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Toward a new understanding of quantifying climate risk

Featured Story

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January 13, 2021

How Climate Change Will Cost Business

The Economist turns to Jupiter CEO Rich Sorkin for insights on the evolving climate risk management and regulatory hurdles for businesses.

As Mr. Sorkin says, “In ten years there won’t be a large entity anywhere on the planet that does not have a handle on its climate risk. Consumers, shareholders and employees won’t stand for it.”

Blogs

Consider the Source: Climate Metrics and Their Underlying Models

Consider the Source: Climate Metrics and Their Underlying Models

October 27, 2021
https://medium.com/jupiterintel/climate-metrics-and-models-3a89a29cb18f?source=friends_link&sk=91572605303733ae47ce05b3e8f62470
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Projecting future risk—especially for extreme events—demands careful application of the right global climate models. Senior Product Manager Meghan Purdy helps uncover both the best practices and the red flags for selecting climate models.
Insurers, Climate Risk, and the Benefits of Foresight​

Insurers, Climate Risk, and the Benefits of Foresight​

August 26, 2021
/insurance-analytics/
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See a demo video of Jupiter’s recent collaboration with the Lloyd’s Lab. Marc Lehmann—Jupiter’s Head of Business Development and Partnerships for Europe and the UK—and Senior Product Manager Meghan Purdy talk about Jupiter’s participation in Cohort 6 and how climate change analytics enable robust, sustained views of risk & opportunity.
Granularity Matters

Granularity Matters

August 17, 2021
https://medium.com/jupiterintel/granularity-matters-2d3c22d6568c?source=friends_link&sk=75e41f11be4a1a91c8faee5ccc5030d9
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With a bit of help from Florida’s Starbucks locations, technical product manager Ryan Vaughn demonstrates the importance of analyzing climate risk data at the proper resolutions.
It's Not All Bad News

It's Not All Bad News

June 29, 2021
https://medium.com/@ryan.vaughn/not-all-bad-news-c506a709380?source=friends_link&sk=30683988ae2037d5b3e76d22cd35f654
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Climate change threatens some alarming impacts, but finance professionals can adapt, thrive, and help mitigate the harmful impacts of physical climate risk. Technical product manager Ryan Vaughn encourages planners to focus on the hopeful and look for the opportunities.
Cat Models: Convenient, Familiar — But Flawed for Projecting Physical Climate Risk

Cat Models: Convenient, Familiar — But Flawed for Projecting Physical Climate Risk

June 14, 2021
https://medium.com/@meghan.purdy/f0fc7e890bef?source=friends_link&sk=e1979f336ada1eb219222a6fdecd54c7
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Hampered by a historical focus and other shortcomings, cat models can’t adequately quantify future risk in a rapidly changing climate. Product manager Meghan Purdy reflects on cat modeling’s shortcomings and what Jupiter’s climate modeling does better.
Get the Story Behind the Score

Get the Story Behind the Score

April 22, 2021
https://medium.com/jupiterintel/climate-metrics-scoring-d22ffc07f637?source=friends_link&sk=7f17a1d361c102f6657ce5daf7925852
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Scores can be a useful way to approximate potential physical climate risk—but only if they clarify, rather than muddle, insights about the underlying climate metrics.
Texas Must Be a Global Wake-Up Call

Texas Must Be a Global Wake-Up Call

March 2, 2021
/texas-wake-up-call/
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Failing to prepare is preparing to fail. Craft stronger resiliency measures, or suffer nature’s wrath. Jupiter CEO Rich Sorkin reflects on the severe winter storm that knocked out power in Texas and how the failure to prepare for physical climate risks can exacerbate serious damage.
“Adopt” or Perish? Insurers Seek Best Path Toward Integrating Physical Climate Risk

“Adopt” or Perish? Insurers Seek Best Path Toward Integrating Physical Climate Risk

February 17, 2021
/blog-adopt-or-perish
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Jupiter’s Kevin Cei discusses the need for insurance companies to adopt physical climate risk management strategies.
It All Comes Down to the Data

It All Comes Down to the Data

January 19, 2021
https://medium.com/jupiterintel/down-to-data-f45072265a3f?source=friends_link&sk=36b842148cfa6d25141b86228862c61f
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Physical climate risk can be challenging to quantify. Accurate, appropriate peril metrics are fundamental to physical climate risk modeling and reporting. Product manager Meghan Purdy discusses how to evaluate climate data sources.
Jupiter and CMIP6: Unlocking the Next Generation of Global Climate Models

Jupiter and CMIP6: Unlocking the Next Generation of Global Climate Models

November 10, 2020
https://medium.com/@meghan.purdy/5621f1c3d129?source=friends_link&sk=1eeb76ff097e6a80bc3bc1f58135ff04
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The most recent update to ClimateScore Global™ cemented Jupiter as the first provider of climate data from CMIP6. Senior product manager Meghan Purdy discusses the importance of the newer models shift from Representative Concentration Pathways (RCPs) to Shared Socioeconomic Pathways (SSPs).
Climate Risk: A Black Swan No More

Climate Risk: A Black Swan No More

September 15, 2020
https://medium.com/jupiterintel/climate-risk-a-black-swan-no-more-eab47305a736?source=friends_link&sk=232bd69e204dc4ef495dd95710932295
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Jupiter’s Meghan Purdy discusses how climate change’s challenges are becoming increasingly commonplace and how risk managers need to adapt.

Disclosure & Regulation

Climate Risk Disclosure and Regulation Updates: September 2021

Climate Risk Disclosure and Regulation Updates: September 2021

September 3, 2021
/disclosure-regulation-updates/september-2021/
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This edition of Jupiter’s continuing coverage of evolving worldwide regulatory policies includes the IPCC’s AR6 and SEC chairman Gary Gensler’s climate comments.
Climate Risk & the Regulators: 1:1 with Jesse Keenan

Climate Risk & the Regulators: 1:1 with Jesse Keenan

September 3, 2021
/1-on-1/jesse-keenan/
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“We are now right on the edge of fully mainstreaming climate-related assessments and disclosure in everything from operations to fiduciary governance to capital and systemic financial stability regulation.” We asked Dr. Jesse M. Keenan to be the initial guest for our series on the potential impacts of physical and transition climate risk.
Mandatory Climate Disclosures: The Writing on the Wall is Clear

Mandatory Climate Disclosures: The Writing on the Wall is Clear

March 17, 2021
/sr-mandatory-climate-disclosures/
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This updated Jupiter Intelligence™ special report covers best practices and breaks down the evolving regulatory environment for the monitoring, measurement, and disclosure of physical climate risks. The Biden Administration is strengthening climate risk initiatives throughout departments and agencies. With support growing for global standardization and mandatory disclosures on climate change, companies can expect more government action than ever: it is critical that they prepare.

From the Science Team

Simulating Water Flows for Preparing and Planning

Simulating Water Flows for Preparing and Planning

September 22, 2021
https://rebuildbydesign.org/data/files/1476.pdf
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In the wake of Hurricane Ida, Rebuild by Design asked 20 experts, including Jupiter’s Dr. Julie Pullen, to offer “concrete ideas of policies and projects that protect our communities from the flash flooding and loss of life which we experienced from Hurricane Ida.” Dr. Pullen writes about rainfall-induced flooding and data modeling: “The solutions must reflect the complexity of our built environment and meet the needs of the lives and livelihoods that thrive therein.”
Hurricane Ida: Worse Than "Worst‑Case"

Hurricane Ida: Worse Than "Worst‑Case"

September 13, 2021
/blogs/ida-worst-case/
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Hurricane Ida’s devastating physical and social impacts show that unless we take heed—and action—the climate risk hellscape will be upon us.
The IPCC’s Urgent Warning from Climate Scientists

The IPCC’s Urgent Warning from Climate Scientists

August 12, 2021
/ipcc-ar6/
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The AR6 report shows that climate change impacts are pervasive, more pernicious than previously thought, and a present danger that demands bold, intelligent decisions. Dr. Pat Harr and Dr. Josh Hacker discuss the IPCC’s call to action.
The Essential Components of the Downscaling Toolbox

The Essential Components of the Downscaling Toolbox

April 22, 2021
/wp-content/uploads/2021/04/Jupiter-Downscaling-Science-Insights.pdf
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Chief Scientist Dr. Josh Hacker reviews the strengths and weaknesses of downscaling approaches and shows that there’s no “one size fits all” for physical risk analysis.
CORDEX: Assessing its Progress, Roles, and Challenges

CORDEX: Assessing its Progress, Roles, and Challenges

March 15, 2021
/wp-content/uploads/2021/03/Jupiter-Science-Insights-CORDEX.pdf
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Chief Scientist and Jupiter co-founder Dr. Josh Hacker takes a deep-dive into the CORDEX initiative and explores its pros and cons.
Is the AMOC really slowing down?

Is the AMOC really slowing down?

March 3, 2021
/amoc-slowing/
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Is the AMOC really slowing down, and if so why? Jupiter Co-founder and Fellow Alan Blumberg explores whether the trend is signal or noise.

Publications

Jupiter commends FERC for examining “Climate Change, Extreme Weather, and Electric System Reliability"

Jupiter commends FERC for examining “Climate Change, Extreme Weather, and Electric System Reliability"

September 23, 2021
/wp-content/uploads/2021/11/Jupiter-Pub-20210923-FERC-Comments.pdf
Read Mr. Sorkin's full comments
Jupiter submitted comments to the Federal Energy Regulatory Commission (FERC) following a Technical Conference the Commission held on “Climate Change, Extreme Weather, and Electric System Reliability” encouraging the Commission to ensure that climate risk assessments be informed by “the current and expected state of data availability and by actual best practices by leading utilities. This includes using current and future-looking weather and extreme event forecasts and scenarios to the greatest extent practicable, rather than relying solely on historic or current forecasts.”
The Right Approaches to Climate Model Downscaling

The Right Approaches to Climate Model Downscaling

June 15, 2021
/wp-content/uploads/2021/06/Jupiter-Brief-Approaches-to-Downscaling.pdf
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Actionable data about future physical impacts of climate change exists today that can help private and public sector decision-makers make optimal risk management and resiliency choices. Jupiter’s downscaling methods, driven by peril and use case, help customers make informed physical climate risk management and resiliency decisions.
Jupiter Urges SEC to Mandate Quantification and Disclosure of Climate Change-Related Risks

Jupiter Urges SEC to Mandate Quantification and Disclosure of Climate Change-Related Risks

June 11, 2021
/mandate-disclosure-sec/
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Noting “climate change is already threatening the stability of the U.S. financial system, and nearly every critical infrastructure sector,” Jupiter CEO Rich Sorkin has strongly urged the Securities and Exchange Commission to mandate the disclosure of material climate-related risks in financial filings.
Jupiter Urges Federal Investment in—and Coordination of—Relevant, Authoritative, and Accessible Physical Climate Risk Information

Jupiter Urges Federal Investment in—and Coordination of—Relevant, Authoritative, and Accessible Physical Climate Risk Information

April 20, 2021
letter-to-congress-physical-climate-risk-investment/
Read Mr. Sorkin's full letter
Read the letter that has been submitted by Rich Sorkin, Jupiter CEO and Co-founder, for the Hearing Record of Working Towards Climate Equity: The Case for a Federal Climate Service, a hearing of the US House of Representatives Committee on Science, Space, & Technology, Subcommittee on the Environment.
A letter from Jupiter CEO Rich Sorkin to the US House Financial Services Committee

A letter from Jupiter CEO Rich Sorkin to the US House Financial Services Committee

February 25, 2021
/wp-content/uploads/2021/03/Jupiter-Letter-from-Rich-Sorkin-to-Financial-Services-Committee.pdf
Read Mr. Sorkin's full letter
Read the letter that has been submitted by Rich Sorkin, Jupiter CEO and Co-founder, for the Hearing Record of the US House of Representatives Committee on Financial Services, Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. Jupiter supports the Subcommittee’s consideration of climate risk disclosure and Environmental, Social and Governance (ESG) requirements.
The Value—and Many Limitations—of CORDEX-Based Climate Risk Data

The Value—and Many Limitations—of CORDEX-Based Climate Risk Data

February 17, 2021
/tech-brief-cordex
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CORDEX is an effort by the World Climate Research Programme to catalyze the widespread research and development of regional climate downscaling techniques. This Jupiter Intelligence technology brief provides leaders with an assessment of the strengths and weaknesses of the framework.
How can business survive climate change? | The Economist

How can business survive climate change? | The Economist

January 13, 2021
https://youtu.be/7vOwjNTDwBE
See the video at
Climate change is about to upend the corporate world through weather-related disasters, regulation and lawsuits. Can businesses react and adapt in time? In a follow-up video to their special report, The Economist turns to Jupiter CEO Rich Sorkin for insights on the evolving climate risk management and regulatory hurdles for businesses.
CFTC’s Climate-Related Market Risk Subcommittee Releases Report

CFTC’s Climate-Related Market Risk Subcommittee Releases Report

September 9, 2020
https://www.cftc.gov/sites/default/files/2020-09/9-9-20%20Report%20of%20the%20Subcommittee%20on%20Climate-Related%20Market%20Risk%20-%20Managing%20Climate%20Risk%20in%20the%20U.S.%20Financial%20System%20for%20posting.pdf
Read the report at
Today the U.S. Commodity Futures Trading Commission released its first major report on managing climate change risk. The publication will be presented to Congress and features Jupiter’s analysis of flooding risks from its 2020 special report, “Uncovering New Risks from Extreme Floods to Electric Substations in Harris County, TX.” Jupiter advisor Dr. Jesse M. Keenan co-edited the report which addresses the shared role of financial regulators and private enterprises in managing climate risk.
Jupiter Contributes to Con Edison’s Industry-Leading Climate Risk Analysis

Jupiter Contributes to Con Edison’s Industry-Leading Climate Risk Analysis

January 27, 2020
https://jupiterintel.com/20200127-message-conedison/
Read the full statement and report at
The analysis evaluated present-day infrastructure, design specifications, and procedures against expected climate change to better understand its future impact on Con Edison’s energy delivery systems. Jupiter CEO Rich Sorkin released a statement highlighting the work Jupiter contributed to the study.
Climate Gentrification and the Role of Flood Insurance

Climate Gentrification and the Role of Flood Insurance

September 16, 2019
https://www.milliman.com/-/media/milliman/importedfiles/ektron/climate_gentrification_and_the_role_of_flood_insurance.ashx
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An initial investigation, by Milliman, into insurance risk, consumer costs, and resilience incentives under the stress of a changing climate. Jupiter’s role in this study brought together the latest climate modeling methodologies and scientific research to provide actionable insights for climate resilience.
Jupiter CEO testifies before the Subcommittee on Environment of the U.S. House Committee on Science, Space, and Technology

Jupiter CEO testifies before the Subcommittee on Environment of the U.S. House Committee on Science, Space, and Technology

May 16, 2019
https://vimeo.com/339385099
Watch it at
See Mr. Sorkin's testimony at
View Rich Sorkin, CEO of Jupiter, testifying at a hearing entitled: “The Future of Forecasting: Building a Stronger U.S. Weather Enterprise.” Mr. Sorkin discusses the use of new technologies like cloud computing and artificial intelligence to address weather and climate risks and the growing need among all sectors of American society for these services as severe weather events cause ever increasing death and destruction due to climate change.
The Urban Ocean: The Interaction of Cities with Water

The Urban Ocean: The Interaction of Cities with Water

September 28, 2018
https://www.cambridge.org/core/books/urban-ocean/BC160D86F3D09D786472D794175E5808#fndtn-information
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Learn more at
Jupiter Co-Founder and Chief Scientist Dr. Alan Blumberg has co-authored The Urban Ocean. This book introduces the new discipline of urban oceanography, providing a deeper understanding of the physics of the coastal ocean in an urban setting. The authors explore how the coastal ocean impacts with the humans who live, work and play along its shores; and in turn how human activities impact the health and dynamics of the coastal ocean.

Special Reports

Grids Turn to High-Resolution Climate Analytics as a Strategic Tool for Resiliency Planning

Grids Turn to High-Resolution Climate Analytics as a Strategic Tool for Resiliency Planning

September 8, 2020
https://jupiterintel.com/special-report-heco-part-1/
Download the full report
This Jupiter Intelligence special report, part one in a series, examines the urgency behind climate resiliency initiatives in the electric utilities industry; the essential role that high-resolution risk modeling, based on novel data sources and best-in-science climate analytics can play in these efforts; and the noteworthy efforts being undertaken by Hawaiian Electric and other pioneers among utilities.
Physical Climate Risks Present Significant Risk for Utility Grid Infrastructure

Physical Climate Risks Present Significant Risk for Utility Grid Infrastructure

July 6, 2020
https://jupiterintel.com/special-report-utility-grid-planning/
Download the full report
This special report by Jupiter highlights how utilities can harness the value of next-generation climate risk analytics for grid planning.
An Analysis of Three Bayport Petrochemical Facilities

An Analysis of Three Bayport Petrochemical Facilities

June 4, 2020
https://jupiterintel.com/bayport-special-report/
Download the full report
Petrochemical sites on Texas’ Gulf Coast face massive, costly risk this decade from climate-driven extreme weather.
The Danger in Relying on FEMA Flood Maps for Risk Management

The Danger in Relying on FEMA Flood Maps for Risk Management

April 29, 2020
https://jupiterintel.com/fema-special-report/
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Download the full report
This report from Jupiter Intelligence™ highlights key reasons for FEMA map deficiencies. It compares FEMA flood maps and Jupiter flood modeling outputs to actual flood observations.
Uncovering New Risks from Extreme Floods to Electric Substations in Harris County, TX

Uncovering New Risks from Extreme Floods to Electric Substations in Harris County, TX

February 26, 2020
https://jupiterintel.com/wp-content/uploads/2020/02/Jupiter_HoustonSpecialReport_20200214.pdf
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Read the special report
Extreme weather events already impact a majority of substations in Harris County. As physical risks from climate change grow, Transmission and Distribution planners must leverage cutting-edge climate analytics to enhance grid reliability.
A Deluge of Risk...and a Looming Crisis

A Deluge of Risk...and a Looming Crisis

January 16, 2020
https://jupiterintel.com/wp-content/uploads/2020/07/Jupiter-SpecialReport-DelugeOfRisk.pdf
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Read the special report
Moderate flooding can have a massive economic impact and cause systemic failure. This study focuses on Miami-Dade County, Florida, but has implications for all communities vulnerable to sea-level rise and prolonged rain events, as well as severe storms.

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