Author Description

Available online: https://pub.norden.org/temanord2022-531/ Climate impacts hit us directly as e.g. floods and forest fires, but also cascade over borders. How can we address these transboundary climate risks (TCRs)? To answer this, the Nordic Council of Ministers commissioned a study. As open economies, the Nordics can be exposed to TCRs. Some key trade partners have medium (e.g. China) or even high (e.g. India) risk. The study dove deeper into six food commodities. For example, climate change affects sources of maize negatively, with risks outweighing opportunities by 28:1. This can mean higher prices or disturbances in supplies. The Nordics are better prepared than most others, but not well enough. There are also important differences among them. The report makes recommendations on how Nordics can better address TCRs together. These include a joint research programme, raising awareness and engaging with the private sector.