Daboub, a former managing director of the World Bank, added that the tool is suited for "companies that are either investing in a particular sector and want to prepare themselves for the changes that will take place, or companies that ... want to be at the beginning of the line to actually make the investments at a manageable level of risk."
Climate Risk Analysis Takes Off
Rebecca Henson, sustainability analyst for Calvert Investments, said that the Bethesda, Md.-based asset management firm is explicitly advising corporations to analyze their risks related to climate change.
"[Impact management] is an opportunity for us to drive our investments to find ways to address adaptation and the impacts of climate change," she said at the New York event.
In 2010, the U.S. Securities and Exchange Commission issued guidance for publicly held companies to disclose their climate risks and mitigation, adaptation and management strategies.
Calvert has since filed shareholder resolutions with Cincinnati-based retail food chain Kroger asking the company and its board of directors to report on how they will assess and manage the impacts of climate change on the corporation.
The investment adviser also filed a resolution with Orrville, Ohio-based J.M. Smucker Company, which earns 40 percent of revenue from its Folgers coffee label and sources palm oil for its Crisco-brand cooking shortening.
"Despite exposure to commodities, the companies still have no strategic plans in place to address climate change or its impacts," Henson said.