Global technology company IBM announced that it has formed an alliance with climate risk analytics provider The Climate Service (TCS). The alliance aims to work with financial institutions and corporations to better measure and quantify risks associated with climate change, helping organizations to put a price on climate risk, and to and facilitate reporting consistent with the Task Force on Climate-Related Financial Disclosures (TCFD) framework.
As part of the alliance, the companies announced that the TCS Climanomics software platform will be made available via Red Hat OpenShift on IBM Cloud, pairing TCS’s advanced science with enterprise-grade levels of scalability, availability, security, and interoperability. According to IBM, the alliance will also leverage the experience of IBM Services in financial risk, analytics, weather risk, and compliance, to use the Climanomics platform to provide climate risk analytics to clients across all sectors, including global financial services leaders, industrial corporations, and energy providers.
Dr. Murray Simpson, IBM’s Global Lead for Sustainability, Climate & Transition, said:
“At a time when markets and investors are demanding climate risk transparency and quantification, IBM is committed to providing cloud-based climate risk solutions to the financial services sector and critical infrastructure industries such as industrial, consumer, energy, and utilities. This collaboration with The Climate Service will provide clients financial insights that are based on the most advanced available science and technology. As we work with clients to integrate critical insights into their business decision-making, our goal is to inform their strategy and help them remain competitive and resilient.”
The companies stated that they have been working together since October 2019 on building a go-to-market strategy, with the alliance being announced upon reaching milestones that enabled the TCS Climanomics software platform to be available on Red Hat OpenShift on IBM Cloud, and with the commencement of efforts to find ways to help global financial and energy companies measure climate risk.
James McMahon, CEO of The Climate Service, said:
“With the TCFD framework now supported by organizations globally, demand for the Climanomics® platform has been growing fast. With IBM’s advanced technology and global experience, this work will scale quickly so we can accelerate progress on our mission to embed climate risk into global decision-making.
“Climate change presents the markets, as well as society as a whole, with an exponential challenge. Through this collaboration we will offer solutions using the power of world-class science and technology.”