References
Insurance Premiums & Insurability Risk
Validates the P99 uninsurability threshold and the actuarial limits of Probable Maximum Loss (PML).
Liao, Y., Walls, M., & Wibbenmeyer, M. (2024). "Facing Wildfire Insurance Challenges: Five Lessons from the National Flood Insurance Program." Resources for the Future (RFF).
S&P Global Sustainable1 (2025). "Climate Physical Risk: Projected Financial Costs for Companies."
U.S. Department of the Treasury, Federal Insurance Office (FIO). (2025). "Analyses of U.S. Homeowners Insurance Markets, 2018-2022."
Maintenance & Asset Degradation
Validates the accelerated degradation coefficients for infrastructure, including corrosion and mechanical wear.
Barrelas, J., et al. (2021). "Implications of climate change in the implementation of maintenance planning and use of building inspection systems." Journal of Building Engineering, 40.
Larsen, P., et al. (2024). "Weather effects on the lifecycle of U.S. Department of Defense equipment replacement (WELDER)." Building and Environment, 259.
Zhang, Y., Ayyub, B., & Fung, J. (2022). "Projections of Corrosion and Deterioration of Infrastructure in U.S. Coasts under a Changing Climate." NIST / Resilient Cities and Structures.
Utility Demand & Energy Costs
Validates the degree-day equations used to forecast the shift in energy loads for cooling vs. heating.
De Rosa, M., et al. (2014). "Heating and cooling building energy demand evaluation; a simplified model and a modified degree days approach." Applied Energy, 128.
Henderson, G. (2005). "Home air conditioning in Europe - how much energy would we use if we became more like American households?" ECEEE 2005 Summer Study.
Obringer, R., et al. (2023). "Differential effects of climate change on average and peak demand for heating and cooling across the contiguous USA." Nature Communications.
Workforce Productivity & Operational Efficiency
Establishes the link between extreme heat, human labor capacity, and industrial equipment derating.
Casey, G., Fried, S., & Gibson, M. (2024). "Impact of U.S. Labor Productivity Losses from Extreme Heat." Federal Reserve Bank of San Francisco Economic Letter 2024-14.
International Labour Organization (ILO). (2019). "Working on a Warmer Planet: The impact of heat stress on labour productivity and decent work."
Callahan, C., & Mankin, J. (2024). "The Global Economic Cost of Heatwaves." Nature Communications.
Retrofit & Adaptation CapEx
Validates the cost-benefit ratios used to project necessary capital expenditures for asset hardening.
National Institute of Building Sciences (NIBS). (2019). "Natural Hazard Mitigation Saves: 2019 Report."
Urban Land Institute (ULI). (2022). "Resilient Retrofits: Climate Upgrades for Existing Buildings."
World Economic Forum (2025). "The Corporate Adaptation Gap: Measuring Resilience Investment."
Valuation & Climate Discount Rates
Validates the empirical basis for the 75–200 bps "climate discount" in real estate and infrastructure transactions.
Heilbron, J., & Zhao, K. (2024). "The Uneven Distribution of Climate Risks and Discounts." U.S. Office of Financial Research (OFR) Brief 24-01.
UNEP FI & CRREM. (2021). "Underwriting Controls for Climate Change: Validating Valuation Impacts and Brown Discounts."
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