Collaboration Offers Tools for Businesses to Address Climate Risks

Climate Risks

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by | Oct 19, 2022

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Climate Risks

(Credit: Pixabay)

A partnership between Capgemini and Cervest aims to help businesses take on climate and sustainability risks through science-driven data and artificial intelligence-based management systems.

The collaboration intends to give businesses tools to address business risk and resilience capabilities. The partnership will combine climate and sustainability information with managed services, and current assets include real estate, data centers, distribution centers, hospitals, and manufacturing facilities, among other entities.

The offering will help identify climate risks and impacts at different levels, with geographically specific results, and use that information to help businesses with sustainability transitions and adaptation plans. It will create risk reports and incorporate them into operational strategies.

The data can be used to estimate how physical assets could be impacted by climate changes across value chains, put adaptation strategies in place to protect business and supply chain operations, and produce climate and nature-related financial disclosures. It also can prepare businesses for net-zero transitions and identify the financial benefits of making low-carbon changes. Additionally, the system can prepare science-backed reports for providing information for Taskforce for Climate-related Financial Disclosures, Taskforce for Nature-related Financial Disclosures, and EU Taxonomy disclosures.

How do business leaders feel about climate risks?

A report from Cervest last year showed a majority of business leaders in the United States and the United Kingdom believed climate instability could cause financial risk, but less than half had made mitigation plans. In 2022 there have been several heat-related events in Texas and California that threatened grids, hurricanes have hit Florida and Puerto Rico, and much of the Colorado River Basin faces water cuts because of drought.

The Biden Administration has also made preparation for climate risks for businesses, supply chains, and communities with plans to predict potential natural impacts as well as be prepared for when they happen. Those plans include better data and technology available to the public. So far in 2022, there have been 15 natural events that have caused more than $1 billion in damage in the US, according to the National Centers for Environmental Information.

Cervest’s climate intelligence can provide a map of climate-related information on risk to assets, including insights into hazards such as flooding, drought, and extreme temperatures, with wildfire being added later this year. It uses information across multiple scenarios from 1970 to the present with future estimates through 2100. Capgemini will provide businesses with managed services based on that data offering to help them develop strategies and action plans to address those risks.

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