Corporate Risk Case Study: City of Chicago Climate Change Task Force
This 2008 report, commissioned by the City of Chicago, models potential economic impacts of climate change for the city. The study focused on city infrastructure, key departments, and budgets of the city of Chicago. The analysis was designed to assist city leadership in adaptation and mitigation planning.
This report represents the methods and results of the "Oliver Wyman" model, which included development of a "business as usual" scenario where current operational levels and investments were identified to establish a baseline for assessing incremental costs from anticipated climate change impacts. The research team interviewed staff in 18 city departments to assess how each departments operations, assets, personnel and services could be affected by climate change. Economic effects were assessed based upon considerations of whether increased costs would be assumed in terms of new capital investment needed, additional maintenance costs, and implications on labor.
Climate change effects assessed included increases in heat (both magnitude and duration) and precipitation (both frequency and volume). Scenarios were developed to assess the potential economic impacts that city departments could experience based upon climate projections. The study estimated that energy costs would increase by 14 times under a high emissions scenario.
Publication Date: July 2008
Author or Affiliated User:
- Oliver Wyman
- Case study