Opportunity
Powering the climate response of Australian businesses
The impacts of climate change are already being felt, and future risks are considered material, foreseeable and actionable by Australian financial regulators. In the private sector, organisations globally are under increasing pressure to understand their climate risk across supply chains and to accelerate their climate transition.
There is a growing demand for assistance to help prepare businesses for the opportunities and challenges that climate change presents. Given this demand for credible, science-backed climate risk insights, there is an opportunity to catalyse a new industry in climate intelligence, capable of servicing national and regional markets.
Alongside adaptation to current and future climate change risks, businesses are being driven to disclose their climate-related financial risks. These risks are related to both physical impacts and the need to transition to a net zero economy. This is already a mandatory requirement for some countries, and Australian industry is already responding to global market demand for such reporting.
This initiative will unlock climate intelligence for the private sector in Australia. It will provide enhanced knowledge and decision support tools to assist businesses in understanding how climate change will affect them, their customers, their supply chains and the economy more generally.
Through our efforts and collaborations with industry partners, and through the innovation system more generally, we will help industry transition to a more resilient and sustainable future.
Looking to partner with us or learn more? Please contact the team, email [email protected].
Proposed focus
We are focused on making climate action easy for Australian businesses, enabling sustainable investments, and building new climate resilient industries.
We are building a place where businesses can access trusted, quality assured climate risk and hazard information, or to uncover realistic adaptation options.
Through a suite of analytical and visualisation tools we are equipping businesses with the necessary capabilities to build and tailor intelligent insights and reports.
The Climate Intelligence Platform
- We are collaborating with Microsoft and Australian SMEs to build a climate risk platform that will support the creation of a climate intelligence marketplace.
- Businesses will be able to access resources to conduct end to end climate risk and vulnerability assessments.
- The platform is initially focused on the financial services sector and will built out over time to deliver economy-wide impact.
- The Development Sandbox will provide a development environment for innovation, and the CRE Solution Factory will incubate and accelerate climate solutions
Proposed impact
We are focused initially on three key impacts;
- Industry has ready access to credible intelligence and technical support on physical and transitional climate risk.
- Enterprises are better equipped to mitigate climate risk and uncertainty whilst identifying adaptation options and investment opportunities.
- Support the development of a sustainable, climate resilient economy.
Core functions / capabilities
The Climate Intelligence Platform will assist in:
- navigating the complexity of climate information and analytics
- accessing transparent, easy to interpret analytics and data
- building solutions fit for private sector use in an agile manner
- accessing provenance assured analytics
Physical risk
Curate climate change data and information making it fit for purpose and use by industry hazard-based impact assessment, bespoke climate modelling, projections science, standardised scenarios and macro-economic analysis.
Transition risk
Coupling biophysical and socioeconomic models that are aligned to global frameworks. Consistent emissions scenarios configured to economy scale and/or enterprise/portfolio level models and scenarios across multiple spatial and temporal scales.