Marsh, the world’s leading insurance broker and risk advisor, has partnered with data analytics platform Risilience to support clients globally in understanding their climate change risks and meet their obligations in accordance with the Taskforce on Climate-related Financial Disclosures (TCFD).
The Risilience platform applies the research frameworks and approaches of the Cambridge Centre for Risk Studies.
As part of the collaboration, Marsh’s clients have access to climate change risk analytics pioneered by Cambridge Centre for Risk Studies. Using the Risilience risk platform, clients are able to map their journey to net zero, monitor their progress towards achieving it, and gain actionable insight. Importantly, this will enable them to generate annual climate risk reports in line with TCFD requirements.
The TCFD’s framework – the Financial Stability Board’s preferred vehicle for developing a globally accepted scheme for the reporting of climate change risk – has gained significant traction following last November’s COP26 climate change summit.
As part of the Glasgow Climate Pact – and in recognition that rigorous standards and disclosure are fundamental to the integrity of net zero plans – 36 countries will require private sector organisations to provide investors with access to robust information about climate risk.
Amy Barnes, head of Climate and Sustainability Strategy at Marsh, said: “COP26 represented a turning point in climate change mitigation, and the actions taken by governments and industry in the next decade will be critical to achieving the goal of global net zero by 2050.
“By using Risilience as part of our climate change consulting services, Marsh can support our clients to be more resilient to climate risks as they emerge, develop actionable plans to reach net zero within their timeframes, and meet their TCFD obligations.”
“Only by understanding the impact of climate change risk can organisations seek to put in place meaningful strategies,” said Andrew Coburn, CEO of Risilience. “The journey to net zero is a hugely complex one, requiring buy-in from a whole host of stakeholders. But rather than simply meeting new requirements, businesses that use actionable insight from climate risk will be among the first to create opportunities from the low carbon economy.
“We are delighted to be collaborating with Marsh, which recognises the significant pressure its clients are under in both the short and long term to achieve their net zero ambitions. This collaboration will ensure our analytics has a much greater reach and impact across their global client base, reducing annual greenhouse gas emissions by many gigatonnes.”