IBM teams up with The Climate Service

By Dominic Ellis
Collaboration aims to help corporations and financial institutions better measure and quantify risks associated with climate change...

IBM and The Climate Service have formed an alliance to work with financial institutions and corporations to better measure and quantify risks associated with climate change. 

The companies are now making the TCS Climanomics software platform available via Red Hat OpenShift on IBM Cloud.

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 energy providers. The Climate Service provides climate risk analytics to investors and businesses. 

"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," said Dr. Murray Simpson, IBM's Global Lead for Sustainability, Climate & Transition. 

"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."

James McMahon, CEO of The Climate Service, said: "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."

IBM and TCS signed their alliance agreement in October 2019, and the two companies have been collaborating for the past year, building a go-to-market strategy. This announcement is made on the heels of the collaboration reaching several milestones that enabled the TCS Climanomics software platform to be available on Red Hat OpenShift on IBM Cloud, as well as the commencement of a joint effort to find ways to help global financial and energy companies measure climate risk.

Share

Featured Articles

Is Volcanic Ash an Answer to Efficient Solar Energy Storage?

Volcanic ash, typically seen as a disruptive force, is now hailed by University of Barcelona researchers as a valuable energy storage medium

EY: How CEOs are Pushing Energy Transition Priorities

EY’s CEO Outlook Pulse report says execs at the helm of businesses are acknowledging and embracing the necessity of the energy transition to sustainability

Reducing Low-Carbon Hydrogen Costs Key to Decarbonisation

Capgemini’s low-carbon hydrogen whitepaper emphasises the need for collaboration to make low-carbon hydrogen a viable decarbonisation tool

Sustainability LIVE Among World’s Top Sustainability Events

Sustainability

Microsoft & Brookfield Sign World’s Biggest Clean Power Deal

Renewable Energy

Accenture: Human-Centric AI Transforms the Energy Industry

Technology & AI