Weather-related disasters are creating huge economic strain across the globe, with many businesses requiring climate risk calculations to help manage financial growth and prevent losses. Researchers at the Universities of Oxford and Harvard are now able to estimate the economic impacts of weather-related events at firm, industry and macroeconomic levels.
Using the climate risks model from ITRC, researchers Xi Hu, Raghav Pant, Jim Hall, Swenja Surminiski and Jiashun Huang used economic modelling to identify the impact on an individual firm, then estimated the impact on the industry and the ripple effect to the wider economy.
This model can be easily adapted to help businesses assess climate risks and reduce losses before it’s too late.
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