An update from Jupiter
Jupiter featured in the International Energy Agency’s World Energy Outlook Report 2022
The IEA leveraged Jupiter’s climate physical risk metrics in order to quantify the financial impact on a cohort of four critical energy infrastructure sites: a coal power plant in Southeast India, a gas fired plant in Southern Viet Nam, and refineries in Northern Europe and the Southern United States.
Blogs
A Deep Dive Into Peril Metrics for the EU Taxonomy
In the third blog of a series, Jupiter’s Meghan Purdy addresses what climate science and physical risk data can reveal about your vulnerability to climate change.
Empowered to Reduce Physical Climate Risk and Improve Resiliency
November 14, 2022
/blogs/empowered-to-reduce-physical-climate-risk-and-improve-resiliency/
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Climate data, integrated into engineering workflows, can help electric power utilities optimize risk management, capital planning, and overall reliability and business performance.
Quantifying Future Climate Risk for Utilities Companies
November 2, 2022
https://guidehouse.com/insights/energy/2022/enhanced-climate-resilience-planning-for-the-power-sector
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Long-term resilience planning is especially challenging for the power sector, where long-lived assets must withstand a future climate marked by more frequent—and more extreme—weather. In this blog, Jupiter partner, Guidehouse, tells how it uses Jupiter’s forward-focused climate data in its physical risk assessment and resiliency adaptation approach.
The Regulatory Environment and the EU Taxonomy
In the second of a series, Megan Arnold, Jupiter’s Regulatory Intelligence expert, offers a high-level view of EU Taxonomy that places it within the context of other global initiatives that share its overall mission.
The EU Taxonomy and Physical Climate Risk
Jupiter’s Elisa Seith explains the mission of EU Taxonomy and shows how Jupiter can help companies meet reporting requirements.
Ten Ways to Identify High-Quality Physical Climate Data
Jupiter’s Meghan Purdy outlines ten criteria that will help you identify high-quality physical climate data. Jupiter will help you through the competing, and often confusing, claims of the rapidly growing risk data labyrinth.
Guiding Companies Through Physical Climate Risk Assessment and the EU Taxonomy: A Jupiter Web Series
Elisa Seith, a Solutions Architect at Jupiter Intelligence, kicks off a new series on assessing physical climate risk under the terms of the EU Taxonomy.
ClimateScore Global Significantly Expands Metrics for Heat, Chronic Winds, and Precipitation
Jupiter’s Lead Climate Product Manager Meghan Purdy describes the latest updates to Jupiter ClimateScore Global and discusses the expanded new metrics and use cases available.
Physical Climate Risk Gets Into the Act
Megan Arnold, Jupiter’s Competitive & Regulatory Intelligence Manager, explores how the Inflation Reduction Act is a step towards addressing the massive challenges that climate change poses to America and the world at large.
SEC Climate Disclosure Requirements: 3 Critical Scientific Aspects Must be Addressed
Jupiter Science Fellow Dr. Pat Harr addresses three key factors that affect the ability of a SEC registrant to understand the nature of climate-change risk, which if ignored could result in errors in the disclosure process.
Climate Risk Disclosure: Jupiter Customers are on the Move
Several of Jupiter Intelligence’s customers have already published TCFD disclosures that are explicitly powered by Jupiter metrics. Jupiter’s Global Business Development leader Julie Mansfield discusses these developments.
The SEC Aligns with Other Climate Risk Regulations, with One Big Difference: Scenario Analysis
The SEC is catching up to other regulators across the globe on climate risk disclosure, with one key difference in their approach. Jupiter’s Megan Arnold dissects this complex, evolving area.
Satisfying the SEC Requires ‘Peeling Back the Onion’ for Real Climate Risk Insights
The recent SEC proposal is changing the landscape of climate risk disclosures required from companies and organizations. Jupiter’s Lead Product Manager Meghan Purdy’s examines how to approach the rules and ways you can prepare for the inevitable.
Is the SEC the Wrong Tool for the Right Job?
The SEC has changed the climate risk disclosure landscape. Jupiter’s Ryan Vaughn discusses the SEC’s proposed mandatory disclosure requirements and its impacts on climate change.
The Next C of Credit
January 25, 2022
https://medium.com/jupiterintel/the-next-c-of-credit-d2af3ecea486?source=friends_link&sk=5cb9e26358303884c088df3f1e976ffa
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Climate is changing the credit landscape, too. Technical product manager Ryan Vaughn investigates the clear, present, and increasing risks.
Climate Change, Weather Risk, and Residential Home Prices–Part 1
December 15, 2021
https://medium.com/@ryan.vaughn/4fcfe57eb2e3?source=friends_link&sk=9e3f16b75af851b1b7fadf148192f9e1
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Technical product manager Ryan Vaughn explains the current state of research into how climate is impacting housing in Part 1 of a two-part series.
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
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
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
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
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
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
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
Jupiter’s Kevin Cei discusses the need for insurance companies to adopt physical climate risk management strategies.
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
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
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
On-demand webinar: Climate data matters
Hear directly from Jupiter’s climate scientists about the models and techniques that separate high-quality climate projections from the rest. You’ll be better prepared to decide which metrics you’ll bring into your organization.
How Jupiter Aligns with the EU Taxonomy
Jupiter ClimateScore™ Global Provides a Complete Assessment of Physical Climate Risk for Reporting Under the EU Classification System.
On-demand webinar: SEC Climate Risk Disclosure: What today's science can tell us
Jupiter explores the fundamental links between physical climate risk and its potential financial impacts on SEC registrants’ operations, business performance, and individual assets.
Jupiter ‘Strongly Supports’ SEC Draft Guidelines on Mandatory Risk Disclosure.
June 17, 2022
/wp-content/uploads/2022/06/Jupiter-20220617-SEC-Comments.pdf
Download how Jupiter aligns with the guidelines, and its comments to the SEC
The SEC has changed the climate risk disclosure landscape for U.S.-traded companies. Read how Jupiter can help those companies comply, along with Jupiter CEO Rich Sorkin’s public comments vigorously supporting the draft regulations—and how they can be improved.
Jupiter responds to the DOE's RFI on “Formula Grants to States and Indian Tribes for Preventing Outages and Enhancing the Resilience of the Electric Grid.”
June 2, 2022
/wp-content/uploads/2022/06/Jupiter-20220602-DoE-Comments.pdf
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Jupiter commends the inclusion of “advanced modeling technologies” and has consistently recommended that the Federal government consider current and future-looking, rather than solely historic, data to enhance the resilience of any financial or physical assets.
Jupiter Proposes More Dynamic, Prognostic Approach to Climate Impacts for U.S. Environmental Justice Tool
April 25, 2022
/disclosure-regulation-updates/jupiter-comments-ceq-tool/
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Drawing on its recently launched global initiative aimed at improving underserved communities’ resilience to severe impacts from climate change, Jupiter CEO Rich Sorkin responds to the U.S. Council on Environmental Quality (CEQ) Beta version of its Environmental Justice Screening Tool.
The SEC Has Changed the Climate Risk Disclosure Landscape. Jupiter Helps Companies Comply.
Jupiter is prepared now to work with companies that demand integrating superior physical climate risk analysis into their reporting and operational processes. Discover concisely how and why Jupiter is best positioned to help your company prepare for this new regulatory environment.
Jupiter Advises OCC to Base Guidance for Banks on Best-in-Science Climate Data and Models
February 14, 2022
/disclosure-regulation-updates/jupiter-advises-occ/
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Responding to the OCC’s Request for Feedback to its draft principles, CEO Rich Sorkin urges the U.S. banking system regulator to formulate climate-related risk management guidance based on best-available climate and data science, harmonized domestic and international standards, integrated assessment of transition and physical climate risk, and other key criteria.
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.”
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
“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.
Jupiter Urges SEC to Mandate Quantification and Disclosure of Climate Change-Related Risks
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
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.
Mandatory Climate Disclosures: The Writing on the Wall is Clear
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.
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.
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 CEO testifies before the Subcommittee on Environment of the U.S. House Committee on Science, Space, and Technology
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.
From the Science Team
Hurricane Ida: Worse Than "Worst‑Case"
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 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
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
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, and if so why? Jupiter Co-founder and Fellow Alan Blumberg explores whether the trend is signal or noise.
Publications
Climate Data’s Role in Resilience Planning for Critical Infrastructure
November 9, 2022
https://cigre.org.uk/events/november-monthly-technical-webinar/
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Best-in-science projections of future physical risk from climate change-driven weather perils help power utilities analyze vulnerabilities of existing infrastructure—from linear assets to pylons, substations, and generating facilities—improving maintenance and capital planning, and service reliability. In this video, Jupiter’s Stuart Large and Seb Burgess share with members of CIGRE UK where climate data fits in a resiliency planning workflow.
The Right Approaches to Climate Model Downscaling
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.
The Value—and Many Limitations—of CORDEX-Based Climate Risk Data
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
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.
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
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.
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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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
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
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
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
April 29, 2020
https://jupiterintel.com/fema-special-report/
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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
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
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.