Business data and analytics provider Dun & Bradstreet and climate data and analytics company Climate Engine announced the launch of D&B Climate Risk Insights, a new solution aimed at helping businesses to understand, prepare for and mitigate climate-related risks.
According to the companies, the new solution comes amid a growing challenge to businesses globally, arising from the frequency and severity of climate-related events affecting supply chains, the financial landscape and the insurance industry. Dun & Bradstreet said that its data indicated that more than 82% of businesses are likely to double their risk of a business continuity-threatening extreme climate event by 2050.
Jason Lindauer, Senior Director, EnvironmentalEnvironmental criteria consider how a company performs as a steward of nature., SocialSocial criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. & GovernanceGovernance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights. Product, Dun & Bradstreet said:
“As climate-related events continue to impact the global business environment, long-term models can serve as a compass for charting the course, but business leaders need to be prepared with the necessary insights to make immediate, tactical decisions around their operations and investments to mitigate these risks.”
The companies said that the new solution combines Dun and Bradstreet’s Data Cloud, used to identify a half billion public and private businesses worldwide, with Climate Engine’s geo-spatial satellite imagery-based climate risk data to uncover the links between planetary change and economic impacts on more than 200 million active business locations, enabling businesses to better understand how to prepare for and withstand the impacts of extreme climate events, and avoid business disruptions.
In addition to chronic risks, the solution delivers current insights on acute physical climate risks to help predict climate-related impacts and calculate the probability of recovery, addressing the need for rapid decision-making capabilities not met by traditional long-term climate models with 2050 or 2100 forecasting horizons.
Key use cases highlighted by Dun & Bradstreet and Climate Engine for the new solutions included enhancing lending and investment decisions for financial institutions, refining risk models, pricing strategies and underwriting practices for insurers, and enabling supply chain stakeholders to minimize risk and mitigate near- and long-term vulnerabilities.
Jamie Herring, CEO at Climate Engine said:
“By fusing Dun & Bradstreet’s extensive firmographic and financial data with Climate Engine’s cutting-edge climate data analytics, we can provide businesses with an economic early warning system that helps them to predict the financial impacts of climate change, so they can make informed decisions and proactively build business resilience in the face of climate risks.”