Although economists have worked for decades to understand the economic implications of climate change, e.g., through the social cost of carbon, the more recent development of standards for natural capital accounting combined with modern data analytics are leading to a much richer understanding of risk. These findings highlight the complex and systematic nature of risk, ranging from firm to sectoral-level risk, up to central banks and national governments.
Drawing on examples including the recent, UN-endorsed Global Disaster-Related Statistics Framework and Taskforce on Nature-related Financial Disclosures (TNFD), I will highlight recent trends in climate-nature-economy risk and future directions in this space.
Ken Bagstad is a Senior Fellow at the Data Foundation. He has led efforts in the U.S. and globally to design and implement standard practices for natural capital accounting, putting the economic value provided by nature on balance sheets for governments and businesses. His career includes 14 years at the U.S. Geological Survey, where he coordinated efforts spanning 27 Federal agencies to develop and report on nature’s contributions to the U.S. economy. He has also served as a senior technical advisor for the World Bank and the United Nations, and is a long-time collaborator with on the Artificial Intelligence for Environment and Sustainability (ARIES) Project. Ken holds a Ph.D. in natural resources and ecological economics from the University of Vermont.
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