Insurance broker and risk advisor Marsh has announced a collaboration with data analytics platform Risilience to support clients in understanding their climate-change risks and meeting their obligations under the Task Force of Climate-related Financial Disclosures (TCFD).
Risilience’s platform enables corporations to understand, manage and report on their net-zero efforts. The platform applies the research frameworks and approaches of the Cambridge Centre for Risk Studies, Marsh said. As part of the partnership, Marsh’s clients have access to the Centre for Risk Studies’ climate-change risk analytics. This will enable them to generate annual climate risk reports in line with TCFD requirements.
The TCFD framework has gained significant traction in the wake of November’s COP26 climate change summit, Marsh said. As part of the Glasgow Climate Pact, 36 countries will require private-sector organizations to provide investors with access to information on climate risk.
“COP26 represented a turning point in climate change mitigation, and the actions taken by government and industry in the next decade will be critical to achieving the goal of global net-zero by 2050,” said Amy Barnes, head of climate and sustainability strategy at Marsh. “By using Risilience as part of our climate change consulting services, Marsh can support our clients to be more resilient to climate risks as they emerge, develop actionable plans to reach net-zero within their timeframes, and meet their TCFD obligations.”
“Only by understanding the impact of climate change risk can organizations seek to put in place meaningful strategies,” said Andrew Coburn, CEO of Risilience. “The journey to net-zero is a hugely complex one, requiring buy-in from a whole host of stakeholders. But rather than simply meeting new requirements, businesses that use actionable insights from climate risk will be among the first to create opportunities from the low-carbon economy.
“We are delighted to be collaborating with Marsh, which recognizes the significant pressure its clients are under in both the short and long term to achieve their net-zero ambitions. This collaboration will ensure our analytics has a much greater reach and impact across their global client base, reducing annual greenhouse gas emissions by many gigatons.”