Full Title: Reimagining Utility Climate Risk Planning: How Regulators and Utilities Can Leverage and Improve Climate Risk Assessment Frameworks to Drive an Affordable and Equitable Transition
Author(s): Jeff Sward and Becky Xilu Li
Publisher(s): Rocky Mountain Institute
Publication Date: November 7, 2024
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Description (excerpt):
Today’s grid infrastructure is underprepared for the changing trends in weather- and climate-related disasters. Between 2000-2023, extreme weather accounted for most major power outages in nearly every state. Likewise, utilities are not aligned with a transition to a net zero-carbon economy. Together, such physical climate risks (i.e., risks related to the physical impacts of climate change) and transition climate risks (i.e., risks related to the transition to a zero-carbon economy) threaten the affordability and reliability of clean electricity – the keystone of this future economy.
This insight brief explains how to integrate emerging climate risk assessment frameworks with utility planning processes to enable utilities to navigate a path toward a future grid supporting strong and resilient communities that can weather climate risks.