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Purpose: This chapter discusses the need for climate change risk mitigation and why it is not the responsibility of Central Banks to mitigate climate change risk.

Methodology: This chapter uses critical discourse analysis to explain why central banks should not have the responsibility for climate change risk mitigation.

Findings: This chapter argues that the responsibility for managing climate change risk should lie with elected officials, other groups and institutions but not Central Banks. Elected officials, or politicians, should be held responsible to deal with the consequence of climate change events. Also, international organizations and everybody can take responsibility for climate change while the Central Bank can provide assistance – but Central Banks should not lead the climate policy making or mitigation agenda.

Implication: The policy implication is that the responsibility for climate change risk mitigation should be shifted to politicians who are elected officials of the people. Also, international climate change organizations or groups can take responsibility for mitigating the climate change risk of member countries. Finally, citizens in a country or region should have equal responsibility for climate change. Climate information should be provided to every citizen to help them prepare for future climatic conditions.

Originality: This chapter propagates the idea that Central Banks should take a lead role in dealing with the problems of climate change. This chapter is the first chapter to contest a Central Bank-led climate change risk mitigation agenda.

As adaptation and mitigation are separated in international and national policies, there is also a division in the financial resources mobilized by the international community to help developing countries deal with climate change. Given that mitigation activities can benefit or hinder adaptation, and vice versa, promoting activities that contribute to both objectives can increase the efficiency of fund allocation and minimize trade-offs, particularly in land-related activities such as agriculture and forestry. The purpose of this study is to analyze how climate funding organizations consider the integration of adaptation and mitigation.

The authors interviewed representatives of climate funds directed toward forestry and agriculture to gain a better understanding of how they perceive the benefits, risks and barriers of an integrated approach; whether they have concrete activities for promoting this approach; and how they foresee the future of adaptation–mitigation integration.

Interviews revealed a diverse range of perceived benefits, risks and barriers at local, national and global scales. Most interviewees focused on the local benefits of this integration (e.g. increasing the resilience of forest carbon projects), whereas others emphasized global risks (e.g. decreasing global funding efficiency because of project complexity). Despite the general interest in projects and policies integrating adaptation and mitigation, few relevant actions have been implemented by organizations engaged in climate change finance.

This paper provides new insight into how the representatives of climate funds perceive and act on the integration of adaptation and mitigation in forestry and agriculture. The findings by the authors can inform the development of procedures for climate change finance, such as the Green Climate Fund. While managers of climate funds face barriers in promoting an integrated approach to adaptation and mitigation, they also have the capacity and the ambition to overcome them.

The purpose of the present paper is to review studies on weather index-insurance as a tool to manage the climate change impact risk on farmers and to explore the study gaps in the currently existing literature by using a systematic literature review.

This study analyzed and reviewed the 374 articles on weather index insurance (WII) based on a systematic literature search on Web of Science and Scopus databases by using the systematic literature review method.

WII studies shifted their focus on growing and emerging areas of climate change impact risk. The finding shows that the impact of climate change risk significantly influenced the viability of WII in terms of pricing and design of WII. Therefore, the cost of WII premium increases due to the uncertainty of climate change impact that enhances the probability of losses related to insured weather risks. However, WII has emerged as a risk management tool of climate insurance for vulnerable agrarian communities. The efficacy of WII has been significantly influenced by repetitive environmental disasters and climate change phenomena.

This study will be valuable for scholars to recognize the missing and emerging themes in WII.

This study will help the policy planners to understand the influence of climate change impact on WII viability.

This study is the original work of the author. An attempt has been made in the present study to systematically examine the viability of WII for insuring the climate change risk.

Despite several contributions to greenhouse gas emission and carbon footprint reduction, the literature lacks empirical insights into the business impact of climate risks, when they materialize, and techniques to manage them. This study aims to devise a model delving into critical climate risks and the role of consortia and social capital to mitigate these risks.

A mixed-methods approach was used, including qualitative and quantitative data from small- and medium-sized enterprises (SMEs) in an Australian agrifood supply chain (AFSC).

The qualitative analysis uncovers four critical climate risks and a repertoire of relational, structural, and cognitive social capital accrued by SMEs of AFSC through consortia. The quantitative analysis corroborates that the SMEs that accumulate higher social capital through active engagement within consortia are able to respond more effectively to climate risks than to others. The authors, therefore, find that climate risk mitigation in SMEs is the function of both association (consortia) membership and the accrual of higher social capital through active involvement and collaboration within networks.

This is the first study in using a moderated-moderation model that simultaneously investigates the business impact of climate risks and how the moderating impact of consortia (a primary moderator) is further moderated by social capital (a secondary moderator) in explaining SMEs performance. The paper addresses the lack of adequate empirical research, particularly mixed-methods, in supply chain risk management literature.

This research investigated Australian property valuers' identification and consideration of physical climate change risks in valuation practice.

Thirty Australian valuer members of the Australian Property Institute from a variety of specialisations were interviewed. The semi-structured interviews explored climate change risks and the extent of risk investigation and consideration in valuation practice. The analysis utilised the Moser and Luers (2008) climate risk preparedness framework as a lens to evaluate current valuation practice in Australia.

The analysis reflects that while physical risks are easily identified and engaged with by valuers, correspondingly, there is a lack of understanding of and engagement with, climate change risks. This supports the need for better information sources and guidance to inform valuers of climate change risks and the development of specific mechanisms for the consideration of such risks to be included in valuation processes, practices and reports.

The research was limited by its sample size and qualitative approach. Therefore, the research is not a representative opinion of the Australian profession; however, the analysis provides the perspective of a range of valuers from across Australia with different valuation specialisations.

This research has established that valuers have the potential to be prepared to address climate change in their professional capacity, as described by Moser and Luers (2008). However, they are constrained by information communication, access and detail and subsequent market awareness of information on climate change risk exposure on properties. There is a need for further support, guidance, information and tools, as well as awareness-raising, to enable valuers to accurately identify and reflect all risks affecting a property in the process of valuation.

This research provides the first investigation into the consideration of climate change in valuation practice. Property stakeholders—owners, investors, financiers and occupiers—are escalating their climate change risk analysis and reporting for property portfolios and organisations. This research suggests that valuers also need to be aware of the changing dynamics of market reporting and decision-making related to climate change risks to ensure appropriate reflection in valuation practice.

This paper aims to clarify the relationship between climate change, its negative impacts on human health and its role in catalysing public engagement for climate policies. It aims to increase public support for climate-mitigation strategies by showing the medical case for negative climate-induced health impacts, the economic burden it entails and the public response to climate change that may be expected when health frames are used.

The paper reviews medical, economic and behavioural studies focusing on climate-induced health impacts, its economic costs and its potential for catalysing public engagement for climate policy.

The paper provides empirical insights about the various direct and indirect effects of climate change on human health which includes both physical impacts (infectious and non-infectious diseases) and non-physical impacts (mental disorders and reduced labour productivity). Extreme events such as storms, floods and droughts further seriously affect the health of many people, as they restrict food production and water supply. Economic damage costs of climate-induced health impacts are underestimated. Together, natural science, medical and economic studies warrant giving more attention to health in public debates on climate change. The more so as evidence of behavioural studies suggests that the use of health frames reinforces public concern for climate issues.

This paper argues that climate-induced health impacts and their economic costs should be given more serious attention in discussions about climate-mitigation strategies. They can augment public support for climate policy.

Framed within global policy debates over the need for private financial flows to align with the capital requirements of the Paris Agreement, this paper examines UK asset managers in their approaches to disclosing and managing climate risk. This paper identifies and evaluates climate risk management practices among this under-researched investor group in their capacity to address fundamental behavioural obstacles to low-carbon investment.

This paper takes an inductive approach to document analysis, applying content and thematic analysis to the annual disclosures of the 28 largest UK asset managers (by assets under management), including the investment management arms of insurance and pension companies.

The main takeaway from this research is that today’s climate risk management strategies hold potential to effectively address traditionally climate risk-averse investor behaviour and investment processes in the UK asset management context. However, this research finds that the use of environmental, social and governance (ESG) investment strategies to mitigate climate risks is a “grey area” in which climate risk management practices are undefined within broad sustainability and responsible investment agendas. In doing so, this paper invites further research into the extent to which climate risks are considered in ESG investment.

This paper contributes to research in sustainable finance and behavioural finance, by identifying the latest climate risk management techniques used among UK-headquartered asset managers and uniquely evaluating these in their capacity to address barriers to low-carbon investment arising from organisational behaviours and processes.

The purpose of this paper is to identify primary housing information data set to make an informed decision for key stakeholders to determine the most cost effective refurbishment solution among various alternatives in a building information modelling (BIM) system.

A building simulation approach in conjunction with a hypothetical case study using BIM software (Autodesk Revit) was adopted to identify primary housing information data set and to examine how housing information data set is processed within a BIM system.

Housing information data set such as physical dimensions, energy performance, associated costs, risk level, weather data and other relevant data should be prepared at the outset of a project to determine the most cost effective refurbishment solution. Furthermore, BIM can enable both clients and construction professionals to make informed decisions about diverse climate risk resistant options by providing reliable cost estimations of them at the early design stage.

Actual housing information for the BIM simulation is limited, and as a result, hypothetical housing information based on the UK Government data were used instead.

This research will provide essential housing information data set to utilize BIM effectively and efficiently for refurbishing climate risk vulnerable housing.

This research explores possibility to utilize BIM for climate risk mitigation in the housing sector, and reveals primary housing information data set for BIM to develop a climate resistant housing refurbishment solution.

Within the context of ESG (Environment, Social and Governance), environmental sustainability has taken on increased global importance in recent years. Similarly, real estate investment managers in developing their global real estate investment portfolios need a fuller understanding of the ESG and environmental sustainability dimensions of these global real estate markets for more informed real estate investment decisions. Using the JLL GRETI sustainability sub-index, this paper examines the environmental sustainability transparency status of 99 global real estate markets over 2016–2020 and explores various strategic issues regarding ESG and environmental sustainability; particularly the critical issues relating to climate risk mitigation, climate resilience and zero-carbon. The current status of environmental sustainability in these 99 real estate markets is assessed, with areas for “best practice” improvement identified to the benefit of real estate investment managers; particularly the improvements needed in ESG to support real estate investment in the emerging real estate markets.

The JLL GRETI sustainability sub-index is analysed to examine strategic issues relating to environmental sustainability transparency. 99 real estate markets are assessed globally for a range of critical ESG issues over 2016–2020. Differences between the developed and emerging real estate markets are highlighted.

Considerable variation was seen in the ESG and environmental sustainability practices, procedures and frameworks across these 99 real estate markets. This was particularly evident amongst the emerging real estate markets. Compared to the other five dimensions for real estate market transparency, environmental sustainability was seen to be well behind these other dimensions in most markets. Progress has been made in recent years, but it has been slow and steady rather than at a dynamic level. Clearly, more is needed globally to enhance the stature of environmental sustainability in the context of an increasing focus on ESG and specifically on climate risk mitigation, climate resilience and zero-carbon in real estate investment.

With ESG and environmental sustainability taking on increased importance across the international real estate markets, it is important that real estate fund managers have a full understanding of the ESG and environmental sustainability status of these real estate markets where they may be considering real estate investment opportunities; this includes both the developed and emerging real estate markets. This is essential to ensure future capital raising for new funds, as well as supporting the global ESG agenda by the real estate investment community. Specific strategies are also identified for emerging real estate markets to improve their environmental sustainability practices and ESG status.

This is the first paper to use the JLL GRETI sustainability sub-index to assess the environmental sustainability status of 99 real estate markets globally; providing strategic insights for real estate investment managers as they develop their global real estate portfolios and more fully embrace the challenges of ESG and environmental sustainability in the real estate space going forward. Specific strategies are clearly identified for all markets to improve their environmental sustainability ratings to the benefit of both global real estate investment and the broader communities.