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Report
Physical Climate Risk Factors and an Application to Measuring Insurers’ Climate Risk Exposure
Zeng, Xuran; Jung, Hyeyoon; Ge, Shan; Engle, Robert (2023-07-01)
We construct a novel physical risk factor using a portfolio of REITs, long on those with properties highly exposed to climate risk and short on those with less exposure. Combined with a transition risk factor, we assess U.S. insurers’ climate risk through operations and $13 trillion in asset holdings. Estimating dynamic climate betas, we find higher stock return sensitivity to the physical risk among insurers operating in riskier regions and to transition risk among those holding more brown assets. Using these betas, we calculate capital shortfalls under climate stress scenarios, offering ...
Staff Reports , Paper 1066

Speech
Climate Change and Risk Management in Bank Supervision
Stiroh, Kevin J. (2020-03-04)
Remarks at Risks, Opportunities, and Investment in the Era of Climate Change, Harvard Business School, Boston, Massachusetts.
Speech

Journal Article
Central Banks and Climate Risks
Harnish, Molly (2019-04)
Some researchers look at climate change and see economic uncertainty. Central banks are beginning to take notice
Econ Focus , Issue 2Q-3Q , Pages 8-13

Working Paper
What are Large Global Banks Doing About Climate Change?
Beltran, Daniel O.; Uysal, Pinar (2023-01)
We review the "climate action plans" of Global Systemically Important Banks (GSIBs) and the progress they are making toward achieving them. G-SIBs have identified the drivers of climate risk and their transmission channels to credit and other risks. Additionally, some have started to measure and model these risks. While most GSIBs have committed to fully offsetting their emissions by mid-century, they are only beginning to measure financed emissions resulting from their loans and investments, which comprise the vast majority of their emissions. G-SIBs have also committed to increase green ...
International Finance Discussion Papers , Paper 1368

Discussion Paper
Risk and Resilience: How Weather-Related Disasters Impact Economically Marginalized Communities
Council, Dontá; Meagher, Grace; Cabrera, Leah (2024-06-01)
Weather-related disaster risks have adverse economic impacts for workers, households, and communities across the country. Low-income communities and communities of color tend to be at disproportionate risk to economic disruptions from weather-related disasters. Our team surveyed and interviewed professionals in the Southeast that work with or whose work impacts these marginalized communities across core issue areas relevant to community development, resilience, and disaster risk management in the nonprofit, public, and private sectors. Respondents and interviewees shared their perceptions of ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2024-02

Working Paper
Charting the Course: How Does Information about Sea Level Rise Affect the Willingness to Migrate?
Bakkensen, Laura; Nquyen, Quynh; Phan, Toan; Shuler, Paul (2023-09-14)
An important yet less studied factor in determining the extent of adaptation to climate change is information: are people adequately informed about their vulnerability to future climate-related risks, and does their willingness to adapt depend on this knowledge? Focusing on how communication about projected sea level rise (SLR) affects the willingness to migrate, we implemented a large randomized control survey experiment with a nationally representative sample of more than 7,000 respondents across all provinces in Vietnam. We randomly assign respondents to different information treatments. ...
Working Paper , Paper 23-09

Working Paper
Understanding Climate Damages: Consumption versus Investment
Gibson, Matthew; Fried, Stephie; Casey, Gregory (2022-10-04)
Existing climate-economy models use aggregate damage functions to model the effects of climate change. This approach assumes climate change has equal impacts on the productivity of firms that produce consumption and investment goods or services. We show the split between damage to consumption and investment productivity matters for the dynamic consequences of climate change. Drawing on the structural transformation literature, we develop a framework that incorporates heterogeneous climate damages. When investment is more vulnerable to climate, we find short-run consumption losses will be ...
Working Paper Series , Paper 2022-21

Discussion Paper
Moving Out of a Flood Zone? That May Be Risky!
Blickle, Kristian S.; Engelman, Katherine; Linnemann, Theo; Santos, João A. C. (2023-04-20)
An often-overlooked aspect of flood-plain mapping is the fact that these maps designate stark boundaries, with households falling either inside or outside of areas designated as “flood zones.” Households inside flood zones must insure themselves against the possibility of disasters. However, costly insurance may have pushed lower-income households out of areas officially designated a flood risk and into physically adjacent areas. While not designated an official flood risk, Federal Emergency Management Agency (FEMA) and disaster data shows that these areas are still at considerable risk ...
Liberty Street Economics , Paper 20230420b

Journal Article
Impact of U.S. Labor Productivity Losses from Extreme Heat
Fried, Stephie; Casey, Gregory; Gibson, Matthew (2024-05-28)
Extreme heat decreases labor productivity in sectors like construction, where much work occurs outdoors. Because construction is an important component of investment, lost productivity today will slow how much capital is built up for future use and thus can have long-lasting impacts on overall economic outcomes. Combining estimates of lost labor productivity due to extreme heat with a model of economic growth suggests that, by the year 2200, extreme heat will reduce the U.S. capital stock by 5.4% and annual consumption by 1.8%.
FRBSF Economic Letter , Volume 2024 , Issue 14

Speech
The Basel Committee’s Initiatives on Climate-Related Financial Risks
Stiroh, Kevin J. (2020-10-14)
Remarks on the panel "New regulatory and policy landscape for sustainable finance," 2020 IIF Annual Membership Meeting (delivered via videoconference).
Speech

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