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GARP SCR Exam - Chapter 3: Climate Change Risk

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Due to high demand, we are working to make each chapter accessible to the relevant participants. In this particular chapter, we will be featuring an expert for the session. Chapter 3: Climate Change Risk - Exam weightage: 8 - 12 questions This chapter provides a comprehensive introduction to the financial risks linked to climate change that throughout this text are referred to simply as “climate risk.” It explains the two main subtypes of climate risk physical risk (resulting from the physical weather impacts of climate change) and transition risk (resulting from the economic transformation to a net-zero carbon economy) — before delving into the causes and implications of each type. The specific Learning Objectives for this chapter are as follows: • Describe how climate risk can translate to financial risk. • Differentiate physical and transition risks. • Understand how hazards/drivers, exposure, and vulnerability interact to manifest physical and transition risks. • Define stranded assets and discuss how different sectors may experience stranded asset risk. • Define and differentiate acute and chronic hazards. Provide examples. • Discuss uncertainty, variability, and accuracy in hazard model predictions (e.g., frequency, timeframes). • Identify data challenges modeling direct physical risk. • Define and provide examples of indirect risks. • Discuss how physical and transition risks can provide opportunities for companies and sectors. • Identify the drivers of transition risk. Categorize transition risks (e.g. technology, market) and provide examples. • Discuss human capital as a stranded asset and the challenges associated with asset stranding and a just transition. • Understand current industry trends for transition and physical risk categories and strategies companies can take to reduce risk or manifest climate-related opportunities.

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