May 28, 2021
Published in: Climate Risk Management, Volume 37 (2022). doi: 10.1016/j.crm.2022.100422
Posted on RAND.org on May 02, 2023
The management of climate-related risks has become increasingly important and more frequently practised across many sectors of society. Concurrently, a proliferation of guidance documents have been published to help public, private, and civil society organisations conduct these activities. This study compares the UKCIP climate risk management framework and the implementations of climate risk management embodied in CCRA2, TE2100, and Oasis LMF to the new ISO 14091 standard, published in February 2021. We find general consistency among ISO 14091, UKCIP, and the three implementations, but also important differences in focus largely explainable by variations in context and the time at which the approaches were developed. Based on this analysis, the study provides recommendations for various stakeholders. All the approaches can benefit from providing more explicit guidance in certain areas highlighted by the analysis, a suggestion for their authoring organisations to review. Climate risk practitioners could use the findings to determine which approach to use and how depending on their objectives. UK and other government officials might consider developing guidance documents to aid practitioners when making these decisions. The typology of key elements of climate risk approaches created in our study can also help scholars with future research.