siennashankel

Balance Sheets, Climate Risk, Governance, Institutional Risk, Mandates

Climate Risk as Institutional Exposure

Climate risk is often discussed as a market phenomenon. It appears in pricing models, insurance premiums, asset valuations, and capital flows. In that framing, it is treated as something external to institutions: a force that acts on portfolios, markets, or…

siennashankel
February 3, 2026

Capital Architecture, Climate, Governance, Insurance, Systemic Risk

When Climate Risk Cannot Be Delegated

Modern financial systems are structured around delegation. Risk is priced, transferred, insured, securitized, or hedged. Exposure is reallocated from operating entities to balance sheets designed to absorb it, from private actors to markets, and from markets to intermediaries. The underlying…

siennashankel
January 24, 2026

Climate Risk as Institutional Exposure

When Climate Risk Cannot Be Delegated

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