IBM and The Climate Service to Work Together with Financial Institutions and Corporations to Assess the Cost of Climate Risk

Posted on 10/14/20 7:53 AM

Collaboration to Provide Organizations an IBM Cloud-based Platform to Measure, Quantify and Disclose Climate Risk

Today The Climate Service formally announces our alliance with IBM. More than a year in the making, this announcement is made on the heels of our collaboration reaching several milestones, both in the scaling of the Climanomics® software platform as well as developing a joint go-to-market framework to help global financial and energy companies measure climate risk.

As climate change continues to accelerate and losses mount, investors are calling on organizations to measure and report their exposure to climate risk. As a result, demand for the Climanomics® platform is rising sharply, and more organizations than ever before are seeking to understand their climate risk. In addition, jurisdictions around the world continue to embrace the TCFD: New Zealand recently became the first country to mandate TCFD reporting, and Canada tied COVID recovery loans to TCFD reporting, for example. We are thrilled that our alliance with IBM is helping us to scale the Climanomics® platform to meet this demand.

The Climanomics® platform now provides unparalleled speed, increased interoperability, and enhanced analysis providing a more accurate and comprehensive understanding of your asset and portfolio-level climate risk.

New features powered by emerging science include:

  • Enhanced transition risk models give you more insight into the effects of the rapid transition to a low-carbon economy.

  • New physical hazards - tropical cyclones, fluvial (riverine) flooding, and water stress - enable you to see a fuller picture of your climate-related risks.

  • Physical and transition risk impact functions now include more granular impact pathways. This helps you understand the various mechanisms by which climate change impacts you, from the rooftop level to the portfolio level. 

On the technology-front, Climanomics® 2.0 provides:

  • Advanced security capabilities powered by IBM Cloud® AppID technology.

  • Enhanced storage capacity, capable of analyzing millions of assets, and facilitating instantaneous risk calculations through Red Hat OpenShift on IBM Cloud, the same Kubernetes service that maintains 25 billion on-demand forecasts daily at The Weather Company®.

  • Dramatically improved performance with much faster page load times and interoperability through APIs allowing for the integration of customer systems with the Climanomics® platform.

Analyzing risks from the most complex challenge the world has ever faced requires the most powerful and secure technology available. Through our relationship with IBM, this work will scale quickly so we can accelerate progress on our mission to embed climate risk into global decision-making.

Topics: In The News

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