Vulnerability refers to how likely an asset is to suffer damage when exposed to a climate hazard. It depends on the asset’s characteristics, such as its design, condition, location, or adaptive measures in place.
Two buildings face the same flood hazard, but only one has elevated foundations and flood defences. The second building has higher vulnerability — even though both are equally exposed — and is therefore more likely to be impacted by future flooding.
Vulnerability is one of the three pillars of climate risk, along with hazard and exposure. Understanding vulnerability helps decision-makers identify which assets are at greatest risk and why — a critical input for adaptation planning and resilience investment.