Climate-related Risks Research Articles

Envisioning the sustainable and climate resilient hospital of the future

ObjectivesThis study aims to create a vision of the future hospital to help healthcare leaders understand how changes in society and the healthcare system, compounded by climate change, could affect future hospital estate. Study designThe study is part of a larger project based on participatory backcasting aimed at providing integrated strategies for transitioning to a zero-carbon future and adapting to existing climate change through improved asset management. MethodsThe data presented in this paper were collected during a full-day workshop to construct the vision of the future hospital in 2050. A multidisciplinary team of 19 participants participated in the discussions. A six-phase thematic analysis was applied to the data to develop the narrative vision and graphic recording. ResultsThe healthcare system is undergoing transformative changes due to evolving healthcare delivery, patient expectations, emerging technologies, climate change, and sustainability. However, current hospital strategies often fail to consider the interrelationship between the hospital estate and its socio-environmental context. Policymakers, healthcare system leaders, and hospital leaders need a clear vision of the hospital of the future to implement transformational strategies. ConclusionsHealthcare transformations require shifting from traditional centralised hospitals to a more flexible, distributed model. Healthcare leaders need to proactively assess how hospitals respond to current and future hazards and consider the impacts within the context of integrated and dispersed healthcare delivery. To address this, a systematic approach to modelling hazards and evaluating design or upgrading options is essential to mitigate the transfer of climate-related risks within healthcare systems.

The Impact of Climate Change on Flowering Patterns and Productivity in Floriculture: A Comprehensive Review

The floriculture industry, a vital component of global horticulture, is increasingly threatened by climate change, which disrupts flowering patterns, reduces productivity, and alters the market value of ornamental crops. This review synthesizes current research on how climatic factors-such as temperature fluctuations, altered precipitation, elevated atmospheric CO₂, and extreme weather events-affect key aspects of floricultural crop growth and phenology. Rising temperatures accelerate flowering in many species but can also lead to heat stress, floral bud abortion, and reduced flower quality in sensitive crops like roses (Rosa hybrida) and snapdragons (Antirrhinum majus). Similarly, changes in precipitation patterns, including drought and waterlogging, further complicate floral development by impairing water and nutrient uptake. Elevated CO₂ generally promotes biomass accumulation and water-use efficiency but may not necessarily translate into improved floral yield or quality. To address these challenges, the adoption of adaptive strategies such as breeding climate-resilient varieties, implementing optimized agronomic practices, and utilizing controlled environment agriculture is critical. Future research must focus on species-specific and long-term studies to identify the differential impacts of climate change on diverse floricultural species. Moreover, multi-stressor impact assessments and exploration of phenotypic plasticity and genetic adaptation are needed to develop cultivars capable of maintaining high performance under complex environmental conditions. Integrating climate models and decision support systems will further enable precise forecasting and strategic planning, supporting growers in mitigating climate-related risks. By advancing understanding in these areas, the floriculture industry can better adapt to changing climates and maintain economic sustainability, ensuring the continued success of this important sector amidst global environmental shifts.

Leveraging Spatial Analysis Techniques for Developing a Climate Resilient and Localized Urban Greening Plan for Pasig City

Abstract. A recent study has been conducted to evaluate the current state of green spaces in Pasig City, Philippines, and to propose a Climate Resilient and Localized Urban Greening Plan (CRLUGP) to address urban greening that is essential for creating sustainable cities, especially in the face of climate change and urban population growth. The study utilized Geographic Information Systems (GIS), Remote Sensing (RS), and Machine Learning (ML) to map green spaces, analyze climate risks, and identify necessary corrective measures. The findings revealed that Pasig City currently only has 70.18 hectares of green space, which is significantly below the World Health Organization's recommended minimum of nine (9) square meters of green space per capita. Projections indicate that by 2032, the city will need 925.72 hectares of green space to meet the needs of its growing population. Additionally, the study identified a connection between low canopy cover and increased urban heat island effects, with the top 10 barangays showing a canopy cover of only 27.64%, well below the recommended 40%. Moreover, areas with limited green spaces were found to be at a higher risk of flooding, highlighting the importance of more vegetation for managing stormwater and mitigating climate-related risks. The study recommends a strategic approach to urban greening, leveraging spatial analysis for continuous monitoring and evaluation. By integrating spatial technologies and data-driven decision-making, Pasig City aims to establish a more sustainable and resilient urban environment for its residents.

Firm biodiversity risk, climate vulnerabilities, and bankruptcy risk

This study examines the relationship between firms’ biodiversity risk, climate susceptibility, and bankruptcy risk. The findings indicate that firm exposure to biodiversity risk increases the likelihood of financial distress. Furthermore, we document that firms’ susceptibility to climate risk increases the likelihood of bankruptcy risk. We also demonstrate that financial constraints, growth opportunities, and membership in carbon-intensive industries can worsen or alleviate the bankruptcy implications of climate-related risk. Firms’ continent of operation is also an important consideration. The findings imply that severe climate-related vulnerabilities and firm biodiversity risk have profound consequences for corporate outcomes. This study sheds more light on how corporate financial outlook is impacted by ecological degradation and climate-related vulnerabilities.

ENHANCING ENVIRONMENTAL TRANSPARENCY IN UZBEKISTAN: LEGAL PERSPECTIVES FROM THE AARHUS CONVENTION FRAMEWORK

This article examines the potential of the Aarhus Convention as a framework for enhancing transparency and upholding human rights in Uzbekistan. As Uzbekistan faces pressing environmental challenges, including pollution and climate-related risks, transparency in environmental governance is critical. Through policy analysis and legal review, this study assesses how Uzbekistan’s current legislation aligns with the Convention’s requirements on information access, with Kazakhstan’s experience serving as a comparative example. Findings reveal significant gaps in Uzbekistan’s transparency framework, particularly in timely access to data, public engagement, and legal accountability, underscoring the importance of adopting the Aarhus Convention. The study provides recommendations for Uzbekistan to bridge these gaps, aiming to strengthen transparency, enhance environmental data availability, and foster public trust in environmental decision-making.

Performance of energy ETFs and climate risks

We investigate whether green (brown) portfolios constructed from clean energy ETFs (fossil fuel ETFs) yield positive (negative) returns conditional on climate-related risks. While the green portfolios do not unconditionally outperform the brown ones, the outperformance of green portfolios is statistically significant under the conditional setting using non-parametric estimates with imposing inequality restrictions. Our conditional studies also show that brown portfolios are riskier than green ones with various measurements. We present the heterogeneity in the effect of climate information on the return and risk of green and brown portfolios. Furthermore, we document that fund flows for green assets are higher than those for brown ones during periods of high climate risks. Our findings are robust to alternative specifications.

Exploring Climate Health Risks and Adaptations among Vulnerable Populations in Israel’s Negev Desert

Abstract Background Climate change represents the paramount challenge to global health, disproportionately impacting particular vulnerable individuals and communities. By identifying and elucidating disparities in health-related climate risks among these groups, we can facilitate the development of appropriate and equitable climate adaptation strategies. This research identified climate-related risks, health perceptions and needs, and behaviors among Jewish and Bedouin populations in the Negev Desert, a region highly susceptible to climate change, located at the intersection of geographical and social marginality. Methods Ten focus groups (n = 69) among vulnerable Jewish and Bedouin residents were conducted and systematically analyzed to identify disparities in health-related climate risks and behaviors. Vulnerabilities were defined based on income, age, health status, living environment, and outdoor activities. Results The findings highlight both shared and distinct difficulties and barriers vulnerable Jewish and Bedouin Negev residents face in the context of climate-related health risks. Key themes that emerged address: a) the direct and indirect impacts of climate-related events on health and well-being; b) the exacerbation of climate-related health risks by existing vulnerabilities and systemic barriers; c) the pivotal role of community resources in coping strategies; and d) lack of trust in the state and its institutions which underpin climate-related experiences. Conclusions The complexity of coping with climate change encompasses individual, community, and national/institutional levels. Vulnerable populations’ experiences with climate change are impacted by factors such as poverty, social marginality, violence, and barriers to accessing healthcare and other services, and is not a standalone phenomenon. Therefore, climate change adaptation and mitigation cannot be distinguished from other challenges impacting the health and well-being of populations. Key messages • Climate adaptation efforts must integrate with broader social and health strategies to effectively support vulnerable groups. • Community resources and trust in institutions are crucial for vulnerable populations facing climate change impacts.

5.D. Scientific session: Climate Change and Inequalities: Addressing Intersections and Impacts

Abstract Climate change poses one of the greatest challenges of our time, with far-reaching implications for environmental sustainability, social equity, and economic development. In recent years, growing attention has been paid to the intersecting dynamics between climate change and inequalities, recognizing that vulnerable populations are disproportionately affected by climate-related risks and impacts. This workshop aims to explore the multifaceted relationship between climate change and inequalities and examine the root causes of disparities. In this workshop we will explore intersectionality by examining how climate change intersects with various forms of inequality, including socio-economic and health status, gender, age, indigenous status, and geography, shaping differential vulnerabilities and experiences of climate impacts. This workshop aims to facilitate dialogue, knowledge exchange, and collaboration among public health researchers and professionals. We offer a unique opportunity to deepen our understanding of the complex interplay between climate change and inequalities, shedding light on overlooked aspects [?]. By bringing together diverse perspectives and expertise, the workshop aims to generate actionable insights and solutions that promote social justice, sustainability, and human rights in the face of climate change. The presentations in this workshop are thematically interconnected, addressing key aspects of climate change and inequalities from multiple angles. Topics include: Gender and climate justice, Climate change adaptation equity, Legal perspectives on climate change and inequalities and Climate Change Impacts on Respiratory Health. In conclusion, this workshop serves as a critical platform for advancing understanding, dialogue, and action on the intersection of climate change and inequalities. Key messages • Climate change interacts with socio-economic, health, gender, age, indigenous status, and geography, influencing vulnerabilities and impacts. • Vulnerable populations bear a disproportionate burden of climate change effects, including individuals with pre-existing lung conditions and children.

Climate change and health vulnerability assessments to increase regional climate resilience

Abstract Background The impacts of climate change on health and healthcare systems exhibit complex interrelationships, varying across time and space. Population groups already disadvantaged due to their demographics, health, socioeconomic status, or geographical location tend to be particularly vulnerable to climate-related health risks. Our work aims to develop a method for a systematic quantitative vulnerability assessment to make regional vulnerabilities comparatively measurable. Methods Building on the WHO framework on Climate Change and Health Vulnerability and Adaptation Assessment (2021) a data mapping process was carried out to identify and validate vulnerability factors and quantitative indicators on a small-scale spatial resolution for the five dimensions: demographic, socioeconomic, biological/health, sociopolitical, and geographic/climate. Regional vulnerability scores for each indicator were calculated and visualized as geographic maps and circular barplots to allow for easily understandable interpretation. Results A set of 25 quantitative vulnerability indicators from a multitude of data sources - combining register data, survey data, and geospatial data - was compiled. Main challenges were the identification of sociopolitical vulnerability factors suitable for Austria and data availability on a small-scale level. The indicator set was used to identify regions that are particularly vulnerable due to their population composition, disease burden, and geographical location (e.g. regions in Eastern Austria with high shares of persons < 65 years of age, unemployment, and heat days). Conclusions Systematically assessing vulnerabilities in key dimensions is central to identifying regionally specific pressure points, allowing for a quantitative baseline to derive adequate and tailored climate change adaptation measures to sustain future health. Systematic assessment provides essential insights for policymakers, public health officials, and disaster management agencies.

Climate-related risk to maize crops in China from Fall Armyworm, Spodoptera frugiperda

AbstractThe Fall Armyworm, Spodoptera frugiperda, invaded China late in 2018 and was responsible for substantial crop losses, especially to maize. This work focuses on the suitability of climate across China for Fall Armyworm survival and spread. It uses climate metrics derived with guidance from experts to enable assessment of the risks posed by Fall Armyworm on maize production in different regions of China. The locations and time of year when temperature conditions are within a viable range for Fall Armyworm survival (minimum temperature higher than 9.7$$^\circ$$ ∘ C and maximum temperature lower than 39.2$$^\circ$$ ∘ C) are used to estimate the spatial distribution of winter breeding and overwintering zones, which helps understand the regions and timing of Fall Armyworm migration risk into northern maize production regions. In addition, meridional wind conditions across the Yangtze River basin area are assessed, and a metric of migration potential from the winter breeding and overwintering regions in the south towards northern regions with maize production is established. Results show that temperature during the winter months currently limits Fall Armyworm winter breeding populations to the very southern regions of China (and bordering countries to the south). However, due to the consistent timing and direction of the East Asian Summer Monsoon winds, the Fall Armyworm could easily be directed northwards to the Yangtze River basin during summer months with a peak in July. For this reason, pest management actions against the Fall Armyworm on summer maize should be taken.

From the first European Climate Risk Assessment to action in policy and practice

Abstract The first European Climate Risk Assessment (EUCRA), produced by the European Environment Agency in March 2024, engaging nearly 100 authors across Europe, highlights health among the most at-risk sectors. According to the structured risk assessment that was conducted to support the transparent identification of priorities for policy action, more and urgent action is needed to reduce health risks from heat indoors and outdoors; from wildfires and outbreaks of vector- and water-borne diseases. The responsibility for managing risks lies both with the EU and Member States, and the policy readiness varies depending on the risk. The European Climate and Health Observatory, set up to better understand, anticipate and prevent climate risks to human health in Europe, in the most recent report ‘Responding to climate change impacts on human health in Europe: focus on floods, droughts and water quality’ provides in-depth analyses of some climate-related risks to health and presents examples of responses to them in both policy and practice. Both assessments emphasise that without fast and systemic action to increase societal resilience, the health impacts of the changing climate will worsen, affecting already disadvantaged or vulnerable groups the most. Health and health-determining sectors have the opportunity to address the health impacts of climate change by, among others, increasing the climate resilience of health systems; developing, updating and implementing national health adaptation plans; and supporting the education and training of public health and healthcare professionals on climate change threats. At the same time, addressing health impacts from climate extremes requires responses across sectors, actors and spatial scales.

Assessing the current health effects of climate change in the Netherlands

Abstract The National Institute for Public Health and the Environment (RIVM) has assessed the current effects of climate change on health as part of a national sector-wide process towards updating the Dutch National Adaptation Strategy. Besides health, this process includes assessing the risks of climate change for water management, agriculture, the built environment, nature and other sectors. It will provide a basis for policy, for prioritising the most urgent risks and for long-term risk monitoring. Six climate-related health topics were assessed for this update: heat, air quality, mental health, UV radiation, pollen allergies and infectious diseases. To allow comparison of the impact and likelihood of the climate-related risks across sectors, a format for factsheets on climate risks had been provided. Following this format, for each climate-related health topic we considered the climate threat, secondary effects, exposure, vulnerability, adaptive capacity, impact and cascading effects. The magnitude of the health impacts was categorised per topic as low (< 10,000 people affected; 0 - 10 seriously injured/dead), medium (10,000 - 100,000 people affected; 10 - 100 seriously injured/dead) or high (>100,000 people affected; >100 seriously injured/dead). The likelihood of these impacts was then described as well as possible black swan events or tipping points. Finally, the policy context was outlined, including possible maladaptation, lock-ins, and equity aspects, followed by quality assurance considerations. For all topics, negative health impacts are already occurring. However, the magnitude of the impacts cannot yet be accurately quantified. In this presentation, we will discuss the results of this assessment and explore the pros and cons of being part of a sector-wide process.

8.C. Scientific session: Health system resilience: A Planetary Health perspective

Abstract Planetary Health is a collective and unifying approach to balance the interlinkages between human health, political, economic and social systems as well as the natural systems of our planet, the importance of which is growing in the context of climate change in European countries and beyond. Yet, there is a dearth of of research linking Planetary Health to health systems’ resilience, particularly from a public health lens. With the number of studies growing regarding impacts of climate change on health, the question remains how health systems need to be prepared, focusing for example on the emergence of infectious diseases as well as the triple crises of biodiversity loss, pollution and climate change. In addition, tools to assess climate-related risks developed at international level, such as the vulnerability, adaptation and capacity assessment developed by the World Health Organization (WHO) have rarely been piloted in European countries. In this workshop, firstly evidence is presented on the status quo of how climate change impacts health and emerging infections in Europe and at global level. Secondly, the workshop provides insights into how tools to assess vulnerability and resilience of health systems in the context of climate change may be used in the European context. Thirdly, resilience is assessed against evidence emerging from the triple environmental crises of biodiversity loss, pollution and climate change. Key messages • In a planetary health lens, using mixed methods to consider climate change vulnerability of different population groups and adaptation potentials are key to address current complex health challenges. • Synergistic solutions and joint working across climate and health offer opportunities for greater health system resilience and population health impact.

Transitioning the grid for climate change: power transmission futures and grid justice

Abstract Amid the ongoing international boom in renewable power generation, debates over the future of the grid are gaining increasing attention in the United States and beyond. Climate change poses parallel but entangled questions for the large-scale movement of electricity. On the one hand, grid operation is a profoundly altered undertaking in renewables-dominated grids, bringing new management challenges around multi-directional flows, variability, bids for long-distance renewable power transmission, and more. On the other hand, electricity operators and users simultaneously face new climate-related disruptions, repair needs, and risks. In this paper, we explore an important set of energy and climate justice debates emerging around these combined decarbonization and grid resilience challenges, particularly concerns related to high-voltage transmission in the United States and other countries with developed but aging grids. We consider questions of transmission grid 1) access, 2) ownership, 3) siting, and 4) scale/rescaling. We illustrate these issues via the exemplary case of New York State, as the state has become a high-profile focus for debates around grid congestion, rising financial sector ownership of transmission projects, and siting justice issues, as well as for varying progressive alternatives in campaigns for both large-scale public power and decentralized ‘non-wires’ solutions.

The Impact of Climate-Related Security Risks on Community Values: Insights from Zambia’s Southern Province

Abstract This article explores the impact of climate-related security risks on community values and how that impact influences responses to the risks. Research and practice have paid little attention to how non-material and subjective conditions, especially values, mediate the climate-security nexus. We focused on the impact of land conflicts and food insecurity (as examples of climate-related security risks) on community values through a study of two rural communities in Zambia’s southern province using impact rating, focus-group discussions (FGD s), and interviews. Innovatively, we began by identifying community values and asking about the impact of climate security risks on community values instead of what ‘experts’ perceive or consider to be risks. We found that, firstly, participants from both communities perceived both land conflicts and food insecurity as having a strong to very strong influence on their values. Secondly, women perceive the impact of land conflicts and food insecurity on values to be greater than men do. Thirdly, the perception of the impact of climate-related security risks on values is prevalent among communities in Zambia’s southern province. The article concludes that values are crucial and central determinants in how communities interpret and respond to climate-related security risks, as well as how they engage with food, land, and water systems. It recommends that policymakers and practitioners integrate community values for effective and sustainable climate-related security risk policies and interventions.

Climate-Related Risks and Agricultural Yield Assessment in the Senegalese Groundnut Basin

Climate change and variability pose significant threats to agricultural production, particularly in regions heavily dependent on rainfed agriculture like Senegal. The problem addressed in this study revolves around the impact of climate-related risks on agricultural yields in the Senegalese Groundnut Basin as a key agricultural region. Daily rainfall, temperatures, and yield over 1991–2020 were used. The data were analyzed using multiple regression, trend analysis, and correlation approaches. The results indicate that the overall seasonal precipitation increases over time (98 mm in the north and 103 mm in the south). However, we found that the south Groundnut Basin has a much slower seasonal precipitation rate than the northern zone. Our results also show that the northern zone exhibits a more consistent and predictable growing season, with onset and offset, in contrast with the southern zone, which shows higher variability. The analysis further reveals that both the northern and southern zones are experiencing a warming trend, with the southern zone showing a more pronounced increase in maximum temperatures (+0.7 °C) than to the northern zone (+0.4 °C). Estimates from the regression analysis revealed that total seasonal precipitation and maximum temperature positively and significantly influence groundnut, millet, and maize yields in the northern and southern zones. All the other weather-related parameters have different influences depending on the zone. These findings highlight the heterogeneous nature of the study area and the significant role climatic factors play in crop yield variability in the Groundnut Basin. Understanding these influences is crucial for developing targeted agricultural strategies and climate adaptation measures to mitigate risks and enhance regional productivity. The study provides valuable insights for policymakers and farmers aiming to improve crop resilience and sustain agricultural outputs amidst changing climatic conditions.

Modeling climate-related global risk maps of rice bacterial blight caused by Xanthomonas oryzae (Ishiyama 1922) using geographical information system (GIS).

Rice is a critical staple crop that feeds more than half of the world's population. Still, its production confronts various biotic risks, notably the severe bacterial blight disease produced by Xanthomonas oryzae. Understanding the possible effects of climate change on the geographic distribution of this virus is critical to ensuring food security. This work used ecological niche modeling and the Maxent algorithm to create future risk maps for the range of X. oryzae under several climate change scenarios between 2050 and 2070. The model was trained using 93 occurrence records of X. oryzae and five critical bioclimatic variables. It has an excellent predictive performance, with an AUC of 0.889. The results show that X. oryzae's potential geographic range and habitat suitability are expected to increase significantly under low (RCP2.6) and high (RCP8.5) emission scenarios. Key climatic drivers allowing this development include increased yearly precipitation, precipitation during the wettest quarter, and the wettest quarter's mean temperature. These findings are consistent with broader research revealing that climate change is allowing many plant diseases and other dangerous microbes to spread across the globe. Integrating these spatial predictions with data on host susceptibility, agricultural practices, and socioeconomic vulnerabilities can help to improve targeted surveillance, preventative, and management methods for reducing the growing threat of bacterial blight to rice production. Proactive, multidisciplinary efforts to manage the changing disease dynamics caused by climate change will be critical to assuring global food security in the future decades.

The international (in)security order and the climate-conflict-security nexus

Much existing research on climate, conflict, and security asks a relatively narrow question: how does climate change trigger or exacerbate violent conflict in ways that threaten stability within the current international system? Far less attention has been paid to how the properties of that system contribute to climate-related risks of violence, conflict, and instability. In this article, we identify three aspects of the structure and workings of what we refer to as the ”international security order” that, in our view, must be brought much more centrally into future research: the multi-dimensional role of war and war preparation as drivers of the climate problem; the widespread use of violence to suppress climate activism; and the failure of climate-policy mechanisms to account for the conflict risk they may create or exacerbate (an effect sometimes referred to as “backdraft”). We argue that these three are not simply contextual factors for climate-related violence. Rather, they work through the climate variable to shape conflict risk. Models and conceptual frameworks that do not explore these and other such connections may be missing important causes and mechanisms of climate-linked insecurity.

How Does Legal Culture Matter for Climate Mobilities? A Case Study in an Unplanned Coastal Settlement in Urban Mozambique

This article responds to the general neglect of legal culture in the study of climate mobilities. It presents a case study of climate mobilities in an unplanned settlement in Maputo, Mozambique, exploring how legal culture influenced residents’ decision-making processes as they navigated climate-related risks in their daily lives. We demonstrate that legal culture can facilitate climate mobilities. However, we argue that the role of legal culture in enabling climate mobilities is potentially very complex. Our case study uncovered a nuanced ‘ecosystem’ of land laws in Mozambique, comprising two official systems – formal and informal. Despite their contradictory substantive content regarding land rights, these systems functioned symbiotically, allowing residents of unplanned settlements to mitigate the effects of climate risks. This apparent paradox is explained through the analytical lenses of jurisdiction, scale and temporality. We also argue that this ‘ecosystem’ of land laws can only fully be understood within the broader context of Mozambique's political economy, which attracts foreign investment and promotes urban development, often at the expense of those living in unplanned settlements. Future research into the significance of legal culture for climate mobilities must not only be attuned to the plurality of legal orders in play but also consider the scales and temporalities through which they operate. Furthermore, they must also interrogate the interplay between law and broader political, economic and social contexts.

Climate Change Effects in Stock Markets

Climate change significantly impacts global stock markets through both short-term extreme weather events and long-term climate shifts. This study examines the relationship between CO2 emissions and stock returns across 19 countries from 2001 to 2020 using regression analysis. The findings also reveal a positive correlation between CO2 emissions and stock returns, indicating that investors anticipate higher returns to offset climate-related risks. This suggests that higher CO2 emissions drive investor expectations for increased returns to compensate for potential economic losses. The study highlights the importance of balanced emission reduction strategies and promoting green finance to support sustainable economic growth. Additionally, it underscores the need to integrate climate risks into financial decision-making, offering valuable insights into the financial implications of climate change and guiding policymakers and investors in addressing these challenges. By providing empirical evidence on the link between CO2 emissions and stock returns, this research enriches existing knowledge and emphasizes the financial risks and opportunities presented by climate change. The study's results align with the carbon risk premium theory, which posits that investors demand higher returns from companies with higher carbon emissions. This study advocates for policies that balance economic growth with environmental sustainability, promoting green finance initiatives to facilitate the transition to a low-carbon economy and mitigate the adverse effects of climate change on financial markets.