Insights That Turn
Climate Risk Data
into Resilience

November 2023 was a pivotal month for climate change as COP28 kicked off November 30 with a resounding call for climate action. This month’s climate-related news focused on two industries and what their risks could do to our economic stability.

As the world’s largest economies move towards formulation of jurisdiction-specific guidance prescribing how organizations must assess, disclose, and report financial and operational risk from climate change, data and methods have emerged that help your company prepare for the mandates to come. Our on-demand Jupiter webinar explains why.

Every business has assets, whether owned or invested in. As climate patterns evolve, these assets are susceptible to a variety of environmental threats, ranging from hurricanes and floods to wildfires and heatwaves. These climatic events can lead to immediate economic ramifications, further spiraling into broader financial implications, such as operations impacts, decreasing asset values, and heightened credit risk. It’s imperative to understand these financial trade-offs when designing a resiliency plan.

September 2023 marked another pivotal month in the ongoing battle against climate change. As the world grappled with the consequences of a warming planet, news from around the globe shed light on the increasing risks and challenges.

This is a historic month in the U.S. for climate change disclosures - California crossed the first legislative hurdles to establish the first climate disclosure rule in the U.S. The state assembly and senate passed two bills targeting climate disclosures: SB253 mandates greenhouse gas disclosures and SB261 mandates climate-related financial risk disclosures. Both bills are now in the Governor’s office awaiting approval within 30 days of passing the senate votes. Governor Newsom was quoted saying that he will sign both bills after cleaning up some of the language.

At first glance, droughts and floods appear to be opposite natural processes that cannot occur simultaneously. But delve deeper, and you'll discover that they are siblings, birthed by a common parent – a warming atmosphere. Just as siblings with dissimilar personalities can coexist in the same family, a region can simultaneously grapple with drought and be susceptible to flooding.

Here are the most significant climate-related news and events that unfolded in August, highlighting the pressing need for global action to mitigate and adapt to the changing climate.

The extreme heat we are currently experiencing is proof of the impact of climate change as cities across the world are scorching, delivery drivers are looking at striking due to extreme conditions, and people are becoming ill. This heat issue from climate change is expected to persist and worsen as time goes on if we don’t course correct. One industry (in addition to many) that Jupiter believes will be impacted is outdoor sports including baseball. Will people stop attending games or will open air stadiums change their game times to cooler times of day? Will concession stands see fewer employees or more of them becoming ill from heat stroke? These economic impacts remain to be seen, but we do know that the record-breaking extreme heat we are experiencing now is a baseline for what is to come.

The top climate related news headlines for July

June 2023 witnessed several significant events, heatwaves and progress toward climate disclosures. Here’s a summary of the top 5 news mentions for the month of June.

As the impacts of climate change continue to manifest in myriad ways, some businesses are turning to global climate models (GCMs) for physical climate risk data and analytics. But there is growing evidence that GCM data, if used directly, can lead to inaccurate risk analysis and, consequently, flawed business decisions.

The construction industry is facing tremendous challenges due to inflation and the threat of a recession, but the quiet and looming threat is climate change, and it is one that will lead to great changes for the sector moving forward.

In the month of May, climate news centered around alarming rising temperatures and the impacts of climate change on various industries including oil and gas, insurance and financial services.

Strategic steps organizations can take to prepare for tomorrow’s climate change risks today

In recent years, there has been a growing awareness of the risks posed by climate change to financial institutions and their mortgage portfolios. As a result, we've seen a rise in climate and sustainability initiatives being added to traditional risk roles.

A guide for leaders looking to adopt climate change risk management practices

The Climate Resilience Maturity Index consists of five levels. At the earliest stage of maturity are “novices” with a limited understanding of the risks of climate change to the business. At the most advanced stage are data-driven “cutting edge” companies that have incorporated climate risk into their overall business strategy and are using climate data for value creation, a competitive advantage, and growth strategies. Organizations that are beginning to understand climate change risk to the business fall into the novice or intermediate levels of The Climate Resilience Maturity Index.