Climate risks are increasingly recognized as significant factors influencing asset prices—spanning equities, bonds, and real estate—and may lead to substantial losses for investors. These risks can be broadly categorized into physical risks, which stem from the direct impacts of climate change (e.g., damage to assets, rising operating costs), and transition risks, which arise from the shift toward a low-carbon economy. The latter includes risks related to new regulations, carbon pricing, and changing stakeholder expectations. In Thailand, important knowledge gaps remain regarding how different types of firms are exposed to these risks, how such exposures affect corporate capital structures and financing decisions, and what strategic responses firms may adopt to mitigate or manage these risks. Addressing these questions is essential for informing corporate strategies, risk management practices, and financial regulatory policies.

1. Developing firm-level indicators to measure exposure to physical and transition climate risks.
2. Assessing the effects of climate risk exposure on firms’ capital structure, financing behavior, and resilience.

1. Physical climate risks data such as Trucost physical risk scores for base year, 2030 and 2050.
2. Transition risk data for listed companies SETSMART database (e.g. greenhouse gas reduction plan), scope 1 and 2 emission data, etc.
3. Firms’ financial statement data from CPFS database from 1999 to 2023.