GARP SCR Solved Reviewed Questions With Revised Correct Detailed Answers
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Sustainability and Climate Risk Certificate
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Sustainability And Climate Risk Certificate
GARP SCR Solved Reviewed
Questions With Revised Correct
Detailed Answers
1. Climate Risk - ANSWER
financial risks linked to climate change
Also called Hazards* (Exposure * Vulnerability)
2. How does climate risk create financial risk? - ANSWER
NEW
In two ways:
Physical ri...
GARP SCR Solved Reviewed
Questions With Revised Correct
Detailed Answers
NEW
1. Climate Risk - ANSWER financial risks linked to climate change
Also called Hazards* (Exposure * Vulnerability)
2. How does climate risk create financial risk? - ANSWER In two ways:
Physical risk (destruction from climate such as storms, rising sea level, rising
temp)
.Transition risk (transitioning existing infrastructure to clean energy and
dislocation of people/cities)
3. Physical Risk - ANSWER Financial consequences of physical effects and
changing weather patterns that result from climate change
4. Transition Risk - ANSWER Financial consequences of economic
transformation and any dislocation needed to drastically reduce and
eliminate Greenhouse gases
5. Hazards - ANSWER Events with the potential to cause harm and
enhance risk
,6. Two kinds of hazards for physical risk - ANSWER acute and chronic
hazards
7. Acute hazards - ANSWER Short term events such as Weather-related or
weather-exacerbated events that will have an adverse impact.
8. examples: floods, hurricanes, and wildfires
9. Chronic Hazards - ANSWER long-term trends of weather events driven
by climate change that will have an adverse impact.
Examples: rising average temperatures and sea level rising
10.Exposure - ANSWER assets/firms in vulnerable place/setting
Similar concept to inherent risk
11.Vulnerability - ANSWER propensity or predisposition of the asset to
suffer adversely from its exposure to hazards
.Similar concept to risk likelihood
12.Stranded Assets - ANSWER Assets that have suffered from
unanticipated or premature write-downs, devalueations or conversion to
liabilities
,13.Attribution science - ANSWER new form of climate science that
determines how much climate change attributes to specific events are
(partially or almost completely)
14.Cons of using climate models to predict physical risk - ANSWER More
useful for long run predictions (2100s) not in the next few decades. Hazards
with multiple factors more difficult to predict (wildfires), less precise in
smaller areas
15.accuracy in hazard model predictions - ANSWER Accuracy: models give
varying degrees of accuracy for hazards and timescales. Difficult to obtain
data
16.Uncertainty in hazard model predictions - ANSWER Uncertainty:
climate hazards will require an interaction between climate events and
local conditions, such as flooding or wildfires
17.Variability in hazard model predictions - ANSWER Variability: models
can vary widely depending on what is being modeled (ex: if precipitation
will increase or decrease as climate increases, and magnitude of change is
also debated)
18.Data challenges modeling direct physical risk - ANSWER Differences
between the different global climate models' estimates for various hazards
.readjusting global climate models to derive regional or local estimates leads
to less precision
, .Difficult to obtain data, consultants provide data. For hazards like flooding
granularity matters
.climate hazards will require an interac-tion between climate events and local
conditions, such as flooding or wildfires
19.Supply Chain Risk - ANSWER Type of indirect phsycial risk; Partly
matter of classification if a company isn't vertically integrated
20.Liability risk - ANSWER Type of indirect physical risk; firms suffering
legal consequences after being held legally liable. e.g. Conservation Law vs.
Shell, where the party sued Shell for not adequately preparing for floods
21.Systemic & Multifaceted Risks - ANSWER type of indirect physical risk;
e.g. heat stress impacting worker productivity
22.Physical risks opportunities - ANSWER Limited upside, no opportunity
for profit. Only adapting to avoid larger losses in the future. Physical risks
interrupt business and destroy assets. Without insurance unable to operate
in vulnerable areas.
.Limited opportunities in dealing with physi-cal risk by partnering with
governments and with other kinds of counterparties, such as insurers to
coordinate adaptive measures to benefit all stakeholders in a community.
23.Transition risk opportunities - ANSWER economic and investment
opportunities presented by the speedy, wholesale transfor-mation of the
economic structure
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