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Physical Climate Risk Assessment Playbook for the Financial Sector

The “Physical Climate Risk Assessment for the Financial Sector” playbook, developed by CDRI and supported by The Rockefeller Foundation, guides financial institutions (FIs) in low- and middle-income countries (LMICs) to assess and manage physical climate risks.  

It outlines a structured approach—awareness, assessment, and action—emphasizing the hazard-exposure-vulnerability (HEV) framework and climate value-at-risk (VaR) modelling. The playbook promotes integrating climate risk into governance, strategy, and credit processes, while highlighting opportunities in green finance. It addresses challenges like data gaps, lack of standardization, and limited macro-level guidance.  

Tools like the Global Infrastructure Risk Model and Resilience Index (GIRI) support localized risk analysis. The document calls for collaboration among regulators, policymakers, and FIs to institutionalize climate risk assessments and unlock financing for climate-resilient infrastructure, ensuring long-term economic and environmental sustainability in LMICs. 

Key points

  • Model climate scenarios to estimate asset-level financial risk exposure. 
  • Embed climate risk into governance, strategy, and financial decision-making.
  • Climate change enables green bonds, loans, and sustainable finance products.
  • Inconsistent data and standards hinder climate risk financial assessments.
  • Collaboration among stakeholders is essential for resilient financial ecosystems.
  • Institutionalize climate risk practices to build long-term financial resilience.
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Alpana Saha 2

Director, Partnerships, Governance, and Resource Mobilisation 

Alpana heads institutional partnerships, governance, and resource mobilization at CDRI, advancing cross-sector collaborations that drive resilient infrastructure programming across Member Countries and organizations. With over 25 years of experience spanning international development, global health, and the non-profit sector, she brings deep expertise in fundraising strategy, donor engagement, and delivering strategic change. 

At CDRI, Alpana has been pivotal in forging strategic alliances with governments, international organizations, and philanthropies. She also plays a key role in fortifying institutional systems and board governance mechanisms as the Coalition transitions into an international organization. 

Before joining CDRI, Alpana held senior leadership roles at The George Institute for Global Health, Plan India, WaterAid India, and SOS Children’s Villages, leading institutional fundraising and cultivating strategic partnerships for social impact. 

She holds a Master’s in Finance & Control from Aligarh Muslim University and completed Executive Education at Harvard Business School (CSR India). Her work is driven by a commitment to building enduring, values-based partnerships that accelerate sustainable development outcomes. 

Alpana Saha 

Director, Partnerships, Governance, and Resource Mobilisation 

Alpana heads institutional partnerships, governance, and resource mobilization at CDRI, advancing cross-sector collaborations that drive resilient infrastructure programming across Member Countries and organizations. With over 25 years of experience spanning international development, global health, and the non-profit sector, she brings deep expertise in fundraising strategy, donor engagement, and delivering strategic change. 

At CDRI, Alpana has been pivotal in forging strategic alliances with governments, international organizations, and philanthropies. She also plays a key role in fortifying institutional systems and board governance mechanisms as the Coalition transitions into an international organization. 

Before joining CDRI, Alpana held senior leadership roles at The George Institute for Global Health, Plan India, WaterAid India, and SOS Children’s Villages, leading institutional fundraising and cultivating strategic partnerships for social impact. 

She holds a Master’s in Finance & Control from Aligarh Muslim University and completed Executive Education at Harvard Business School (CSR India). Her work is driven by a commitment to building enduring, values-based partnerships that accelerate sustainable development outcomes.