Climate risk to business can be assessed with a new platform that monitors 28 climate change hazards.
The EcoAct Climate Risk Platform is a visualisation platform that assesses the vulnerability of organisations to climate change hazards, supporting the identification and prioritisation of mitigation and adaptation measures.
With no credible pathway to 1.5°C according to UNEP’s latest Emissions Gap Report, the need for businesses to identify, mitigate and adapt to vulnerabilities as a result of climate change is becoming increasingly important.
The EcoAct Climate Risk Platform provides oversight of the exposure of an organisation’s portfolio of physical sites to all 28 of the climate risks included in the EU taxonomy, allowing users to explore different criticalities, climate scenarios and time horizons. The platform models both classical climate risks such as floods and heat waves, as well as less common risks, such as glacial lake outburst floods, salinisation of coastal water tables and the impact of ocean acidification.
Aligned with leading climate reporting frameworks including the Task Force on Climate-Related Financial Disclosures (TCFD) and the CDP’s global disclosure system, the platform will support organisations to adopt a proactive strategy to mitigating and adapting to climate change including if a business should consider transforming their business model entirely.
“This new platform, developed by our climate experts, and based on data from more than sixty climate risk analysis projects, can be adapted to any sector to support transformative change. It provides all organisations with the means to analyse climate scenarios, to access precise quantifications based on the latest scientific data and, ultimately, to facilitate informed decision-making with complete autonomy”, says Véronique Mariotti, head of climate risk at EcoAct.
Based on the latest scientific data from the Intergovernmental Panel on Climate Change (IPCC) and, in particular, its 6th Climate Change Assessment Report published in 2021 and 2022, the EcoAct Climate Risk Platform offers an accurate and scientifically based quantification of physical climate change risk. To obtain maximum accuracy, the platform integrates the CORDEX regional climate models with a resolution of up to 12 kilometre, based on the IPCC scenarios, as well as complementary datasets up to 30-metre resolution and from globally recognised organisations such as WRI or NOAA. The use of downscaled regional climate data makes the platform one of the most comprehensive and accurate commercially available to date.