FEMA Region 8’s Post

Location Data “Crucial” to Identifying Nature Risks - Lessons learned by investors from climate risk management can be applied to nature where “urgency is paramount”.  Investors are prioritising location-specific data as they seek to use the recommendations of the Taskforce for Nature-related Financial Disclosures (TNFD) framework to “conceptualise” their nature risks, impacts and dependencies.  Speaking at ESG Investor’s Nature Data for Institutional Investors event on 2 November, Miriam Benarey, Associate Director, Sustainability & Stewardship at Impax Asset Management (AM), said the TNFD framework is key to the firm assessing the impact of its investments on nature, which involves evaluating its exposure to companies “active in sensitive geographic areas”.  The TNFD framework also provides detailed guidance on the four phases of the LEAP approach designed to be used by an assessment team in an organisation: Locate, Evaluate, Assess and Prepare.“The location-specific element, where operations and value chain activities take place near biodiversity-sensitive areas, is crucial to conceptualising our approach to nature,” said Benarey.  “This leads to the importance of corporate geolocation disclosure, which we greatly appreciate being included in the TNFD recommendations, extending what we’ve seen in the Task Force on Climate-related Financial Disclosures’ (TCFD) framework.”  The TNFD’s final recommendations, which were released in September, included 14 recommended disclosures across four categories: governance; strategy; risk and impact management; and metrics and targets.   One of the TNFD’s four strategy disclosures requires reporting on “the locations of assets and/or activities in the organisation’s direct operations and, where possible, upstream and downstream value chain(s) that meet the criteria for priority locations.   Benarey told onlookers that Impax AM had focused a lot of attention on assessing the physical climate risks of its investments, which, like nature-related impacts, are “highly location-specific”.  The firm, therefore, has learned “valuable lessons” from its focus on physical climate risks that are applicable to assessing its nature-related risks, impacts and dependencies, she said.  “Initially, our climate-related company engagements didn’t yield the desired outcomes,” she said, noting that to address this Impax AM developed a proprietary, geolocation-based scenario analysis tool using data obtained through its engagements.  “Geolocation disclosure is key to addressing both physical climate risk and nature impact,” she said, noting that investors require precise physical location data from companies to make sound, long-term financial decisions.  Systematic engagement  According to Benarey, the second lesson Impax AM learned from its experiences with climate risk was the need for “systematic engagement to shape the landscape”.  “We co

Famous Last Words ❗ Today we were joking around with the choice of not hiring risk managers. If you ever hear somebody, say something like “I don't want to hire a risk manager, they are too expensive/nothing will happen anyway.” be a good friend/coworker/employee and talk them out of this! Hiring risk managers can prove critical in minimizing financial losses, enhance decision-making and they proactively protect your organization from risks by building resilience. Project management tip of the day⭐: Risk management is not only about preventing incidents but also about preparing your organization for when they occur. If you heard some famous last words from working with complex projects; comment below and we will use them in future FLW post. Great job team RICO 🚀 Have a great weekend 💎 #FLW #PMO #Construction #Projectmanagement #wind #offshore #offshorewind #oilandgas #engineering #engineer #tipoftheday #windfarm #windfarms #Renewableenergy #sustainability

Famous Last Words ❗ Today we were joking around with the choice of not hiring risk managers. If you ever hear somebody, say something like “I don't want to hire a risk manager, they are too expensive/nothing will happen anyway.” be a good friend/coworker/employee and talk them out of this! Hiring risk managers can prove critical in minimizing financial losses, enhance decision-making and they proactively protect your organization from risks by building resilience. Project management tip of the day⭐: Risk management is not only about preventing incidents but also about preparing your organization for when they occur. If you heard some famous last words from working with complex projects; comment below and we will use them in future FLW post. Great job team RICO 🚀 Have a great weekend 💎 #FLW #PMO #Construction #Projectmanagement #wind #offshore #offshorewind #oilandgas #engineering #engineer #tipoftheday #windfarm #windfarms #Renewableenergy #sustainability

Did you know that only 54% of organizations have a disaster recovery plan (DRP) in place? Technical Risk Management is one of the most undervalued components in the CIO role. Rather than viewing disaster recovery as a response to adversity, use unexpected challenges as a catalyst to inspire your team to build stronger and more robust systems.

First Street raises $46 million Series A to for physical climate risk modeling - First Street announced the close of an oversubscribed Series A-1 funding round, raising $46 million to support its advancements in physical climate risk modeling. - The funding round was led by Innovation Endeavors, with participation from SE Ventures and Nuveen, a TIAA company Real Estate. - The raised capital will be used to expedite First Street's go-to-market plans and scale its models for international markets. - Over the past eight years, First Street has developed high-resolution models that quantify climate risk and impacts at a property level, becoming an industry standard in the U.S. - First Street is set to launch a new correlated risk model that quantifies the probability of multiple perils for a portfolio of properties. - This model can run various climate scenarios and generate results in seconds, representing a significant advancement in climate risk management. - First Street's new enterprise SaaS solution will allow users to access advanced calculations by simply uploading their property portfolios. - CEO Matthew Eby emphasized that this funding will facilitate the global expansion of their models to help countries understand climate-related financial risks. - The funding will also support the development of the SaaS solution, which democratizes access to climate risk assessments for companies and government agencies of all sizes. - Users will be able to conduct "what-if" analyses for various investment and insurance options and export data for business and regulatory purposes. - Sam Smith-Eppsteiner from Innovation Endeavors highlighted the increasing need for precise climate risk quantification and First Street's unique position to meet that demand. - First Street is dedicated to connecting climate change with financial risk using transparent, peer-reviewed methodologies for global property assessments. https://lnkd.in/e_wdhuBe

The Climate Risk Management Guideline (the Guideline) published on July 4 by the Autorité des marchés financiers (Québec) (AMF) is a new adoption by a Canadian regulator of the International Sustainability Standards Board (ISSB) standards, which were developed to facilitate consistent sustainability disclosure. While the AMF’s Guideline applies to licensed insurers, financial services cooperatives, licensed trust companies and other licensed deposit-taking institutions under the AMF’s jurisdiction, this development may be indicative of the path Canadian securities regulators will take as they finalize forthcoming mandatory climate disclosure rules for publicly listed companies. The final version of the Guideline incorporates the ISSB standards, namely IFRS S1 (general requirements) and IFRS S2 (climate-related requirements). This represents a significant change from the AMF’s 2023 draft guideline, which was less complex and instead relied on the recommendations of the FSB Task Force on Climate-related Financial Disclosures (TCFD). The TCFD has long been one of the most credible references for climate disclosure and while the ISSB based its standards on this framework, it went further by requiring mandatory disclosure of indirect greenhouse gas emissions, among other things. https://lnkd.in/g_tF34a9

The Task Force on Nature-related Financial Disclosures (TNFD) has released its first set of recommendations for financial institutions to address nature-related risk management and disclosure. These recommendations help financial organizations assess, manage, and disclose the risks and opportunities related to nature and biodiversity. They emphasize the importance of integrating nature considerations into decision-making processes, conducting scenario analysis, and disclosing relevant information to stakeholders. Read more about these new recommendations by clicking the link below. https://lnkd.in/gxWrwPaY #TNFD #risk #management #stakeholders #environment

Predictive Analytics is revolutionizing Environmental Risk Management. Discover how data-driven insights are transforming everything from Wildfire Prevention to Resource Management. Bianca Firtin explains how CTI Data is equipping organizations with powerful predictive analytics solutions to tackle environmental challenges head-on. Read our latest blog to learn more. #PredictiveAnalytics #EnvironmentalRisk #Sustainability

Climate risk management is a priority for financial firms, which requires specific knowledge and insight. We are excited to work with the top subject matter experts of CLIMAFIN to deliver integrated solutions for market, credit and climate risks. #climate #climaterisk #ESG #esgrisk

Please check out the blog from Bianca Firtin, CTI Data Consultant, explain how we are equipping organizations with powerful predictive analytics!