UK well prepared to address climate risks

The UK is well prepared to address climate-related risks, while the key manufacturing nations of India, Vietnam and some regions in China all rank poorly for both Climate Risk Exposure and Climate Risk Quality.

This is among the findings of the 2022 FM Global Resilience Index, which examines climate vulnerabilities and resilience via 15 economic, risk quality and supply chain measures.

Notably, the Republic of Korea’s climate risk quality rose in rank for this measure since last year, climbing 36 places, from 89 to 53, as the country demonstrated its commitment by releasing national flood maps in 2021. The Resilience Index also indicates countries that are relatively better able than others to address climate-related risks such as the United Kingdom. While ranked 111th for climate risk exposure, the UK sits in 17th place for climate risk quality this year.

Conversely, as businesses struggle to manage supply chain strains, this year’s index reveals manufacturing nations that rank low for both climate risk exposure and climate risk quality including China region 1 (East) and region 2 (Southwest and some coastal locations), India and Vietnam.

“Building resilience to achieve long-term sustainable outcomes is critical to business success, whether adjusting to war, navigating a pandemic, dealing with the threat of a changing climate, or meeting ESG demands,” said Pentti Tofte, staff senior vice-president, data analytics, FM Global. “The 2022 FM Global Resilience Index is designed to support senior executives with preparing for, and adapting to, a dynamic risk landscape and to building business resilience responsibly.”

FM Global’s latest index features new interactive climate risk and ESG filters to enable better understanding of country-inherent risks linked to corporate board priorities. The interactive web tool enables decision makers to find, slice, dice and compare objective data about 130 countries and territories to inform strategic decisions as they site new facilities, evaluate their supply chains, assess their business risk around the world and perform due diligence for mergers and acquisitions.

The new index also features health expenditure and supply chain timeliness, and improved measures for cyber risk and energy intensity.

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Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. For more information click here

Modelling and measuring transition and physical risks
CIR's editor, Deborah Ritchie speaks with Giorgio Baldasarri, global head of the Analytical Innovation & Development Group at S&P Global Market Intelligence; and James McMahon, CEO of The Climate Service, a S&P Global company. April 2023