A novel method for quantifying risks to climate change events using conditional value at risk: a multi-unit residential building case study in London, Ontario

Climate change may lead to more frequent and severe weather events, resulting in significant financial and human health impacts. This paper develops a risk metric using building performance simulation by associating thermal and incidental risks in buildings during power outages while considering multiple cold and hot events. Conditional Value at Risk (CVaR) is calculated using variations in outage events. According to the results, employing an integrated building design and a microgrid with photovoltaic panels that can be disconnected from the grid halves vulnerability related to ice storms and completely mitigates it for historical heatwave events. The variability study has revealed that a code-minimum design has eight times the CVaR of the as-built design. This novel methodology has the potential to inform future environmental, social, and corporate governance strategies and assist infrastructure operators in managing their risk exposure to future climate change events, considering various types of risks and multiple hazards.