Climate Risk and Financial Modelling (Science)
Science Specialization:
Climate Risk and Financial Modeling
Climate Risk and Financial Modeling addresses sustainability and the environment through the understanding of environmental systems using integrated scientific knowledge.
Learners will be able to critically assess complex environmental systems that are constantly evolving and subject to the influence of climate change. Natural hazards and sustainable exploration are key components of this interdisciplinary graduate diploma. In addition, learners will build on their ability to define and describe scientific information including Environmetrics, financial management, and quantitative modeling of climate risks and natural disasters to tackle critical environmental and sustainability challenges facing our evolving planet.
Learning Outcomes
After completing the Graduate Diploma in Climate Risk Assessment and Opportunity concentrating in the area of Climate Risk and Financial Modelling, students will be able to:
Evaluate
climate-environmental hazards and explain their risks to people, buildings, and infrastructure
Analyze
climate-environmental hazard data using modern data science and statistical approaches
Synthesize
and evauate the quality of information on climate-environmental hazards
Develop
a workable plan for risk mitigation and management with a socio-economic impact of the proposed actions
Understand
the value of a multidisciplinary approach to find solutions to diverse, complex problems, like climate change and associated risks
Recommended Background
Undergraduate degree in a science discipline
Basic financial and statistical knowledge
A working knowledge of programming languages (Python, R, C, C++, R, or Matlab, etc.).
Area of Specialization Courses
Climate Change and Financial Modelling (Faculty of Science)
In addition to the mandatory course, students are required to take 3 courses from within the Area of Specialization of their choice.
Course Offerings
Understanding Climate and Climate Change
Course Code: CRSCI 9007
This course provides an overview of the science of climate and the study of climate change. Changes in climate will affect all sectors of society (e.g., economy, heath, agriculture). However, to understand these impacts we need to understand the science behind these changes. This course will examine the tools scientists use to identify natural fluctuations in climate through geological time and the models that are used to predict future changes.
Financial Climate Risk Management
Course Code: CRSCI 9006
In this course, the techniques necessary to implement the recommendations made by the national and international organizations, such as the International Panel on Climate Change of the UN, the Office of the Superintendent of Financial Institutions of Canada, the Basel Committee on Banking Supervision regarding the management of climate-related financial risks. This course will collate and integrate the vision of these organizations focusing not only on Financial Institutions, but also on any organization concerned with the impact of climate change (physical risks) and the transition to a low-carbon economy (transitional risks) in their operations, from a financial point of view.
Impact Forecasting and Management of Natural Catastrophes and Climate Risks
Course Code: CRSCI 9005
Natural hazards and disaster risk reduction are important and fast-evolving areas of research and practice in Canada and globally. It is an interdisciplinary field that cuts across natural sciences (e.g., meteorology, climatology, geophysics, geology, and hydrology), applied sciences (e.g., structural and infrastructure engineering), data sciences (e.g., statistics and GIS spatial data analysis), and risk financing/management (e.g., insurance and reinsurance). The four key elements of natural hazard and climate risks are integrated to quantify the risks of natural disasters to urban environments and exposed population. Students will learn practical skills of environmental data analysis and qualitative as well as quantitative assessments of natural hazards and climate risks, and will conduct practical exercises of developing natural hazard risk mitigation plans.
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