The climate system is undergoing rapid changes because of anthropogenic emissions of greenhouse gases. The effects from a warmer climate are already noticeable today with more frequent extreme weather events. These extreme weather events have financial consequences and pose risks to the financial system. This study evaluates such physical climate risks for the periods 2021-2025 and 2026-2030 by developing a quantitative model. Physical risks are here limited to heat waves, heavy precipitation events, drought and tropical cyclones. The model applies climate data from CMIP5 to evaluate hazard intensity at the location of a company. Vulnerability of the certain hazard is determined based on the sector. Physical risks from supply chain relations are also considered. The result is then aggregated on portfolio level. The model is applied to compare the exposure of physical climate risks on sustainable equity funds with the exposure on the general market and to determine what characteristics that contribute to low respectively high climate risks.Generally, the total climate risk proves to be lower for the period 2021-2025 compared to 2026-2030 because of the natural variability in the climate system. Europe has the lowest climate risk, and the GICS-sector with the highest risk is Real Estate. No clear conclusion can be drawn in the comparison of physical risk exposure between sustainable funds and the market; however, the result indicates that sustainable funds select securities of lower risk within a specific investment universe. The average sustainable funds select equities with lower risk within regions, sectors and market cap sizes in almost all studied cases. Regional allocation proves to be important for the exposure to physical climate risks. This is also related to market cap size since larger companies are likely to have their assets distributed in several countries which contributes to diversification. On fund level, the strategy of carbon minimising is shown to have no significant impact on physical climate risks, neither positively nor negatively.The awareness among investors on physical climate risks is currently low, and sustainability labels seem to offer no guarantee for minimising physical risk exposure. This study adds to the very small pool of studies on physical climate risks in investment management and provides a market wide overview. Hopefully, development of this research area can contribute to increase the awareness of investors and thereby drive capital towards a more resilient society.

(Inter)nationalist Popular Education: Security Policy, Nationalism and Advocacy in the Swedish Folk High Schools’ Action on Development Issues 1950-1969Folk High Schools in Sweden have a long history of engaging internationally, especially as regards courses on development studies (u-landslinjer) that emerged in the late sixties. The purpose of this article is to track some of the discourses about internationalisation, development and aid that preceded those courses, as well as to scrutinise ideas of the role of the Folk High School (folkhögskola) in the emerging field of development aid. Analysing material from Tidskrift för svenska folkhögskolan (Journal of the Swedish Folk High School) between 1950 and 1969, the study shows that the discourse on internationalism takes its starting point from an already established nationalism and nordism. National security also arises as an argument for engaging in development issues. The analysis also shows that there is a shift in the role of the Folk High School in the evolving development work; from “helping” to “advocating.” The results raise questions about how we can understand today’s Folk High School courses on global development against the background of the debates of the fifties and sixties.

Gendered class mobility and paradoxes of solidarity in transnational folk high school courses on global development. Nordic popular education (folkbildning) has a history of emancipatory endeavours. At the same time it has also been involved in, and reproducing, different structures of power. By studying participants on a Folk High School course on global development, where intersectional power orders are critically challenged while also permeating and enabling the course, this article addresses this paradox. Interviews are analysed with tools from critical and cultural sociological theory. The purpose of the study is to deepen the understanding of the conditions and significance of critical popular education. The stories depict how the courses become alternatives to more male-dominated elite courses at the Folk High School; how class is mirrored as the course becomes a tool for either upward class mobility or (middle) class reproduction; and how a moral subjectivity is created through a relation to, and distancing from, discourses of tourism and traditional aid.

especially like to thank Sofia Nyström, Louise Malmström and Song-Ee Ahn for all your very valued help and support. And, of course, my greatest appreciation to my dear "academic sisters" from the same PhD student cohort: Helena Colliander, Lina Rahm and Daphne Arbouz, and also Eleonor Bredlöv Eknor from the cohort before us. Thank you, not only for your intelligent feedback and readings, but also for all our deep conversations, silly joking and loving friendships. Without your company, I would never had made it through. I am very grateful to other friends and colleagues within academia for all the work you have put into reading, commenting and encouraging the work on this thesis. Thank you Annika Pastuhov,

Reflective Internationalisation: Development Issues as an Educational Area for Folk High Schools in Step with the Times. This article explores discourses on internationalisation in Tidskrift för svenska folkhögskolan (Journal of Swedish Folk High Schools) between 1970 and 1989, an era when engagement for global development had become established within the Swedish popular educational system of folk high schools (FHS). The purpose is to examine what meanings are given to “internationalisation” and “the international” over time, whom and how it would affect, as well as how the FHS would engage with the issues. The study uncovers a retrospective understanding of “the international” through former nationalistic discourses as well as new postcolonial and anti-imperialist criticism. It also shows how the responsibility for development issues individualises over time. In parallel, the FHS start to work with advocacy addressing Swedish society and make the transition from seeing themselves as educators of the Global South, to expecting to become educated by the Global South. The study depict how developmental issues as an educational area continues shape the institutional identity of the FHS over time. It problematises the role of the FHS in both mobilising solidarity engagement and at the same time establishing development issues as an important area of education for the middle classes of the Global North in a society under advanced liberalism.