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\"><style>#nxe-n1fxtdkt.nxe{display:block;box-sizing:border-box;max-width:1180px;margin:0 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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n1fxtdkt.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"ledger\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A-P04 \u00b7 INDEX \u00b7 topics<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Climate and Nature Financial Risk<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Climate and Nature Financial Risk \u00b7 Topics<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Topics<\/h1><p class=\"nx-tagline\">Topics at Climate and Nature Financial Risk: the pages in this section are listed below, each with its own scope and status.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/physical-climate-risk\/\">Open Physical climate risk <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/\">Back to Climate and Nature Financial Risk<\/a><\/div><\/div><div class=\"nx-hero-panel\"><div class=\"nx-register\" data-variant=\"ledger\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Climate and Nature Financial Risk<\/strong><\/span><span class=\"nx-eyebrow\">Register<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/physical-climate-risk\/\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Physical climate risk<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/transition-risk\/\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Transition risk<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/nature-dependencies\/\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Nature dependencies<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/scenario-analysis\/\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Scenario analysis<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/insurance-bank-investment-effects\/\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Insurance bank investment effects<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/disclosure-and-data\/\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Disclosure and data<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/adaptation-and-insurability\/\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Adaptation and insurability<\/span><\/a><\/li><li><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/model-and-measurement-gaps\/\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Topic<\/span><span class=\"nx-register-v\">Model and measurement gaps<\/span><\/a><\/li><\/ol><p class=\"nx-register-foot\">GRA \u00b7 In development \u00b7 service level R0<\/p><\/div><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-about-this-section\"><span>02<\/span>Topics at Climate and Nature\u2026<\/a><a href=\"#nx-sec-pg-nx-gra-a-p04-tp\"><span>03<\/span>Climate and Nature Financial Risk\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-pg-sources\"><span>05<\/span>Where this page's references lead<\/a><a href=\"#nx-s-7-sec\"><span>06<\/span>Pages in Topics<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"climate\" data-variant=\"stack\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">The Climate and Nature Financial Risk topics are the eight subject dossiers of its field, among them physical climate risk, transition risk and nature dependencies. Each dossier sets out how the risk develops, what is measured and in which units, the public sources and their licences, the methods, who decides and the limits of the evidence.<\/p><\/div><\/div><\/section><section id=\"nx-sec-about-this-section\" class=\"nx-section\" data-hue=\"biodiversity\" data-tone=\"alt\" data-variant=\"stack\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">About this section<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Topics at Climate and Nature Financial Risk.<\/h2><p class=\"nx-lede\">GRA is a nonprofit business league for the financial services industry. It does not lend, underwrite, rate, invest, advise on or arrange transactions, and readiness work is not approval.<\/p><\/div><\/div><\/section><section id=\"nx-sec-pg-nx-gra-a-p04-tp\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Topic map<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Climate and Nature Financial Risk topics, and the question each answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><ul class=\"nx-dir\" data-cols=\"2\" aria-label=\"Topic\"><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/physical-climate-risk\/\"><span class=\"nx-dir-name\">Physical climate risk for finance<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Physical climate risk is the financial risk from climate hazards: acute events such as floods, storms and wildfire, and chronic shifts such as heat, drought and sea level rise.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/transition-risk\/\"><span class=\"nx-dir-name\">Climate transition risk in finance<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Transition risk is the financial risk from the move to a low-emission economy: carbon pricing and regulation, technology shifts, changing demand and litigation.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/nature-dependencies\/\"><span class=\"nx-dir-name\">Nature dependencies and financial risk<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Businesses depend on nature for water, pollination, soil fertility, flood regulation and raw materials, and they affect nature through land use, pollution and extraction.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/scenario-analysis\/\"><span class=\"nx-dir-name\">Climate scenario analysis for finance<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Climate scenario analysis asks how financial institutions would fare under different climate and policy pathways.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/insurance-bank-investment-effects\/\"><span class=\"nx-dir-name\">Climate risk across insurers and banks<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Climate and nature risks reach insurers, banks and investors through different channels and interact between them.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/disclosure-and-data\/\"><span class=\"nx-dir-name\">Climate disclosure and data for finance<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Climate and nature disclosure gives investors, lenders and supervisors information on exposure and management.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/adaptation-and-insurability\/\"><span class=\"nx-dir-name\">Climate adaptation and insurability<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">As climate hazards grow, some property and activities may become uninsurable at affordable prices, and lenders may stop financing them.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-dir-row\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/model-and-measurement-gaps\/\"><span class=\"nx-dir-name\">Climate financial model gaps<\/span><span class=\"nx-dir-fact\"><span class=\"nx-dir-k\">The question<\/span><span class=\"nx-dir-v\">Climate and nature financial risk is measured with models that leave much out: tipping points, compound and cascading events, nature, social and political responses, and the feedback between finance and the economy.<\/span><\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><p class=\"nx-p\">Topic pages in Climate and Nature Financial Risk share one structure: mechanisms, indicators, sources, methods, decisions and limits, written for climate risk managers in banks and insurers and disclosure and sustainability reporting teams.<\/p><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"climate\" data-tone=\"alt\" data-variant=\"stack\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Acute physical risk<\/td><td data-label=\"Definition\">Risk from event-driven hazards such as floods, cyclones and wildfires.<\/td><\/tr><tr><td data-label=\"Term\">Stranded asset<\/td><td data-label=\"Definition\">An asset that loses value before the end of its expected life because of transition changes.<\/td><\/tr><tr><td data-label=\"Term\">Ecosystem service<\/td><td data-label=\"Definition\">A benefit people and businesses obtain from ecosystems, such as pollination or water purification.<\/td><\/tr><tr><td data-label=\"Term\">Orderly transition<\/td><td data-label=\"Definition\">A scenario in which climate policy is introduced early and becomes gradually more stringent.<\/td><\/tr><tr><td data-label=\"Term\">Insurance availability<\/td><td data-label=\"Definition\">Whether cover for a risk can be bought in the market at all.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-pg-sources\" class=\"nx-section\" data-hue=\"biodiversity\" data-variant=\"stack\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">Where this page's references lead.<\/h2><p class=\"nx-lede\">The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.<\/p><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\" data-nav=\"true\"><li><a class=\"nx-link\" href=\"https:\/\/www.ngfs.net\/ngfs-scenarios-portal\/\"><span>NGFS climate scenarios: long-term Phase V (November 2024; Phase VI announced for 2026) and short-term scenarios (May 2025)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/www.ifrs.org\/issued-standards\/ifrs-sustainability-standards-navigator\/\"><span>IFRS S1 and IFRS S2 (ISSB), with the December 2025 targeted amendments to IFRS S2 GHG requirements (effective 2027)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/tnfd.global\/recommendations-of-the-tnfd\/\"><span>TNFD recommendations and LEAP approach (2023)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><li><a class=\"nx-link\" href=\"https:\/\/www.bis.org\/bcbs\/publ\/d532.htm\"><span>BCBS Principles for the effective management and supervision of climate-related financial risks (2022)<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/li><\/ul><\/div><\/div><\/section><section id=\"nx-s-7-sec\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Pages<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">Pages in Topics.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-cards\" data-cols=\"3\"><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/physical-climate-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Physical climate risk<\/h3><p class=\"nx-p nx-mt-1\">Direct and indirect asset exposures.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/transition-risk\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Transition risk<\/h3><p class=\"nx-p nx-mt-1\">Policy, technology and business-model change.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/nature-dependencies\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Nature dependencies<\/h3><p class=\"nx-p nx-mt-1\">Ecosystem services, degradation and economics.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/scenario-analysis\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Scenario analysis<\/h3><p class=\"nx-p nx-mt-1\">Horizon, assumptions and limitations.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/insurance-bank-investment-effects\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Insurance bank investment effects<\/h3><p class=\"nx-p nx-mt-1\">Distinct financial-sector transmission.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/disclosure-and-data\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Disclosure and data<\/h3><p class=\"nx-p nx-mt-1\">Source quality and comparability.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/adaptation-and-insurability\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Adaptation and insurability<\/h3><p class=\"nx-p nx-mt-1\">Risk reduction and protection gaps.<\/p><\/a><a class=\"nx-card\" href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/topics\/model-and-measurement-gaps\/\"><span class=\"nx-eyebrow\">Topic<\/span><h3 class=\"nx-h4 nx-mt-2\">Model and measurement gaps<\/h3><p class=\"nx-p nx-mt-1\">Geolocation, uncertainty and aggregation.<\/p><\/a><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-8\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-8\" class=\"nx-h3 nx-mt-2\">Around Climate and Nature Financial Risk.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/about\/\">Industry scope and publisher <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/sector\/\">Financial discipline overview <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/climate-nature-financial-risk\/research\/\">Professional research 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