Climate Change Adaptation in accordance with EU-Taxonomy 2020/852 (appendix 1, attachment A)

K.A.R.L.^® provides a solution!

 

Within the framework of the European Union`s sustainability strategy, a concept for ecologically sustainable investments is required by the EU-Taxonomy 2020/852.

Six environmental targets overall were defined which should be improved and attained by appropriate economic activity. These are:

1) Climate change mitigation
2) Climate change adaptation
3) Sustainable use and protection of water and marine resources
4) Transition to a circular economy
5) Pollution prevention and control
6) Protection and restoration of biodiversity and ecosystems

K.A.R.L.^® will soon provide a solution for an important part of the second environmental target – climate change adaption. Attachment A (table 1) of the taxonomy shows a variety of physical climate hazards which could influence one`s own activities. Aim is to determine through a climate risk assessment if and to what extent this is the case. Subsequently, the companies are required to develop adaptation strategies.

The K.A.R.L.-team at KA Köln.Assekuranz Agentur has developed a Climate Risk Assessment whereby every single required physical climate hazard is examined on the spot regarding its relevance according to the EU taxonomy.

Each relevant natural hazard is then more closely examined and described in the K.A.R.L report. In addition, a climate profile will be generated which shows the change in the climate conditions at the location. This includes the anticipated climate development for different scenarios (SSP1-2.6, SSP2-4.5 and SSP5-8.5) in three different time periods (short 2015-2044, mid 2035-2064 and far 2070-2099).

Based on these results, risk managers can subsequently develop adaptation measures.

Detailed classification numbers for physical risks on the basis of today`s climate conditions can be automatically determined for large portfolios using K.A.R.L. The projection of these and further acute hazards (e.g. forest fires, avalanches, landslides) will now be gradually automated. Also, basic chronic hazards (incl. heat stress, rise in sea level, permafrost) for the above mentioned time periods and scenarios will soon be available for smaller portfolios throughout the world.

 

Here you can click through our flyer Simply understanding the physical risks for the EU-Taxonomy Regulation.

 

Here we offer you to download an exemplary climate risk and vulnerability analysis according to EU taxonomy for a fictitious location.

 

You would like to carry out a climate risk assessment within the framework of the EU-Taxonomy? Please get in touch by email with details of the approximate number of the properties to be analysed with Mrs. Remmel at ariane.remmel@koeln-assekuranz.com.