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Overview
1. Water-related risks: context for action
2. Impacts of water risks on the economy
3. Assessments of financial exposure to risks
4. Key messages and recommendations
Too much, too little and polluted water, and disruptions to freshwater systems
• Climate change
• Over-exploitation of water resources
• Land use change
• Pollution
• Invasive species
Risk drivers
The socio-economic impacts of water risk are significant
Source: adapted from WMO (2023) Global State of the climate report 2022; Swiss Re (2022)
Note: any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or
area. Map designed by Layerace / Freepik
Western / Central USA
Persistent drought caused USD 22
billion in damages in 2022
Drought Flooding
Horn of Africa
Persistent drought in 2022; 36 million
people affected and 21 million facing
food insecurity
Afghanistan, Pakistan,
Bangladesh and India
Severe flooding in 2022
Estimated damages in Pakistan
worth USD 30 billion
Australia
Multiple floods in 2022
Philippines
Severe tropical storms in 2022
caused 350 deaths
China
Worst drought in decades in the
Yangtze river basin in 2022, with 5
million people affected.
Sahel
Flood affected 3.4 million
people
South Africa
Flooding in 2022 caused 448
casualties and displaced 40 000
Panama
Drought during el Nino caused widespread
disruption to commercial ships passing
through the Panama Canal in 2023
Florida
In 2022 flooding and associated Hurricane
Ian caused 152 deaths USD 113 billion in
damages
Brazil
In 2022 heavy rainfall led to
landslides causing 230 deaths
Brazil
In 2021, Brazil faced its worst
drought in over a century
Central Europe
July 2021 flooding led to estimated
overall losses of USD 54 billion.
Central Europe
Water stress has been characterised
as the largest medium-term climate
risk.
Water dependent industries are particularly exposed to water risks
Source: WRI (2023) Aqueduct 4.0: Updated decision-relevant global water risk indicators
Companies disclosing to
CDP’s water security
questionnaires reported:
> USD 15.5 billion in assets
already stranded, or at risk
> At least USD 77 billion in
supply chains is under
threat due to water risk
Water risks are not adequately priced in the financial system
ECB study in 2021
• Exposure to physical climate risk (including river and coastal floods and droughts) did not
appear to be priced in the Eurozone banking system.
• Only 20% of banks were mapping climate and environment risk exposure
When risks materialise, financial actors may not be equipped to deal with them.
Missed opportunity to engage with corporates on mitigating risks.
CDP water security questionnaire to financial institutions
Water impacts and risk exposure of portfolios appears to be an under-prioritized issue for FIs
• 33% reported to be undertaking water-related risk assessments
• 15% assessing portfolio impacts on water security
Case studies demonstrate potentially significant financial implications
> Water risks can potentially impact on financial stability
> Water related ecosystems play a significant role in nature-related financial risks
Climate Stress Tests Assessments of Nature-Related Financial Risks
Key messages and recommendations
Policy makers
> Water security and resilience need to be embedded in policy making across all aspects of the
economy.
Financial market supervisors and regulators
> Important progress has been made on disclosure standards and regulation (e.g.: ISSB, ESRS).
> Increasing ambition is needed to address water risks and impacts on water and freshwater
ecosystems.
> Supervisory guidance on assessing impacts and dependencies on water and freshwater
ecosystems and exposure to water-related climate risks will be essential.
> Further analysis and use cases at national, sector and portfolio level are needed.
Key messages and recommendations
Data
> Increased quality and coverage of publicly available data on water availability and quality,
water risk mapping, and status of freshwater ecosystems can support better assessments of
impacts and dependencies at asset level.
> Regardless of data gaps, assessments of impacts and dependencies needs to start now
Financial and non-financial corporations
> Resilience should be a key pillar in investment decisions and business strategy to avoid building
future liabilities.
> Increasing assessment and disclosure is needed on exposure to financially material water risks
and environmental impacts on water and freshwater systems
OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing water risks to the financial system (May 2024)

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OECD Green Talks LIVE | Diving deeper: the evolving landscape for assessing water risks to the financial system (May 2024)

  • 1.
  • 2. Overview 1. Water-related risks: context for action 2. Impacts of water risks on the economy 3. Assessments of financial exposure to risks 4. Key messages and recommendations
  • 3. Too much, too little and polluted water, and disruptions to freshwater systems • Climate change • Over-exploitation of water resources • Land use change • Pollution • Invasive species Risk drivers
  • 4. The socio-economic impacts of water risk are significant Source: adapted from WMO (2023) Global State of the climate report 2022; Swiss Re (2022) Note: any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Map designed by Layerace / Freepik Western / Central USA Persistent drought caused USD 22 billion in damages in 2022 Drought Flooding Horn of Africa Persistent drought in 2022; 36 million people affected and 21 million facing food insecurity Afghanistan, Pakistan, Bangladesh and India Severe flooding in 2022 Estimated damages in Pakistan worth USD 30 billion Australia Multiple floods in 2022 Philippines Severe tropical storms in 2022 caused 350 deaths China Worst drought in decades in the Yangtze river basin in 2022, with 5 million people affected. Sahel Flood affected 3.4 million people South Africa Flooding in 2022 caused 448 casualties and displaced 40 000 Panama Drought during el Nino caused widespread disruption to commercial ships passing through the Panama Canal in 2023 Florida In 2022 flooding and associated Hurricane Ian caused 152 deaths USD 113 billion in damages Brazil In 2022 heavy rainfall led to landslides causing 230 deaths Brazil In 2021, Brazil faced its worst drought in over a century Central Europe July 2021 flooding led to estimated overall losses of USD 54 billion. Central Europe Water stress has been characterised as the largest medium-term climate risk.
  • 5. Water dependent industries are particularly exposed to water risks Source: WRI (2023) Aqueduct 4.0: Updated decision-relevant global water risk indicators Companies disclosing to CDP’s water security questionnaires reported: > USD 15.5 billion in assets already stranded, or at risk > At least USD 77 billion in supply chains is under threat due to water risk
  • 6. Water risks are not adequately priced in the financial system ECB study in 2021 • Exposure to physical climate risk (including river and coastal floods and droughts) did not appear to be priced in the Eurozone banking system. • Only 20% of banks were mapping climate and environment risk exposure When risks materialise, financial actors may not be equipped to deal with them. Missed opportunity to engage with corporates on mitigating risks. CDP water security questionnaire to financial institutions Water impacts and risk exposure of portfolios appears to be an under-prioritized issue for FIs • 33% reported to be undertaking water-related risk assessments • 15% assessing portfolio impacts on water security
  • 7. Case studies demonstrate potentially significant financial implications > Water risks can potentially impact on financial stability > Water related ecosystems play a significant role in nature-related financial risks Climate Stress Tests Assessments of Nature-Related Financial Risks
  • 8. Key messages and recommendations Policy makers > Water security and resilience need to be embedded in policy making across all aspects of the economy. Financial market supervisors and regulators > Important progress has been made on disclosure standards and regulation (e.g.: ISSB, ESRS). > Increasing ambition is needed to address water risks and impacts on water and freshwater ecosystems. > Supervisory guidance on assessing impacts and dependencies on water and freshwater ecosystems and exposure to water-related climate risks will be essential. > Further analysis and use cases at national, sector and portfolio level are needed.
  • 9. Key messages and recommendations Data > Increased quality and coverage of publicly available data on water availability and quality, water risk mapping, and status of freshwater ecosystems can support better assessments of impacts and dependencies at asset level. > Regardless of data gaps, assessments of impacts and dependencies needs to start now Financial and non-financial corporations > Resilience should be a key pillar in investment decisions and business strategy to avoid building future liabilities. > Increasing assessment and disclosure is needed on exposure to financially material water risks and environmental impacts on water and freshwater systems