{"id":39485,"date":"2023-11-22T12:49:01","date_gmt":"2023-11-22T17:49:01","guid":{"rendered":"https:\/\/test.greenmoney.com\/2025\/?p=39485"},"modified":"2023-11-27T15:47:34","modified_gmt":"2023-11-27T20:47:34","slug":"can-economists-design-hurricane-stress-tests","status":"publish","type":"post","link":"https:\/\/test.greenmoney.com\/2025\/can-economists-design-hurricane-stress-tests\/","title":{"rendered":"Can Economists Design Hurricane Stress Tests?"},"content":{"rendered":"
>> Back to December 2023 Issue<\/a><\/div>\n

Sarah Bloom Raskin calls for credible public data on climate risk<\/span><\/i><\/h2>\n
\"Climate<\/a><\/span><\/h5>\n
Above photo: Sarah Bloom Raskin; credit: NCRC \/ Flickr<\/em><\/span><\/h5>\n

Claims that the booming private-sector climate data services industry is hyping its accuracy and failing to deliver equitable, reliable or transparent datasets were addressed by experts in a panel discussion in October.<\/span><\/p>\n

Hosted by Climate & Capital Media, the event brought together global industry experts, including former US Treasury deputy secretary Sarah Bloom Raskin, to discuss the accelerating private-sector \u201cclimate intelligence arms race\u201d.\u00a0<\/span><\/p>\n

Madison Condon, of the Boston University School of Law, opened the panel by presenting her paper, Climate Services: The Business of Physical Risk. Condon\u2019s research has revealed that private climate data analytics firms\u00a0<\/span>may be over-claiming the utility of \u201cdownscaling\u201d techniques<\/span><\/a>.<\/span><\/p>\n

Downscaling is the bottom-up process of using location specific information to flesh out aggregate geographical data from publicly available global climate models. Downscaling aims to provide greater granularity and decision-useful information on physical climate risks.<\/span><\/p>\n

However, Condon argued that downscaling often results in claims that \u201caren\u2019t particularly scientifically rigorous\u201d. To improve the quality of data, she said more investment is needed in resource intensive catastrophe modelling techniques.\u00a0<\/span><\/p>\n

The panel \u2013 which included Climate & Capital Media\u2019s climate editor Blair Palese and moderator Kate Mackenzie \u2013 considered how to reform the industry to make it fit for purpose.<\/span>
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The\u00a0<\/span>climate intelligence arms race<\/span><\/a>\u00a0is currently\u00a0<\/span>dominated by a small number of corporate players<\/span><\/a>\u00a0that acquired many early entrants in the space. Palese highlighted the importance of moving away from a corporate black box structure towards transparent, useful and accessible analytics.<\/span><\/p>\n

Raskin expressed concern over findings that climate analytics are often not validated, authenticated or complete, and stated that she \u201cshudders to think what policy looks like when models being used are not incorporating full climate data\u201d.<\/span><\/p>\n

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