Please invest in Our Daily Planet today, by making a one time or monthly contribution.
We do not charge our readers a subscription fee for our content. We want to continue to grow our readership, particularly among millennials and public servants. Voluntary contributions from readers will help us employ interns and freelance journalists, expand our content, and reach a larger audience.
Wildfires and a Hurricane in one satellite photo Image: NOAA
By Natasha Lasky, ODP Staff Writer
Investors are beginning to take interest in “climate intelligence” start-ups — companies that provide analytics to guide organizations on how to manage and lower risks to their operations and profitability as the climate changes. These investors include Chris Sacca, a well-known VC, and Marc Benioff, the CEO of Salesforce, who have funded $30 million in a Series A round for Cervest, a London-based company that has developed an AI-powered climate intelligence platform. Richard Sorkin, the CEO of Jupiter, another climate risk assessment company, summed up the increased interest in the space: “We believe that climate risk management will be a major industry, and we think there will be room for multiple companies,” he said to Axios.
Why this Matters: Climate change is creating increased financial risks — extreme weather events and sea-level rise threaten industries from real estate and construction to travel. This kind of climate information is becoming mission-critical to businesses of all sizes, sectors, and regions of the country. These climate intelligence companies will charge their corporate clients fees for tailored products. But shouldn’t the general public, not to mention those communities most likely to be harmed by climate change, have the benefit of this kind of “intelligence” too, in the form of government climate “forecasts” and projections they can use to guide personal decisions like where to buy a home?
The climate intelligence space is still new, but in addition to Cervest, there are a few other companies analyzing climate risk. Cervest, for example, has an open platform that aims to enlighten its clients about their risk exposure and show them who is viewing their climate risks, like banks and insurers. Jupiter Intelligence has contracts with the U.S. government, at least one large bank, several major insurance companies, and two major U.S. cities. Meanwhile in the U.S, Demex, First Street Foundation— a nonprofit focused on flood risk— the Rhodium Group, KatRisk LLC, The Climate Service, and others are operating within the broader risk management sector. Some of these firms help plan for extreme weather, some help clients face the weather event, and some help the clients recover after the event.
According to Steven Bennett, co-founder of the Demex Group, “All-in-all, well over $200-million have recently flowed into early-stage companies that focus on extreme weather events driven by climate change.” Plus, the increasing demand for risk and other climate disclosure is giving new impetus to these businesses — the White House, Treasury Department, SEC, and Federal Reserve are all studying the issue and poised to implement policies.
By Ashira Morris, ODP Staff Writer One of the big headlines out of the European Union’s recently released package of concrete policies to hit climate neutrality was the phase out of diesel and petrol fueled cars by 2035. The proposal plans for charging stations every 60km (about every 37 miles), a massive ramp up in […]
Yesterday, several news outlets reported that the Biden administration will soon propose a return to aggressive Obama-era vehicle mileage standards over five years, after which rules would tighten to encourage 40% of U.S. drivers into electric vehicles by 2030. As the Post and Courrier reported, The proposed rules from the Environmental Protection Agency and Department […]
By Ashira Morris, ODP Staff Writer Taken together, the European Union’s 27 countries are the #4 carbon emitter globally. The recently released “Fit for 55” package spells out how, exactly, the bloc will go from its current output to hitting its goal of climate neutrality by 2050. One of the biggest proposed changes is an […]
Our Daily Planet is your daily dose of the stories shaping our world and the ways that you can take action. From the climate crisis to the protection of biodiversity, if these issues matter to you then please subscribe & stay informed!
Your privacy is Important! We promise never to use your email address to send you spam or advertisements.