Climate risk considerations are front and center in commercial real estate transactions. Millions of U.S. properties are at risk, and many more will face increased vulnerability from climate-related hazards and extreme weather events. Property owners, environmental professionals, developers, lenders, and investors must increasingly evaluate and disclose physical climate risks for individual properties and more extensive portfolios. They also must align these assessments with existing due diligence processes. Critical to this evaluation is reliable climate data, especially data that focuses on physical climate risks, such as heat, fire, storms, floods, and drought. A new ASTM standard covering climate risk assessments will also offer guidance on how users can use this data and initiate the evaluation process.
This presentation will address the following:
• Physical climate risk data sets, sources, and an overview of the data providers.
• Factors driving increased attention to climate risk assessments.
• Data outputs/hazards included in a climate risk evaluation and the typical scope of the work for climate risk due diligence and existing portfolio analysis.
• The users of physical climate risk data, how they use it, and how environmental professionals can assist in the assessment process.
• An overview of ASTM’s new standard for climate risk and property resilience and its application for environmental due diligence.