Using climate data from an ensemble of climate projection models, historical reanalysis and Earth Observation data, the prototype developed collaboratively by Telespazio UK and Assimila will focus on two examples – agricultural drought and wildfires – to show insurance companies how to use the data in their own assessments to benefit the finance sector.
CRISP was demonstrated at the S4C green zone stand at COP26, the United Nations climate change conference being hosted by the UK in Glasgow. The British ESA astronaut Tim Peake also attended the S4C stand to hold a live session.
“With the UK set to enforce mandatory reporting on climate-related financial disclosures from April 2022, we need to be prepared and able to deliver clear, reliable, and comprehensive information on the understanding of risk and impacts of climate. Telespazio in collaboration with Assimila are at the forefront of harnessing the power of Earth Observation data to improve reporting in the financial sector and subsequently enable better informed, climate aware decision-making”.
Geoff Busswell, Head of Marketing and Sales at Telespazio UK.
The new British National Space Strategy pledged to work closely with the financial sector, including identifying the risk of climate change impact, and the UK space sector is keen to lead the way in climate-related risk disclosures that impact the financial sector.
Telespazio UK and Assimila are both part of the Space4Climate Climate Risk Disclosure Task Group, and over the past two years have explored how the UK space sector can support the green finance sector in making climate-informed decisions and disclosures.