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This document presents a climate change risk assessment framework to help integrate climate change risks into existing company risk processes. It consists of a checklist of potential climate impacts tailored to specific regions, business sectors, and coastal/marine dependencies. The framework is intended to help identify both negative and positive climate-related risks. Users select inputs like region and sector, then the tool outputs an overall climate risk summary and example impacts. It is meant to support strategic planning, business planning, and investment risk analysis by documenting company implications, required actions, and residual risk levels. The tool is available online and has been piloted at Fortum to incorporate into strategy and risk management processes.

Environment

Climate Change Risk
Assessment Framework
Harri Spolander, Fortum
Janne Peljo, Sitra
19.9.2016

• The scope of the climate change risk assessment is to support the business
risk analysis in terms of climate change risks among the other
megatrends by integrating the assessment to company’s existing risk
processes
• This is a framework to support adaptation to climate change risks and
impacts, not to manage the climate change itself
Climate Change Risk Assessment Process
Framework Overview
Climate change
Population growth
Urbanization
Resource scarcity
Other megatrends
Megatrends
Climate Change Risk
Assessment Framework
Company’s existing
risk processes



Risk analysis in
strategic planning
Risk analysis in
business planning
Investment risk
analysis
Harri Spolander • Janne Peljo • 16.9.2016 • 2

More holistic and comprehensive assessment of the risk landscape
Climate Change Risk Assessment Process
Process Background
The idea is of the check-list is to ingrate the climate change
risk assessment to company’s existing risk processes to
support adaptation to climate change risks and impacts.
The objective is to concentrate the analysis to the aspects
that can be impacted by the Corporates and supports the
adaptation to the negative impacts and business continuity.
The risk analysis works as a check-list of the climate change
impacts in the respective country. All critical items are lifted
and integrated to the overall risk analysis and risk maps
presented for the business plan or the project.
Harri Spolander • Janne Peljo • 16.9.2016 • 3

4
Climate Change Risk Management Framework
Assessment Process
• Helps to identify and analyze climate related
risks (negative and also positive) in different
countries and regions
• The risk analysis works as a check-list of the
climate change impacts in the respective
country. Facilitates documentations of
 Company specific implications
 Materiality before actions
 Actions
 Criticality after actions (Red-Yellow-Green)
• The guidance is that all critical items are lifted
and integrated to the overall risk analysis and
risk maps presented for the business plan or
the project
Harri Spolander • Janne Peljo • 16.9.2016 •

5Harri Spolander • Janne Peljo • 9.5.2016 •
Tool Inputs
• Basic inputs for data generation:
 Region
 Oceanic region
 Business sector
 Dependence on coastal and marine
infrastructure

6Harri Spolander • Janne Peljo • 16.9.2016 •
Tool Outputs – Overall Climate Risk Summary
1

7Harri Spolander • Janne Peljo • 16.9.2016 •
Tool Outputs – Example Impacts for the Selected Sector
2

9Harri Spolander • Janne Peljo • 16.9.2016 •
Tool Outputs - Summary

10Harri Spolander • Janne Peljo • 16.9.2016 •
Conclusions and Next Steps
Tool is available in Sitra Website: http://www.sitra.fi/uutiset/hiilineutraali-
teollisuus/ilmastoriskien-tunnistaminen-ja-hallinta-tarkea-osa-yritysten
1
The tool because of its general characterics fits best for strategy-level
discussions. Indirect, like socioeconomic impacts need to be analysed
separately
2
Piloting and testing the tool at Fortum as a part of strategy processes; Risk
Management and Sustainability involved
3
Discussions ongoing with dedicated climate risk advisors to find recommended
sources of more detailed analysis, facilitation and process development
4
Discussions ongoing with MetOffice for tailored reports for certain locations as
per customer requests.
5

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