Climate X have today launched their new product at SLUSH – Climate X Spectra – in their mission to build a more climate-resilient future.
Founded in 2020 in London, Climate X projects location-specific risks and the associated losses from extreme weather events linked to climate change. The technology can assess the risk for a location for decades into the future, giving decision-makers the ability to take the necessary action to protect cities and people.
In July this year, the purpose-driven startup raised €1.3 million to develop their industry-shaking product.
Using a ‘glass box’ methodology that prioritises real science rather than an over-reliance on AI or Machine Learning, the platform offers explainable and actionable data insights that can help governments, businesses and societies prepare for the future.
By working alongside academia and world-leading scientific advisors, Climate X Spectra provides risk data & ratings that are understandable, meet regulatory expectations and delivers precision metrics right down to the asset-level.
The innovative technology rebuilds entire cities and countries using real-world, remote sensing data taken from satellites, combined with the laws of physics and state-of-the-art climate projections, into a ‘digital twin-Earth’ model.
The product has been created with the purpose and vision of empowering governments and institutions with improved insights on climate-change associated risks, enabling them to make more future-conscious and sustainable choices.
According to the Climate X team, Climate X Spectra’s models have 95% accuracy rates. This level of accuracy means that users of the platform can include climate risks as part of their investment decisions, pricing, valuation processes, and decisions into general societal development with confidence.
Lukky Ahmed, CEO and Co-Founder of Climate X, said: “The world is changing faster than we’re adapting to it. Climate X delivers explainable, trustworthy and actionable data that helps governments, businesses and societies worldwide prepare for that future and become more resilient to the impacts of climate change – enabling a better future for everyone on this planet.”
As governments and banks worldwide are currently deploying legislation and regulations that require firms to assess and integrate climate risks as early as 2022, Climate X Spectra is poised to become a part of the forecasting procedure.
Climate X Spectra will be available to customers from January 2022 after today’s launch at SLUSH.