Climate risk assessment is a systematic process of identifying, analysing, and evaluating the potential adverse consequences of climate change for human, ecological, and economic systems [1][2]. It examines the interactions among climate-related hazards, exposure, and vulnerability, which together determine the nature and magnitude of potential risks [1]. The assessment typically integrates historical observations, climate projections, socioeconomic scenarios, and information on the sensitivity and adaptive capacity of affected systems to characterize risks across different spatial and temporal scales [1][3]. It may also consider compound and cascading risks, as well as risks arising from adaptation and mitigation responses themselves [2]. In economic and policy analysis, climate risk assessment provides an evidence base for evaluating potential losses, identifying vulnerable sectors and assets, prioritizing adaptation measures, and informing investment and regulatory decisions under uncertainty [3][4].
- climate change
- hazard exposure and vulnerability
- economic risk
- climate adaptation
- risk management
Climate Change Policy and Economics • Economics and Econometrics • Economics, Econometrics and Finance • Social Sciences
References
- Intergovernmental Panel On Climate Change (Ipcc). Point of Departure and Key Concepts; Cambridge University Press (CUP): Cambridge, United Kingdom, 2023; pp. 121-196. [CrossRef]
- Nicholas P. Simpson; Katharine J. Mach; Andrew Constable; Jeremy Hess; Ryan Hogarth; Mark Howden; Judy Lawrence; Robert J. Lempert; Veruska Muccione; Brendan Mackey; et al. A framework for complex climate change risk assessment. One Earth 2021, 4, 489-501, 10.1016/j.oneear.2021.03.005.
- Iain Brown; Pam Berry; National Climate Change Risk Assessments to inform adaptation policy priorities and environmental sustainability outcomes: a knowledge systems perspective. Clim. Chang. 2022, 175, 1-24, 10.1007/s10584-022-03464-2.
- Alberto Arribas; Ross Fairgrieve; Trevor Dhu; Juliet Bell; Rosalind Cornforth; Geoff Gooley; Chris J. Hilson; Amy Luers; Theodore G. Shepherd; Roger Street; et al. Climate risk assessment needs urgent improvement. Nat. Commun. 2022, 13, 1-4, 10.1038/s41467-022-31979-w.