featured Corporate /esg/insights/featured/sustainability-journal/first-quarter-2023-edition-the-road-to-climate-resilience content esgSubNav


Sustainability Quarterly

Accelerating progress in the world with essential sustainability intelligence.

Published: March 20, 2023


Welcome to the latest edition of the S&P Global Sustainability Quarterly, our first of 2023. The physical hazards of climate change are rising in severity and frequency, and countries and companies around the globe are setting net-zero targets in a bid to meet the goals of the Paris Agreement and limit the damage from climate change. But some impact will be unavoidable, and it will not be evenly distributed. An S&P Global Ratings analysis of data from 190 countries shows that a one-time, 1-degree C annual average temperature increase is more damaging for emerging markets and developing economies than for advanced economies.

Mitigation is only one piece of the solution to the climate change puzzle. The World Economic Forum’s Global Risks Report for 2023 lists failure to mitigate and failure to adapt to climate change as the top two risks over the next decade. But research from S&P Global Sustainable1 shows that many large companies are not engaging in climate adaptation efforts.

Adaptation financing also remains a challenge, lagging far behind money going toward mitigation. Issuance of green, social, sustainability and sustainability-linked bonds could contribute to addressing that gap. As analysts from S&P Global Ratings write in our annual sustainable bond outlook, the focus on adaptation and resilience is likely to increase. This demand could be a source of growth for the sustainable bond asset class in 2023 and beyond.

The urgency is clear. The physical impacts from climate change are increasing, and the window of opportunity for building resilience and adapting at lower costs is rapidly closing. The physical risks caused by climate change are driving calls for faster preparation and for adaptation finance to be mobilized to pay for it.

Richard Mattison
S&P Global Sustainable1


Marion Amiot
Head of Climate Economics,
S&P Global Ratings
Francesca Jaworska
ESG Research Specialist,
S&P Global Sustainable1
Satyam Panday
Chief Emerging Market Economist,
S&P Global Ratings
Hana Beckwith
ESG Specialist,
S&P Global Sustainable1
Jennifer Laidlaw
Thought Leadership Senior Writer,
S&P Global Sustainable1
Bryan Popoola
Sustainable Finance Associate,
S&P Global Ratings
Stuart Bowles
ESG Analyst,
S&P Global Sustainable1
Lai Ly
Global Head of ESG Research,
S&P Global Ratings
Dennis Sugrue
Ratings Analytical Senior Director,
S&P Global Ratings
Steven Bullock
Managing Director and Global Head of ESG Innovation and Solutions,
S&P Global Sustainable1
James McMahon
CEO of The Climate Service, an S&P Global company,
S&P Global Sustainable1
Emmanuel Volland
Credit Analysis Analytical Leader,
S&P Global Ratings
Florence Devevey
Sustainable Finance Analytical Manager,
S&P Global Ratings
Dr. Paul Munday
Global Climate Adaptation and Resilience Specialist,
S&P Global Ratings
Nora Wittstruck
Senior Director,
S&P Global Ratings
Giulia Hallqvist
ESG Client Engagement Specialist,
S&P Global Sustainable1
Wera von der Osten
ESG Research Specialist,
S&P Global Sustainable1

Subscribe to ESG Insider, a podcast from S&P Global Sustainable1 that takes you inside the environmental, social and governance issues shaping the business world through in-depth analysis and interviews with sustainability leaders.


Asset Level
Physical Risk

Discover comprehensive data coverage and hyper-local insight on weather-related risks and trends across asset locations, investment portfolios and supply chains.

In this edition, we seek to understand the sustainability challenges different parts of the world and the economy face — and the solutions to help address these challenges.