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The study aims to assess the effectiveness of prevailing methods for quantifying physical climate risks. Its goal is to evaluate their utility in guiding financial decision-making within the real estate industry. Whilst climate risk has become a pivotal consideration in transaction and regulatory compliance, the existing tools for risk quantification frequently encounter criticism for their perceived lack of transparency and comparability.

We utilise a sequential exploratory mixed-methods analysis to integrate qualitative aspects of underlying tool characteristics with quantitative result divergence. In our qualitative analysis, we conduct interviews with companies providing risk quantification tools. We task these providers with quantifying the physical risk of a fictive pan-European real estate portfolio. Our approach involves an in-depth comparative analysis, hypothesis tests and regression to discern patterns in the variability of the results.

We observe significant variations in the quantification of physical risk for the pan-European portfolio, indicating limited utility for decision-making. The results highlight that variability is influenced by both the location of assets and the hazard. Identified reasons for discrepancies include differences in regional databases and models, variations in downscaling and corresponding scope, disparities in the definition of scores and systematic uncertainties.

The study assists market participants in comprehending both the quantification process and the implications associated with using tools for financial decision-making.

To our knowledge, this study presents the initial robust empirical evidence of variability in quantification outputs for physical risk within the real estate industry, coupled with an exploration of their underlying reasons.

This paper seeks to discuss the impact of UK government austerity policies on learning in public service work, specifically youth support work. It also aims to argue that austerity policies intensify “ethics work”, create emotional suffering, and obstruct workplace learning in a variety of ways.

The research adopts narrative methods and a critical interpretive paradigm to investigate practitioner perceptions within a broader analysis of neo‐liberal change. It draws on Bourdieu's sociology as an interpretive framework.

Austerity is shifting the “stakes” of the youth support field from a client‐centred ethos to the meeting of economically driven targets. This shatters the illusio of practitioners committed to client‐centred ethics, resulting in emotional suffering, difficulty in learning to cope with new demands, and an erosion of professional capacity.

A particular limitation is the lack of longitudinal data. There is a pressing need for more research on ethics work, emotional suffering and (not) learning in public service workplaces facing austerity, and to continue theorising this nexus more thoroughly.

There is a need to promote a feminist ethics of care in such workplaces. There is also a need to stimulate public debate about the ethical impact of austerity on public service work as a whole. These might allow workplaces to encourage learning more effectively.

This paper departs from traditional discussions of workplace learning to consider instances of “not learning”. It introduces the innovative concept of “ethics work”, discusses ethics as a form of work, through a sociological rather than philosophical lens, and utilises Bourdieu's key concept of illusio, not previously addressed in workplace learning research.