Space4Climate and the UK Space Agency have awarded £75,000 to our project “Utilising EO technology to redefine climate risk management in the financial sector– space-based innovation on Taskforce Climate-related Financial Disclosure (TCFD) Compliance.’
This project, led by GlobalTrust, is a collaborative venture with Riskaware, Control Risks, Open Cosmos, GMV, National Centre for Earth Observation and Satellite Applications Catapult (non-funded collaborator).
Our CEO, Richard Hilton, explained that the goal of this project is “to revolutionise the way the financial sector manages and reports on climate-related risks, utilising the power of Earth Observation data. As we face escalating climate change, moving from global warming to global boiling (UN 2023), understanding and mitigating its economic impacts is increasingly important. However, the financial sector currently encounters significant challenges in accurately identifying, managing and reporting these risks. We think the EO sector has a great opportunity to provide solutions that are adopted on a large scale.”
The finance sector is under increasing pressure to take responsibility for financing the mitigation and reduction of exposure to climate and environmental risks. Our comprehensive approach focuses on the Task Force on Climate-related Financial Disclosures (TCFD) framework, which is expected to integrate into other frameworks and the European Sustainability Reporting Standard (ESRS).
The leader of the project, Dr Estel Blay, highlighted the value of the consortium and the power of collaboration: “By bringing together the best resources in our industry, we’ve set the stage for excellence. I have no doubt that this association will produce outstanding results”.
Over the next 12 months, this innovative consortium will achieve the goal through various activities, including workshops, practical advice, and publicly available materials. These goals align with the UK Government’s goal of reaching Net Zero by 2050, the richness of experience in UK Earth Observation, especially among regional SMEs, and the quality of climate products produced in the UK based on space-based climate data.