Climate change is becoming a source ofsignificant additional risks for agriculture and foodsystems. Climate projections suggest that impacts willinclude shifting average growing conditions, increaseclimate and weather variability, and more uncertainty inpredicting tomorrow’s climate and weather conditions.Agricultural risk management (ARM) is ideally placed tosupport stakeholders in building resilience to theseincreased risks in short and medium term. ARM can also playan important role in the transition to a climate-smarteragriculture system by offering a useful entry point fordialogue. The clear initial focus on the management ofshorter term risks and their economic impact can help createa sense of urgency and attract stakeholder involvement thatthen paves the way for broader discussions aroundclimate-smart agriculture. This study seeks to understandthe climate change impacts on agricultural risk - how dorisks change? - and on ARM - how can agricultural riskmanagers respond? This response has two elements: First,what role can ARM play in meeting the climate changechallenge? Second, how will ARM need to adapt itsmethodology to the new normal of climate change? Chapter onebriefly sketches a conceptualization of climate changeimpacts on agricultural risk. Chapter two assesses theimpact of climate change on production risks, includingtemperature fluctuations, drought events, heavy rainfall(including floods), and other direct weather events, such ascyclones and storms, as well as indirect implications ofclimate change, such as pests and diseases. Chapter threediscusses risk repercussions at the market level. Chapterfour focuses on the implications of climate change risks onthe enabling environment. Chapter five assesses theimplications of climate change impacts for agricultural risk management.
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