Building world-leading climate risk modelling software
10 May 2023
How do you help the world’s biggest companies to understand their climate risks?
Working at the forefront of energy transition consultancy, our teams spotted the need for a comprehensive climate risk model that our clients could run on their businesses. On the horizon we spotted numerous regulatory deadlines which would impact our clients. We wanted to empower our clients, particularly banks and insurers, with the data they needed to understand and proactively manage the climate risks in their portfolios. We realised there was a gap in the market for a solution and knew that the quicker we could build it, the quicker our clients could start using it to their advantage.
We drew on expertise from across Baringa and beyond to design a comprehensive model
To build a comprehensive model that would add the most value, we assembled a team of Baringa experts that peaked at 70 people, making sure that we were listening to input from all the industries we work with. With a core team we then designed the methodology for the model and went through multiple iterations to finalise it for building, initially for pilot use, and then for rollout to our clients. As the volume of climate data we measure is constantly growing, we knew our solution needed to be developed to support continuous evolution.
With the first iteration of the model ready for launch, we partnered with Baringa teams to roll out the model with some of our biggest financial services clients, ready for feedback to incorporate into future versions. We brought the teams involved together around the vision for the model, collaborating internally, with external suppliers and client teams. Going through the challenge of building the model was a huge opportunity for growth and learning for everyone involved.
Empowered clients with the data they need to get to grip with climate change risks
We’re now multiple iterations through our climate risk model and we’ve completed modelling for most of our largest bank and insurance clients. Equipped with the data our model has produced, our clients have a clearer picture of both where and how much they are exposed to climate risks, and the opportunities they have to make a positive impact on climate change
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