The availability of environmental and climate change statistics is uneven across countries, including among advanced economies. Unfortunately, most low-income and some emerging countries do not have the capacity to develop and disseminate these statistics which are urgently needed to be able to manage the change in climate and its impact on economic and financial stability. Physical risk indicators combine information on hazards, exposures and vulnerability to help policymakers better understand the risk climate hazards pose to populations, the economy, including its buildings and structures, and financial markets. Similarly, transition risk indicators underscore the economic and financial challenges and opportunities that arise from the global move towards a low-carbon future. Addressing both types of risks requires comprehensive risk assessments, robust data collection and analysis (including big data), strategic planning, and collaboration among stakeholders at local, national, and global levels. This session will focus on measuring and understanding physical and transition risks through big data, modeling tools, and scenarios to support effective mitigation and adaptation action, while ensuring interoperability will be possible when designing and implementing policies and measures across scales. The session will also present how an ARIES based tool can be used to provide initial estimates of these risks.