GRII is a global public good which can form a basis for mobilising the trillions of investment needed to meet the Paris goals on climate-resilient development.
Our focus is on risks that create the biggest impacts on people and economies.
We strive to deliver the next generation of analytics to model the impacts of climate change across systems and supply chains.
GRII will allow us to assess macro-level and systemic physical climate risks, and drill down to the asset level required for climate disclosure and risk management for the first time.
Policy makers, financial markets and exposed communities will understand their climate risks to make, communicate and implement better decisions for a resilient transition.
Our goal is to build upon what already exists, bring data together on a common analytical platform, and fill gaps where necessary to generate an advanced, globally-consistent view of risk accessible to all.
This is about levelling the playing field in access to high quality information for all, and creating a common language of risk to
mobilize investment. We call on you to be part of the resilience transition.
If we are to advance adaptation and align financial flows with climate resilience development, we need a shared understanding of the risks across society.
Based upon common standards, the GRII will support and link worldwide groups working on climate resilience across the humanitarian sector, infrastructure investment, disaster risk insurance, financial regulation and disclosure.
We draw upon the significant experience of the risk modelling community, including public-private partnerships between governments and the insurance, science and engineering sectors.
GRII was formed in late 2020 at the request of Mark Carney, UN Special Envoy on Climate Action and Finance to the Insurance Development Forum (IDF) to enable open access reference information for climate risk measurement and disclosure, and to support the growth of resilient economies and societies.
Patrons of the GRII initiative are Mark Carney, UN Special Envoy on Climate Action and Finance; Mami Mizutori, Assistant Secretary-General and Special Representative of the Secretary-General for Disaster Risk Reduction in the United Nations Office for Disaster Risk Reduction (UNDRR); and Eric Andersen, President, Aon, Member and Risk Modelling Champion IDF Steering Committee.
GRII preparation was led by a task force of six organisations convened by the IDF under the Special Envoy’s mandate: the Coalition for Climate Resilient Investment (CCRI); Coalition for Disaster Resilient Infrastructure (CDRI); GEM Foundation; UK Centre for Greening Finance and Investment (CGFI) and the United Nations Office for Disaster Risk Reduction. The GRII now embraces a growing coalition of supporting organisations.
The GRII is also inspired by the UN’s 2017 Global Assessment Report (GAR17). GAR17 aimed to provide globally consistent, open physical risk information, based upon insurance risk expertise, frameworks and metrics. GAR17 levelled the playing field in access to high-quality, multi-hazard risk information.
GRII builds upon this concept and integrates future risk projections, additional hazards, exposures and vulnerabilities as well as advanced network risk analytics.
Rapid progress has been made with developing the GRI to a point where it gives sub-national estimates of exposure to climate hazards, and quantification of selected climate risks. This analysis has been embedded in a web-based viewer, enabling free access from anywhere in the world.
We wish to maintain the rapid momentum with developing the GRI, with the following action tracks:
· Track 1: Continuous improvement to GRI datasets: We will continue to add to and enhance the contents of the GRI using the best openly available global datasets.
· Track 2: GRI climate risk analysis and validation: We will continue to improve the GRI’s calculations of climate risk and rigorously validate these risk estimates against observed loss and damage.
· Track 3: GRI use cases: We will customise use cases for the GRI, including cases of physical climate risk disclosure, pricing climate risk in infrastructure investments, and adaptation investment prioritization.
· Track 4: GRI tools functionality: Building on the platform that was launched at COP27 in Sharm El Sheikh, we will add to the GRI’s analytical functionality, providing a wider range of decision-relevant metrics, maps and future projections.
GRI has been financially supported the UK Centre for Greening Finance and Investment, the Insurance for Development Forum, the World Bank and Willis Towers Watson. We seek growing financial support to accelerate the GRI’s journey towards becomes the trusted and open resource for physical climate risk analytics worldwide.
University of Oxford, South Parks Road, Oxford, OX1 3QY, United Kingdom