From heatwaves to floods, extreme weather events are increasingly causing upheaval across the globe, pushing companies and investors to seek to better understand and measure the risks to their assets.
"Investors and companies are seeking advanced analytics to respond to the financial impact of climate change. Essential to this, is the ability to quantify the financial impact of climate change at asset level to enable meaningful mitigation and adaptation planning," James McMahon, Chief Executive Officer of The Climate Service, part of S&P Global, said in a statement.
By the 2050s, each company would have at least one asset with a score of over 75, which is considered to be at a significantly high risk from extreme heat, extreme cold, wildfire, water stress, drought, coastal flood, fluvial flood and tropical cyclone.