Thanks for that.
A few years ago, you and your colleague, I believe it was Kathryn Bakos, produced a report called “Transitioning from Rhetoric to Action: Integrating Physical Climate Change and Extreme Weather Risk into Institutional Investing”. I'm curious about whether you could provide a copy of that report to the ENVI committee. The report speaks to practical means of factoring climate change and extreme weather risk into institutional investing—what you call climate risk matrices, or CRM. We know that the TCFD, the task force on climate-related financial disclosures, and the ISSB have frequently called out for the need to better adapt climate risks to institutional and investment decisions.
How and why should investors incorporate physical climate risk into portfolio management? I'm thinking about commercial real estate portfolios, banking, or wind electricity generation.