Conversations with leading experts in risk management. Listen and subscribe via Apple Podcasts, Spotify, or wherever you get your podcasts.


July 27, 2023

Climate Risk Taxonomies 101: A User Guide

Hear from Bob Buhr of the Imperial College Business School, as we explore ways of organizing the risks from climate change.

A risk taxonomy is a key underpinning of enterprise risk management. Used by firms to create a common risk language, it underpins a range of activities, such as risk identification, risk appetite setting and risk horizon scanning. But when it comes to the risks arising from climate change, there has been a bit of a vacuum. Some firms have chosen to use ‘green’ taxonomies. But these were set up for a different purpose – that is to classify the sectoral investment opportunities from the transition to a net zero or ‘green’ economy.

That’s why in today’s episode, we’ll be looking at how firms can overcome this gap, by examining a taxonomy that has been set up specifically to classify potential firm-specific climate risks. We’ll explore:

  • The challenges facing firms from a lack of suitable risk taxonomies;

  • What the key categories within a climate risk taxonomy ought to be; and

  • Why and how biodiversity loss and natural capital risks should be incorporated.

To find out more about the Sustainability and Climate Risk (SCR®) Certificate, follow this link:

For more information on climate risk, visit GARP’s Global Sustainability and Climate Risk Resource Center:

If you have any questions, thoughts, or feedback regarding this podcast series, we would love to hear from you at:

Links from today’s discussion:

Speaker’s Bio

Bob Buhr, Honorary Research Fellow, Centre for Climate Finance and Investment, Imperial College Business School

Over a 30-year career, Bob has worked at major rating agencies, asset managers, hedge funds and banks, and was often cited as a top-ranked bond analyst in various investor polls. He has published ESG and climate-related reports and written on environmental risks for years and has engaged with a variety of NGOs on climate and natural capital-related issues. He is the author of Climate Risks: An Investor's Field Guide to Identification and Assessment. Bob holds a bachelor’s degree from Ithaca College, and a Ph.D. from Brown University.


libsyn apple Spotify_Icon_RGB_Green

BylawsCode of ConductPrivacy NoticeTerms of Use © 2024 Global Association of Risk Professionals