The systemic risk induced by climate change represents one of the most prominent threats facing humanity and has attracted increasing attention since the outbreak of the COVID-19 pandemic at the end of 2019. The existing literature highlights the importance of systemic risk induced by climate change, but there are still deficiencies in understanding its dynamics and assessing the risk. Aiming to bridge this gap, this study develops a theoretical framework and employs two cases to illustrate the concept, origin, occurrence, propagation, evolution, and assessment framework of systemic risk induced by climate change. The key findings include: 1) systemic risk induced by climate change derives from the rapid growth of greenhouse gas emissions, increasingly complex connections among different socioeconomic systems, and continuous changes in exposure and vulnerability; 2) systemic risk induced by climate change is a holistic risk generated by the interconnection, interaction, and dynamic evolution of different types of single risks, and its fundamental, defining feature is cascading effects. The extent of risk propagation and its duration depend on the characteristics of the various discrete risks that are connected to make up the systemic risk; 3) impact domains, severity of impact, and probability of occurrences are three core indicators in systemic risk assessment, and the impact domains should include the economy, society, homeland security, human health, and living conditions. We propose to deepen systemic risk research from three aspects: to develop theories to understand the mechanism of systemic risk; to conduct empirical research to assess future risks; and to develop countermeasures to mitigate the risk.

On 20 July 2021, an extreme rainstorm battered Zhengzhou in China’s Henan Province, killing 302 people, including 14 individuals who drowned in a subway tunnel and 6 who drowned in a road tunnel. As the global climate warms, extreme weather events similar to the Zhengzhou flood will become more frequent, with increasingly catastrophic consequences for society. Taking a case study-based approach by focusing on the record-breaking Zhengzhou flood, this paper examines the governance capacity of inland cities in North China for managing extreme precipitation and flooding events from the perspective of the flood risk management process. Based on in-depth case analysis, our paper hypothesizes that inland cities in North China still have low risk perceptions of extreme weather events, which was manifested in insufficient pre-disaster preparation and prevention, poor risk communication, and slow emergency response. Accordingly, it is recommended that inland cities update their risk perceptions of extreme rainfall and flooding events, which are no longer low-probability, high-impact “black swans”, but turning into high-probability, high-impact “gray rhinos.” In particular, cities must make sufficient preparation for extreme weather events by revising contingency plans and strengthening their implementation, improving risk communication of meteorological warnings, and synchronizing emergency response with meteorological warnings.