When it comes to climate change, companies and investors aliketend to focus on reducing greenhouse gas emissions. But businessesincreasingly face physical risks from global warming as well.

“It's not just companies with oil rigs and smoke stacks,” saysRebecca Henson, senior sustainability analyst with CalvertInvestments. “It's any business with operations.” The risks rangefrom floods damaging facilities to droughts threatening theavailability of raw materials, although experts shy away fromattributing specific weather events to globalwarming.

Consider this: In part because of extreme weather events,economic and insurance losses set records last year, with more than$148 billion in overall losses, according to Ceres, a nonprofitthat works with businesses on sustainability issues. Such lossesare a matter of particular concern now that the Securities andExchange Commission requires companies to disclose their risks fromclimate change.