Climate Risk and Resilience Lab
The impacts of climate change are creating a range of risks for households, communities, and businesses. The Climate Risk and Resilience Lab explores public and private sector approaches to improving climate adaptation and building resilience to the adverse impacts of climate change, as well as managing the transition to a low carbon economy.
Last summer, researchers from across the university posed 30 Climate Risk Solutions. As we approach the 50th anniversary of Earth Day with a looming climate crisis, we now invite Penn students to submit their own climate risk solutions.
Novel policy approaches, creative new regulatory tools, and visionary planning ideas, which can anticipate future risks and help communities better adapt to a changing climate.
Central Banking and Climate Change
Ongoing work is exploring the role that central banks can and should play with respect to climate change and the extent to which it is a systemic risk within the Federal Reserve Bank of the United States’ scope and mandate.
Perino, G., R.A. Ritz, and A. van Benthem (2019). Understanding Overlapping Policies: Internal Carbon Leakage and the Punctured Waterbed. National Bureau of Economic Research.
Kousky, C. and S. Light (2019). Insuring Nature. Duke Law Journal, 69.
Kousky, C. (2019). “Time for a New Apollo Project: A Climate-Friendly Economy.” The Hill. July 27.
Walls, M., M. Wibbenmeyer, and C. Kousky (2019). “Does the Coastal Barrier Resources Act Provide a Policy Template to Address Wildfire Risk?” Resources. March 20.
Kousky, C., K. Greig, and B. Lingle (2019). Financing Third Party Wildfire Damages: Options for California’s Electric Utilities. Philadelphia: Wharton Risk Center, University of Pennsylvania. January.
Hagenlocher, M., Schneiderbauer, S., Sebesvari, Z., Bertram, M., Renner, K., Renaud, F.G., Wiley, H. & Zebisch, M. (2018). Climate Risk Assessment for Ecosystem-based Adaptation: A guidebook for planners and practitioners. Bonn: GIZ.
Epanchin-Niell, R., C. Kousky, A. Thompson, and M. Walls (2016). “Threatened Protection: Sea Level Rise and Coastal Protected Lands of the Eastern United States.” Ocean and Coastal Management. 137(March 1):118-130.
For a full list of publications, see our main publications page: https://riskcenter.wharton.upenn.edu/publications/
Below is a selection of past research projects.
The Risk Center joined with Zurich and partners to develop key initiatives focused on broadening the scope of flood resilience research, in order to advance global understanding of flood impact, risk reduction, financial protection, and community resilience.
South Florida Water, Sustainability and Climate
A 5-year project was initiated in 2013 to develop criteria for evaluating current and future water use and provide new insights into the value of water resources in the region and the trade-offs for decision-makers under various climate change scenarios.
Integrated Risk and Uncertainty Assessment of Climate Change Response Policies
Howard Kunreuther was one of two Coordinating Lead Authors for the 2014 Intergovernmental Panel on Climate Change (IPCC) chapter “Integrated Risk and Uncertainty Assessment of Climate Change Response Policies” for the Fifth Assessment Report of the IPCC.
Protecting the Ozone
The World Bank funded the Risk Center to develop decision criteria for disseminating project funds to reduce ozone-depleting substances (ODS) production, and to develop efficiency criteria and incentive structures to assist implementation of these projects.
Upcoming Climate Events
Check here for upcoming climate risk and resilience-related events taking place at the University of Pennsylvania and around Philadelphia.
Is Climate Risk Insurable?
In this Kleinman Center Energy Policy Now podcast, Carolyn Kousky, executive director of the Wharton Risk Center, takes a look at insurers’ struggle to manage natural disasters of unprecedented scale, the challenge of communicating climate risk, and how climate risk is being felt in the energy industry. Listen or read the transcript here.
New Publication: Insuring Nature
Carolyn Kousky and Sarah Light’s article “turns the climate governance literature on its head, examining the circumstances under which it is possible to insure nature itself in order to preserve these critical ecosystem services in the face of a changing climate.”
Contributing Wharton Scholars:
Sarah E. Light, Associate Professor of Legal Studies & Business Ethics, is the faculty member responsible for leading the Climate Risk & Resilience Lab.