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

“It's not just companies with oil rigs and smoke stacks,” says Rebecca Henson, senior sustainability analyst with Calvert Investments. “It's any business with operations.” The risks range from floods damaging facilities to droughts threatening the availability of raw materials, although experts shy away from attributing specific weather events to global warming.

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 nonprofit that works with businesses on sustainability issues. Such losses are a matter of particular concern now that the Securities and Exchange Commission requires companies to disclose their risks from climate change.