The American Society for Testing and Materials (ASTM) has published a new standard for property resilience assessments (PRAs), which aims to help parties identify and evaluate the potential risks posed by natural hazards, including those made more extreme by climate change. The standard, known as ASTM E 3429-24, provides a generalized and systematic approach for conducting PRAs, which are intended to be used in real estate transactions, investment, and lending decisions, as well as in property management and climate risk analysis. The PRA process involves three stages: hazard identification, risk evaluation, and resilience measures. The standard is intended to complement existing property decision-making processes, including the Phase I Environmental Site Assessment (ESA) and the Property Condition Assessment (PCA). While PRAs may be more expensive and complicated than traditional ESAs, they can be an important tool for identifying and mitigating climate-related risks. However, there are concerns about the potential challenges and limitations of PRAs, including their cost, timing, and the difficulties of dealing with subjective or future-oriented analysis.
New ASTM Standard Aims to Simplify the Integration of Climate Risk and Resilience Factors into Assessments
