The C40 Cities Climate Leadership Group — a global coalition of cities working to reduce urban carbon emissions and adapt to climate change — has announced a commitment to develop a risk assessment framework to help cities better prepare for natural disasters and severe weather events.
Announced at the Clinton Global Initiative's midyear meeting, the C40 Risk Assessment Framework will provide a common approach for cities looking to assess climate risk as well as a process for helping those cities prioritize climate-related risks before investing in adaptation and mitigation activities. Drawing on its successful efforts to develop a global standard for measuring community-scale greenhouse gas emissions, C40 will work to develop a similar standard for community-scale adaptation risk assessment that enables banks to better structure lending for resilient infrastructure and develop standards for accessing adaptation-linked finance. The framework also will help insurance companies value risk in a consistent way, helping to ensure continued investment in urban infrastructure.
The development of the framework will be guided by the newly launched Climate Risk Assessment Network, which will bring together officials from C40 cities and outside partners such as lending institutions, technical experts, and the insurance industry.
"In the wake of Hurricane Sandy and the recent floods in Jakarta and Sao Paulo, it is clear we need to empower cities to take the necessary actions to protect their citizens, infrastructure, and economies from the devastating impacts of natural disasters," said C40 chair and New York City mayor Michael R. Bloomberg. "While a growing number of cities have efforts underway to measure climate risk, there is a high degree of uncertainty and variability in their methodologies and approaches. The C40 Risk Assessment Framework, by creating a common approach to this challenge, will become the global standard by which all cities measure and manage climate risk."