DURHAM, N.C., Feb. 24, 2020 /PRNewswire/ -- The Climate Service (TCS), a leader in climate risk analytics for investors and businesses, announced today the company's selection to an accelerator program, designed by The Association of International Professional Accountants, to promote innovation in the accounting profession.
The Association of International Certified Professional Accountants is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and the UK-based Chartered Institute of Management Accountants (CIMA). The goal of its accelerator program, founded in 2017 by the Association and CPA.com, is to give the accounting profession visibility into disruptive trends from emerging technologies.
TCS was selected for its proprietary Climanomics® cloud-based platform helping companies measure, manage and disclose climate-related financial risks. The Climanomics® platform enables reporting and disclosure consistent with the Task Force on Climate-Related Financial Disclosures (TCFD) and puts a price on climate risk to help organizations move from business as usual to action.
"There has been a fundamental change in the way that companies are approaching climate risks," says James McMahon, CEO of The Climate Service. "With new financial accounting frameworks addressing climate change-related risks and opportunities, CFOs are playing a leading role in helping companies adapt and prepare."
"Climate risk is reshaping financial markets, and it's reshaping accounting and reporting requirements," says Joseph Lake, COO of The Climate Service. "The TCFD framework is now supported by over 1,000 organizations globally, the private sector participants together representing a market capitalization of nearly $12 trillion. As an early adopter of the TCFD framework, it is gratifying to see companies and investors coalescing around this approach and acknowledging that climate change presents a significant financial risk that must be measured, accounted for, and managed."
"We couldn't be happier for the opportunity to work with CPA.com and the Association to further the profession's understanding of climate risk."
About the Climate Service
The Climate Service provides climate risk analytics to investors and businesses. With support from an unparalleled scientific team and advisors including four IPCC Nobel Prize-winning scientists, The Climate Service built its Climanomics® platform to enable reporting and disclosure consistent with the TCFD framework. The platform empowers decision-making by putting a price on both transition and physical risk. It also supports long-term, strategic planning with 'one-click' property/asset and portfolio-level analysis, and multiple climate scenarios covering periods of 1-80 years. Insights from the platform help investors and businesses manage risk, build resilience, and drive change.
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