PRI in Person, San Francisco, CA: Visit the Four Twenty Seven booth and meet with our team at this annual gathering of responsible investment industry leaders.
  • September 12-14: Global Climate Action Summit, San Francisco, CA: Join the Four Twenty Seven team at this convening of global climate adaptation experts meant to propel action around the Paris Agreement.

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Responding to Economic Climate Risk in Australia

June 25, 2018 – 427 REPORT. Regulatory pressure and financial damage are necessitating an increase in physical climate risk disclosure in Australia. In exercising their own due diligence and assessing the exposure to physical climate risks in their portfolios, investors arm themselves with valuable information on corporate risk exposure which they can leverage to engage with companies around resilience. This report explores the connection between climate hazards and financial risks and shares examples of corporate adaptation and investor engagement to build resilience.

The global tide of interest in the Task Force on Climate-related Financial Disclosures (TCFD) has hit the shores of Australian financial markets, steered by regulators concerned about the systemic risk climate change poses to the economy. In 2017 Australian Prudential Regulation Authority’s Geoff Summerhayes was the first Australian regulator to formally endorse the TCFD. “Some climate risks are distinctly ‘financial’ in nature. Many of these risks are foreseeable, material and actionable now,” he said. This sentiment was echoed by John Price of the Australian Securities and Investments Commission in 2018 and reflects growing regulatory concern over climate risk disclosure internationally, as shown by Article 173 of France’s Law on Energy Transition and Green Growth and the 2018 European Commission Action Plan.

This Four Twenty Seven Report, Responding to Economic Climate Risk in Australia, explores the drivers of financial risk in Australia and discusses approaches to addressing this risk. The nation’s dominant industries are particularly threatened by the prevalent climate hazards. For investors, understanding a company’s risk to climate change is an essential first step to mitigating portfolio risk, but must be followed by corporate engagement to build resilience. Institutional investors are increasingly leveraging shareholder resolutions and direct engagement to prompt companies to disclose their climate risks and adapt.

Key Findings

  • Australia’s “Angry Summer” of extreme weather in 2013 cost the economy $8 billion and was followed by another summer of extremes in 2016-2017.
  • Construction, mining and manufacturing constitute almost 20 percent of Australia’s economy and are highly vulnerable to heat stress and water stress, which threaten large swaths of the nation.
  • Boral Limited and Rio Tinto are both Materials companies exposed to water and heat stress in their operations, but they have different risk scores stemming from differing vulnerabilities in their markets and supply chains.
  • Engagement on climate is relatively new for Australian shareholders, but is gaining momentum, with institutional asset managers voting on several climate risk disclosure resolutions in 2018.
  • Investors can address physical climate risk by reviewing their asset allocations, disclosing their own risks, investing in new opportunities and engaging with corporations.

Download the report.

Report: Advancing TCFD Guidance on Physical Climate Risks and Opportunities

This seminal report aims to inform and support early adoption efforts of climate risk reporting, based on findings from industry-led working groups  from the financial sector and corporations. The report calls on companies to perform forward-looking risk assessments and disclose material exposure to climate hazards. It also invites firms to investigate benefits from investing in resilience and opportunities to provide new products and services in response to market shifts. 

Download the full report

Access conference materials (slides, summary, op-eds)

TCFD recommendations

The Task Force on Climate-related Financial Disclosures (TCFD) seeks to “develop recommendations for voluntary climate-related financial disclosures that are consistent, comparable, reliable, clear, and efficient, and provide decision-useful information to lenders, insurers and investors.” It has crystallised a growing concern among investors and business leaders about the physical impacts that climate change could have on the economy and on financial markets.

The TCFD’s initial report noted a lack of understanding about the impact of climate change on corporate value chains and infrastructure, the channels through which these impacts are transmitted to financial markets, and a lack of transparency in reporting these risks. The final report recommended that financial disclosures should include metrics on the physical risks and opportunities of climate change but did not provide detailed guidance on appropriate metrics.

Without formal or regulatory guidance on metrics and indicators, firms are uncertain about what to include in their disclosures. Investors are therefore likely to receive a heterogeneous mix of financial reports including diverse indicators, metrics, assumptions and timeframes, which will fail to provide comparable data across a portfolio or provide the necessary transparency.

Advancing TCFD guidance on physical climate risk and opportunities

Recognising the challenges in the path towards standardising disclosure of physical risks and opportunities related to climate change, the European Bank for Reconstruction and Development (EBRD) and the Global Centre of Excellence on Climate Adaptation (GCECA) launched an initiative, “Advancing TCFD guidance on physical climate risk and opportunities.” The initiative aims to work with innovative thinkers in the financial and corporate sectors to identify the greatest needs for guidance, research and development. It also seeks to lay the foundations for a common conceptual framework and a standard set of metrics for reporting physical climate risks and opportunities.

The preliminary guidance in this report aims to build on the TCFD recommendations and provide common foundations for the disclosure of climate-related physical risks and opportunities. The report also identifies areas where further research or market action is needed so that detailed, consistent, industry-specific guidelines can be developed on the methodology for quantifying and reporting these risks and opportunities. The project focused on disclosure metrics that are specific to corporations. Improving the quality of firms’ climate disclosures is not just important for them, but also critical to managing climate risks and opportunities in financial markets.

Project process

This EBRD-GCECA initiative involved three industry working groups of a dozen participants, with a mix of financial institutions (asset owners, asset managers, banks, insurance), corporations, credit rating agencies, and a financial data provider. Each working group met several times over the first half of 2018 to discuss and consider research questions related to the topic on hand. The working groups debated how best to help the market make progress on disclosure.

  • Working group 1: Metrics for physical climate risk management and disclosure.
  • Working group 2: Metrics for climate resilience opportunities.
  • Working group 3: Climate intelligence for business strategy and financial planning.

The recommendations we developed aim to serve a dual purpose, seeking to improve corporations’ understanding of their own exposure and risk profile as well as opportunities arising from climate change, and provide clear signals for financial institutions to understand risks and opportunities implicit in individual holdings as well as portfolio-wide exposures.

The working groups built on the TCFD guidance, existing reporting frameworks, and an extensive review of literature to develop a set of recommendations on physical risks and opportunities. As a general rule, this report has prioritised recommendations that are consistent with current industry practices and that leverage metrics and frameworks already used for financial disclosures. It also includes a mix of recommendations that focus on providing better information, as well as recommendations that require more sophisticated analysis. In line with the TCFD recommendations, the recommendations of this EBRD-GCECA initiative are geared to facilitating comparability across companies within a sector, industry or portfolio, and to promoting disclosure of reliable and verifiable information.

Recommendations

Disclosing physical climate risks

A corporation’s vulnerability to climate impacts goes well beyond the physical exposure of its facilities. It includes supply chains, distribution networks, customers and markets. Furthermore, a company’s resilience to climate impacts depends on its risk management and business plans, as well as its governance.

Figure ES-1. How climate change affects corporate value chains

The impacts of climate change on corporate value chains depend on where the company operates and what impacts may affect relevant locations, but they also depend on the company’s activities. Corporations whose production processes consume high volumes of water, for example, may be particularly sensitive to changes in drought and the availability of water. Similarly, corporations with high energy consumption or significant use of outdoor labour will experience greater challenges as average temperatures rise, affecting both energy costs and labour productivity.

Recommendation 1: Assess exposure to all first-order climate impacts

Corporations should consider all first-order impacts when undertaking a climate risk assessment – heat stress, extreme rainfall, drought, cyclones, sea-level rise and wildfires – and additional climate hazards relevant to their industries, such as ocean acidification for fisheries. Exposure to climate hazards should be assessed at the local scale, using the most recent climate data and literature.

Recommendation 2: Assess climate risks over the duration of an asset’s lifetime or over the lifetime of a financial instrument

This report recommends that corporations provide more detailed information on the location of their critical operations, suppliers and market, at least at the country-level, as part of segment reporting to enable investors and creditors to conduct analysis on exposure to risk in their portfolio.

Firms should consider climate impacts over the following timeframes,

  1. Assess changes in asset performance over the past 5-10 years (or longer) that are attributable to extreme weather events or to climate variability, in order to detect possible impacts from climate change.
  2. Assess potential impacts over the expected lifetime of the asset and/or over the lifetime of the investment or loan.

Recommendation 5:  Disclose the impacts of weather variability on value chains

Corporations with moderate or high sensitivity to variability in temperature and precipitation should identify and disclose whether and how changes in temperature and precipitation have materially affected their performance.

Recommendation 6:  Perform forward-looking assessment climate-related risks

Corporations should disclose 1) their assessment of the types of climate-related risks to which they may be exposed in the future due to the geographic exposure of their facilities and 2) the estimated financial impacts from the risks they have identified as being material.

Recommendation 7: Describe risk management processes for the physical impacts of climate change

Corporations should describe their processes for identifying, assessing and managing the physical risks of climate change, as noted by the TCFD. For these physical impacts, aspects of particular interest to financial institutions and banks include risk management processes, insurance coverage, planned facility moves or retrofits, corporate adaptation strategy, and engagement with local authorities to build climate resilience locally.

Disclosing physical climate opportunities

The TCFD also encourages corporations to disclose opportunities related to the impacts of a changing climate. This recommendation is critical to ensuring that businesses and financial institutions continue to thrive in a changing environment. It is also vital for promoting the healthy development of resilience products and services that cater to new market needs for resilience.

The TCFD defines “climate-related opportunity” as “the potential positive impacts related to climate change on an organisation,” and notes that opportunities “will vary depending on the region, market and industry in which an organisation operates.” This report identifies three broad types of opportunities related to physical climate change impacts:

  1. Opportunities related to managing existing climate-related physical risks
  2. Opportunities to respond to new emerging risks
  3. Opportunities to adapt to market shifts and cater to new market needs

Recommendation 8: Identify opportunities based on managing risks and market shifts

Corporations and financial institutions should strive to identify opportunities in managing existing climate-related risks and responding to emerging risks. Corporations should also assess the potential changes in their value chains, explore potential market shifts as customer needs change and target their products and services to cater to growing demand for adaptation solutions.

Recommendation 9: Assess climate opportunities over timeframes relevant to business planning

Corporations should define the appropriate timescales in which to report opportunities in consultation with their investors. Opportunities in response to managing existing risks that affect recent and current accounts and the next year’s accounts should be reported as part of core financials. Opportunities arising from market shifts are unlikely to be reported quantitatively and are more appropriate for disclosure in general reporting on future business expectations.

Recommendation 10: Disclose business opportunities at the segment level; for critical facilities, disclose resilience benefits at the facility level

Opportunities may be disclosed at different levels to best serve firms and investors. Opportunities due to shifting market demand or new products should be reported at the segment level, in line with risk disclosures. Benefits from managing existing or emerging risks may be disclosed at the segment level (for process or supply-chain improvements, for example). For critical facilities, it may be advantageous for firms to disclose significant resilience upgrades or strategic improvements at the facility level, to showcase good stewardship and provide confidence that critical facilities are protected.

Recommendation 11: Disclose benefits from resilience investments using the same metrics as for risk disclosure

Corporations should acknowledge the importance of accurately accounting for the opportunity effects on their core financials arising from actions to manage current risks and respond to emerging risks. These metrics may include avoided negative impacts on revenues, operating expenses, capital expenses, supply chain costs, value-at-risk, or projected annual average losses.

Recommendation 12: Include business opportunities in qualitative disclosures

The disclosure of opportunities involving market shifts and new products and services can be achieved by qualitative disclosures of the lifecycle of new commercial opportunities. The disclosures may include information on the development stage of endeavours, sector, the size of potential markets, and the length of time until commercial viability.

Scenario analysis for physical climate risks and opportunities

With regard to climate intelligence for business strategy and financial planning, the TCFD recommendations strongly advocate the development and use of scenarios when analysing climate risks and opportunities. In this context, scenario analysis is intended as a tool to address challenges and acquire key information. Scenarios provide a narrative, either qualitative or quantitative, which “describes a path of development leading to a particular outcome.”

Recommendation 13: Consider current and desired GHG concentration pathways and related warming projections as a basis for scenario analysis of physical climate risks and opportunities

Corporations should not be concerned with developing new climate scenarios themselves. Instead, as a basis for their scenario analysis of physical risk, they should consider at least two main types of existing climate scenarios, based on the Intergovernmental Panel on Climate Change (IPCC):

  • Current GHG pathway: National climate policies currently in place around the world are projected to reduce baseline emissions, which would result in warming of about 3.4°C above pre-industrial levels.[i]
  • Desired (‘aspirational’) GHG pathway: These are the scenarios compatible with limiting warming to below 1.5°C by 2100 (with a probability of ≥50 per cent), and to below 2°C in the 21st century (with a probability of about 80 per cent).

Recommendation 14: Integrate scenario analysis of physical climate risks and opportunities into existing planning processes to ensure strategic, flexible and resilient businesses and investments

The main reason to undertake scenario analysis is to obtain a comprehensive assessment from firms of their risks and opportunities. Firms should achieve this by exploring different possibilities of what might happen in the future, despite uncertainty and by integrating climate change considerations into their existing business strategies and financial planning.

Recommendation 15: Avoid standardised scenario analysis in order to have a more comprehensive range of outcomes

Firms should look at more than one scenario and multiple climate models in order to have a more comprehensive range of potential outcomes. Although a degree of comparability is desirable, it is also recommended that corporations develop their own scenarios, which should be highly contextual, and based on the views and values of individual corporations.

Recommendation 16: Consider data from a wide variety of sources and scales when developing scenario analysis of physical climate risks

In order to construct plausible physical climate risk and opportunity scenarios, firms should consider inputs from a wide variety of sources and levels of detail. These include scientific data (not only on climate change), macroeconomic data, socio-economic data, data on political economics and policy, corporate data, ‘vision’ and market analysis data, ‘big data’, and so on.

Recommendation 17: Take account of scientific uncertainty inherent in climate data and in scenario analysis of physical risks and opportunities

Corporations and financial institutions are very well accustomed to making decisions within a large spectrum of uncertainty. In the same way, they should consider and manage the uncertainty that surrounds climate data and climate science for scenario analysis. Scientific uncertainty should be taken into account and made explicit when assessing climate-related financial risks and opportunities.

Recommendation 18: Disclose qualitative information that is relevant to the company and its investors

The ultimate objective in disclosing the use of scenarios is to build investor confidence that a company is meaningfully engaged on the topic of climate change, that it is looking at a broad range of outcomes and is responsive and proactive, rather than defensive and reactive. In this context, firms should disclose information on their climate risks and opportunities in the way that is most appropriate to them, as well as to their investors, and to the type of information disclosed or its format (quantitative or qualitative).

Conclusion

Efforts to formalise and standardise the assessment and disclosure of climate-related risks and opportunities are still in their infancy. As science and business continue to progress in their understanding of climate impacts, the recommendations made in this report will evolve over time, informed by emerging practices and the continuous efforts of corporations, financial institutions, credit rating agencies, industry groups, think-tanks, regulators and governments.

Climate disclosures will remain a topic of active research and discussion, and this report aims to support the emergence of market practices that bring transparency to markets and help build resilience in firms and financial institutions.

The Participants in the Initiative

The EBRD hosted the initiative and funded its technical secretariat.  The GCECA provided a secondment to the technical secretariat. The technical secretariat was provided by Four Twenty Seven, the leading provider of intelligence on climate risk to financial markets, and by Acclimatise, an advisory company specialised in adaptation to climate change.

The expert working groups in the initiative included participants from Agence Française de Développement, Allianz, APG Asset Management, AON, the Bank of England, Barclays, Blackrock, Bloomberg, BNP Paribas, Citi, Danone, the Dutch National Bank, DWS Deutsche AM, European Investment Bank, Lightsmith Group, Lloyds, Maersk, Meridiam Infrastructure, Moody’s, S&P Global Ratings, Shell, Siemens, Standard Chartered, USS and Zurich Alternative Asset Management.

Download the full report

Access conference materials (slides, summary, op-eds)

EBRD to Host Physical Climate Risk Conference on 31 May

The European Bank for Reconstruction and Development (EBRD) and the Global Centre of Excellence on Climate Adaptation (GCECA) have announced details of their conference, “Advancing TCFD guidance on physical climate risk & opportunities.”  A culmination of their initiative focused on building climate resilience in the financial sector, the conference will share findings on physical risk and resilience metrics from three expert working groups. Read the press release below, originally published on EBRD’s website:

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Findings of industry working groups will be published ahead of the event “Advancing TCFD guidance on physical climate risk and opportunities”

  • Conference on 31 May to discuss physical climate risk and opportunity disclosure in climate-related financial disclosure reporting. Industry-led working groups to publish findings.
  • Event will advance thinking on how to develop physical climate risk metrics in line with Task Force on Climate-related Financial Disclosures (TCFD) guidance.
  • Conference co-organised by European Bank for Reconstruction and Development (EBRD) and the Global Centre of Excellence on Climate Adaptation (GCECA).

The EBRD and GCECA are hosting an event “Advancing TCFD guidance on physical climate risk and opportunities”, which will be held on 31 May 2018 at the EBRD’s headquarters in London.

Findings about physical climate risk and opportunity disclosure by industry-led working groups, which have been meeting at the EBRD’s headquarters since 2017, will be released at the conference.

This event will build on the recommendations of the TCFD, headed by Mark Carney and Michael Bloomberg. These recommendations highlight a growing concern over the effects of climate change on the economy and financial markets, and the need for investors to be able to assess climate-related risks.

At the conference, senior representatives from the financial, business and regulatory communities will discuss the development of metrics for disclosing physical climate risk and opportunities, and the integration of these disclosures into decision-making.

The confirmed high-level speakers at the conference will include:

  • Suma Chakrabarti, President, the EBRD
  • Roald Lapperre, Netherlands Deputy Minister for Infrastructure & Water
  • Frank Elderson, Executive Director, DNB (Netherlands Central Bank).

The panelists will represent a rich variety of market leaders such as Aon, Citi, Maersk, Moody’s and Standard Chartered, as well as the Bank of England, the French Treasury and the European Commission.

Findings from the expert working groups will also be published. The working groups include representatives from Allianz, APG, Aon, Bank of England, Barclays, BlackRock, Bloomberg, BNP Paribas, Citi, DNB, DWS, Lightsmith Group, Lloyds, Meridiam Infrastructure, Moody’s, OECD, S&P Global, Shell, Siemens, Standard Chartered, USS and Zurich Asset Management. An expert team led by Acclimatise and Four Twenty Seven is providing the Secretariat function to the working groups.

TCFD recommendations, released for the G20 summit in June 2017, call for the inclusion of metrics on physical climate risk and opportunities into financial disclosures by corporations and financial institutions. This is echoed in the recommendations of the European Union’s High Level Expert Group on sustainable finance, released in January 2018, and the Action Plan from the European Commission released in March 2018.

Last month the EBRD become a TCFD supporter, the first multilateral development bank to do so. The EBRD’s 2017 Sustainability Report, to be released later this month, will provide an initial outline of how TCFD recommendations relate to the Bank’s operations. The conference on 31 May will be an important milestone in the Bank’s support for the TCFD process.

Since 2006 the EBRD has invested over €22 billion in projects under its Green Economy Transition approach. Energy efficiency and environmental sustainability have been a priority for the Bank since its creation in 1991.

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Contact CEO Emilie Mazzacurati for more information and read about Four Twenty Seven’s solutions to help financial institutions, businesses and governments improve their climate resilience.

Newsletter: Advancing TCFD Guidance on Physical Climate Risk & Opportunities

 

 

Four Twenty Seven’s monthly newsletter highlights recent developments in climate adaptation and resilience. This month, don’t miss our update on upcoming EU regulations, our analysis on lessons learned from Art. 173 in France, and our conference calendar for the spring!

In Focus: Advancing TCFD Guidance on Physical Climate RIsk and Opportunities

An initiative from the European Bank for Reconstruction and Development and the Global Center for Excellence in Climate Adaptation

The European Bank for Reconstruction and Development (EBRD) and the Global Centre of Excellence on Climate Adaptation (GCECA) are hosting an event: “Advancing TCFD guidance on physical climate risk and opportunities,” which will be held on 31 May at the EBRD’s headquarters in London. This event will be a forum for senior representatives from the financial and business community to discuss and identify the way forward for the development of metrics for disclosing physical climate risk and opportunities, as well as pointers for integrating physical climate risk considerations in scenario-based decision making by businesses and financial institutions.

In preparation for this event, the EBRD has been hosting working groups focused on advancing and fleshing out the recommendations from the Task Force on Climate-related Financial Disclosure’s (TCFD) final recommendations released for the G20 summit last June. The TCFD recommended the inclusion of metrics on physical climate risk and opportunities in financial disclosures and called for further research and concrete guidance on what the appropriate metrics would be.

The conference will feature the findings from expert working groups that include representatives from Allianz, APG, AON, Bank of England, Barclays, BlackRock, Bloomberg, BNP Paribas, Citi, DNB, Deutsche Asset Management, Lightsmith Group, Lloyds, Meridiam Infrastructure, Moody’s, OECD, S&P Global, Shell, Siemens, Standard Chartered, USS and Zurich AM

Four Twenty Seven provides the technical secretariat for this initiative in partnership with Acclimatise. Learn more about the conference: “Advancing TCFD Guidance on Physical Climate Risk & Opportunities.” 

EU Moves Towards Regulation for Climate Risk Disclosure

EC Releases its Action Plan: Financing Sustainable Growth

Earlier this month the EU laid out a clear plan to move towards mandatory climate risk disclosure as part of a new set of regulations to finance sustainable growth and support the transition to a low-carbon economy. The European Commission’s Action Plan lays out a two year timeline for implementation, with a goal to create a taxonomy for climate adaptation finance by the end of 2019. These regulations from the EU will drive change into financial markets globally and set standards on reporting, disclosures and infrastructure resilience that will likely set the bar for the rest of the world.

The EC based the Action Plan on the High-Level Expert Group on Sustainable Finance’s (HLEG) final recommendations for actions to drive the transition to a sustainable financial system. The HLEG was created by the EC in December 2016 to determine how the regulatory landscape should transform to support efforts towards the goals of the Paris agreement and  promote the financing of a sustainable, resource-efficient economy. As the group’s report was eagerly awaited as a blueprint for market transformation in Europe, the EC’s Action Plan is expected to propel that transformation forward while prompting international conversation.

Read the Analysis

Lessons Learned from Article 173 Reporting

How are French investors reporting physical risk?
A Four Twenty Seven analysis

The first year of reporting under Art. 173 in France saw limited uptake of disclosures of physical risk and opportunities. We reviewed disclosures from 50 asset owners in France and found that only a quarter of respondents included substantial analysis and metrics on their exposure to physical impacts of climate change. We find insurance companies AXA and Generali provided the most detailed analysis for property portfolios, while FRR and ERAFP were the only pension funds to provide an initial assessment of physical risk exposure in their equity and fixed income portfolios.

Read the Analysis

More good reads on climate risk disclosures:

Extreme Weather Hurts Corporations

Weather Affects Company Performance

Whether it’s extreme heat diminishing worker productivity, winter storms damaging roads and power lines or one of countless other impacts, extreme weather causes harm to businesses’ facilities, their workers and supply chains, and leads to financial impacts. The World Resources Institute’s recent report, “Water Shortages Cost Indian Energy Companies Billions,” highlights findings that India’s thermal power is so reliant on water for cooling that the largest thermal utilities had to close at least once between 2013-2016 and lost about $1.4 billion in revenue. In the article “5 Things Companies Can Do to Grow in a Water-Stressed World,” Water Deeply describes ways that companies are mitigating their risk by proactively addressing water resource limitations.

Climate-related Risk for Telecommunications

Companies in different sectors will be affected differently by three types of climate risk. Novethic’s article “L’impact des risques climatiques sur les entreprises, le cas d’Orange,” provides direct examples of how physical climate risk, transition risk and reputation/legal risk directly threaten companies. In a discussion of Orange, a telecommunications provider, the article highlights the complex factors that companies must consider in addition to their impact on CO2 emissions. Such considerations include a company’s potential to promote innovations for resilience in society through programs ranging from apps that organize carpooling to smart metering.

Inside the Office at Four Twenty Seven

Meet Guest Researcher, Nora Pankratz

Four Twenty Seven is excited to welcome Nora Pankratz as a guest researcher. Nora is a Ph.D. candidate in Finance at the European Center for Corporate Engagement at Maastricht University in the Netherlands. Her research focuses on the impact of extreme temperatures on the financial performance of public firms. For the next several months Nora will be based in Berkeley, working with data collected by Four Twenty Seven to develop a research project on the translation of climate risks into financial risks.

Upcoming Events

Join the Four Twenty Seven team in the field at these upcoming events:

  • March 19-21: ClimateCon, Asheville, NC: Katy Maher, is at this convening of science and businesses professionals focused on building climate resilience.
  • March 26-27: Financial Risks International Forum, Paris, France: Léonie Chatain, will attend this annual conference on emerging risks in the financial and insurance sectors.
  • April 2:  ICARP TAC Quarterly Meeting, San Francisco, CA: Natalie Ambrosio will participate in the Adaptation Vision Framework workshop hosted by the Governor’s Office of Planning and Research.
  • April 3-6: Sustainatopia, San Francisco, CA: COO Colin Shaw, will speak on a panel on ESG investing and a panel on climate risk at this annual convening of sustainability and financial experts.
  • April 9Financing Climate Change Adaptation, New York, NY: Founder and CEO Emilie Mazzacurati will participate in a private investor workshop on financing adaptation in US cities, organized by C40, NY City and GARI.
  • April 10-11:  Responsible Investors Asia, Tokyo, Japan: Meet with the Four Twenty Seven team to discuss physical climate risk in equities and infrastructure portfolios.
  • May 17: Sustainable Real Assets Conference, Washington, DC: Founder and CEO Emilie Mazzacurati will keynote GRESB’s annual conference on infrastructure resilience.
  • May 31: Advancing TCFD Guidance on Physical Climate Risk and Opportunities, London, UK: Four Twenty Seven is a strategic partner for this event hosted by EBRD and GCECA to discuss emerging guidance on metrics for physical climate risk disclosures and scenario analysis.
  • June 5-6: Responsible Investors Europe, London, UK: Meet with the Four Twenty Seven team to discuss ratings and engagement on physical climate risk in equities.
  • June 18-21: Adaptation Futures 2018, Cape Town, South Africa: Director of Advisory Services, Yoon Kim, will facilitate a session exploring integrating climate risks into infrastructure investment decisions.
  • August 28-293rd California Adaptation Forum, Sacramento, CA: Save the date for this opportunity to join over 600 climate leaders in workshops, sessions and networking around adaptation action in California.

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