Voice of finance sector encourages banks to embrace climate data to anticipate extreme events and transition their businesses.
- Bob Wigley joins Climate X to help Britain’s financial sector build resilience against climate change.
- As record heatwaves continue, extreme weather events predicted to be the next ‘mega-shock’ to hit global economy.
- Climate X predicts how climate disasters will impact banks’ assets decades before they happen to help them prepare.
12 September 2023, London: Bob Wigley, Chairman of UK Finance joins climate risk analytics provider, Climate X, to help banks anticipate the impacts of climate change and build resilience.
In his role as Chair of UK Finance, Bob has represented the UK banking and finance sector with the government and regulators for the last 6 years. His appointment as an advisor to Climate X will support the sector in building climate resilience and further help counter criticism that the sector is ‘significantly underestimating’ climate risk.
Climate events are occurring more frequently, posing a critical risk to leading financial institutions.
July 2023 saw wildfires break out across large areas of Europe due to record-breaking heat waves. With analysts predicting extreme weather events will be the next ‘mega-shock’ to hit the global economy, forecasting climate risk has never been more critical.
Bob was formerly the Chairman of Merrill Lynch for Europe, the Middle East and Africa, and was a member of Court of the Bank of England during the global financial crisis. He brings over 35 years of experience in the banking and finance sector to Climate X as it continues to scale its technology for leading financial institutions and commercial property firms worldwide.
Climate X created a digital “twin” of the Earth, Spectra, which projects how extreme weather events - including flooding, extreme heat, storms, or landslides - can damage properties, infrastructure or assets under different emissions scenarios. This helps firms such as banks prepare for events and pivot their long-term business strategy. Spectra also supports them to meet the regulatory demands of Central Banks and Task Force on Climate-Related Disclosures (TCFD).
When any new wave of technology comes to market, there’s always one company that looks like the clear winner, and I believe Climate X is leading the pack. Spectra is the most comprehensive, easily accessible risk management solution available on the market - there’s nothing like it."Bob Wigley, Board Advisor at Climate X, on joining the business
“When I was first introduced to Lukky and the team, I knew they had something unique. Climate X has built a solid platform at a time when the financial sector is having to consider its impact on the environment more carefully. Spectra is the perfect tool to help financial institutions assess their climate exposure, and future-proof their portfolios.
“I’m looking forward to working closely with the Climate X team - sharing my knowledge of the finance sector, and helping the business strengthen its position as industry leaders in the climate tech space.”
Beyond his advisory role at Climate X, Bob has for the last three years been Adjunct Professor at the University of Queensland and for a decade been a Visiting Fellow of Oxford University’s Saïd Business School and an Honorary Fellow of Cambridge University’s Judge Business School. He is also an entrepreneur, philanthropist and investor, backing founders in cutting edge technology businesses.
CEO and co-founder at Climate X Lukky Ahmed said: “Bob's appointment at Climate X marks an important step forward in helping Britain’s financial institutions anticipate climate risks and build resilience. We want to ensure that our data is meaningful and holds value at the right resolution, in the right places, and for the right use cases.
Bob’s appointment strengthens our strategy to develop a solution that can be trusted and used by the banking industry.Lukky Ahmed, CEO & Co-Founder at Climate X
His expertise will be invaluable as we scale our product and navigate the financial services regulatory landscape. It’s a true milestone and honour to welcome him to Climate X’s team."
About Climate X
Climate X is a fast-growth global climate risk analytics provider helping companies become more resilient to the impacts of climate change. The innovative startup has created a digital “twin” of the Earth that simulates extreme weather events and how they can damage properties, infrastructure and assets.
Its multiple award-winning tech platform Spectra projects the probability and severity of these events decades before they happen. Spectra provides clear data to leading commercial property firms and financial institutions worldwide to help protect their investments and assets. It supports firms to meet the regulatory demands of central banks and taskforce for climate-related disclosures (TCFD).
Spectra delivers location-specific risk ratings, Energy Performance Certificate (EPC) ratings for transition risk and climate-adjusted loss estimates between now and 2100. It does this under multiple climate emission pathways via an easy-to-use SaaS platform or integrated API.
Learn more about how Climate X can help quantify climate change-related threats to your asset portfolio.