Climate Risk program analyzes global hazards, provides community-level assessments Miles Grant Director of Publications & Media Relations
Over the past several years, Woodwell Climate Research Center’s Risk program has grown in partnership with key financial partners. Now, it is expanding to deliver that research to local governments and communities that are at risk from climate impacts. This year, the McKinsey Global Institute released a report finding that physical
climate risks are present and growing, suggesting leaders must take climate hazard assessment into account and consider adaptation measures. Woodwell scientists produced much of the analyses of physical climate hazards for the report, which finds that absent adaptation and mitigation, their underrecognized “non-linear” characteristics could lead to large-scale socioeconomic effects. Our work includes not just data and analysis but mapping risk and vulnerability to make the work instantly understandable across a wide range of audiences. Over the summer, McKinsey released new reports taking deeper dives
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into climate impacts on Asia and global infrastructure. Driven by these urgent threats, Woodwell scientists recently launched a new effort to deliver climate risk analysis to vulnerable communities. The first communities that were chosen for the work are Chelsea, Massachusetts, New Paltz, New York, and Decorah, Iowa. The communities were selected because they are each at risk of climate driven flooding. “Our research on climate risk has broad implications for financial markets and how they plan and invest, but we also want our work to influence community decisionmaking on the local level,” said Dr. Christopher Schwalm, Woodwell’s Risk Program Director. “Across a broad range of climate perils, the sooner we incorporate climate risk into how we do business, how we make policy, and how we plan for the future, the better off we will be.” Also this year, McKinsey issued a report detailing how Poland can reach economy-wide carbon neutrality by 2050, and providing a roadmap for doing so. The report included research by Woodwell Climate scientist Dr. Wayne Walker on the substantial role Poland’s forests could play in capturing carbon emissions. “Our work with McKinsey is tightly focused on providing actionable information,” said Dave McGlinchey,
Woodwell’s Chief of External Affairs. “By combining our world-class science with McKinsey’s extensive global network, we’re reaching the people who have the power to enact large-scale change. This kind of impact is critical for taking on climate change.” Woodwell continues to partner with Wellington Management, one of the world’s largest independent investment management firms, which has launched a Climate 101 video series that features Woodwell science while explaining how climate change will impact capital markets. We also continue our work with the California Public Employees Retirement System (CalPERS), which resulted in the first-ever guidelines for corporate disclosure of physical climate risk. The Risk program is also developing a new project that will look at the intersection of projected climate impacts and global security issues. The team is partnering with security experts to better understand and predict how climate instability could drive conflict and humanitarian crises. Left: A map showing the risk and extent of flooding (orange) possible in New Paltz, NY. / map by Carl Churchill
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Climate Science for Change
Fall 2020
