Infrastructure underpins society and delivers social outcomes such as mobility and health, as well as economic prosperity. Without intervention to improve resilience to physical climate risks such as drought, heatwaves, floods and storms, we will not be able to achieve a fair and just transition to a resilient, low carbon world. The social and economic benefits that infrastructure provides will decline and the costs associated with damage and deteriorating performance will rise. It is estimated that climate change could increase the annual global direct cost of weather-related disasters by about 20%, or $39 billion, by 2040.

Investing in resilient infrastructure systems is critical to continued delivery of social and economic outcomes. However, until recently, there has not been a common approach to quantifying climate risks and the benefits of investing in resilience measures. Furthermore, today’s regulations and standards are typically based on historical climate data which does not account for projected climate change, and update timelines are incompatible with the dynamic nature of climate change.

Methodologies for quantifying physical climate risks and the benefits of resilience are now emerging, such as the Physical Climate Risk Assessment Method (PCRAM) developed by the Coalition for Climate Resilient Investment (CCRI).

This panel event is for anyone, but in particular for people who have specific interest on the role of policies, regulation, and standards in the adoption of approaches for quantifying climate risk and embedding resilience in infrastructure systems.

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