EIT Climate-KIC reaffirms its strategic support for the Climate Risk Information flagship programme, with EUR 1.5M innovation investment for 2017.
Increasingly different parts of society are facing the need to plan and adapt to a riskier future as a result of climate change and increasing frequency of extreme weather events. While the insurance sector has been at the forefront of this area, many other stakeholders (city planners, commodity traders, infrastructure investors and engineers, and businesses) face challenges in decision-making that can be helped by greater use and access to climate risk data and models.
The three-year strategy of the CRI Flagship addresses these challenges, working with the OASIS community, by:
- Supporting key entities that help set standards and provide a marketplace
- Demonstrating use of climate risk data and models
- Supporting enabling activity such as capacity-building and financial innovation
At the core of CRI is the Oasis open-source loss modelling framework (Oasis LMF), which allows users to feed in a range of hazard, exposure and vulnerability data. Oasis LMF is backed by an insurance industry-led consortium, which values transparency, increasing access and use of available data and models.
CRI will focus resources on addressing the following priority areas:
- Demonstrating the use of climate risk models and data for concrete end-user applications to demonstrate the value of using climate risk data and models in end-user investment, insurance or planning decisions and thereby create confidence and growth in the market. Key market segments for 2017 are Cities, Agriculture/Land Use, and Health
- Developing an e-marketplace for risk data and models to be exchanged and consumed: An online marketplace in which climate risk models and environmental risk data can be bought and sold, or through which models and data can be made available free-of-charge and where revenue is generated via transaction-levy
- Supporting key market enabling activity to maximise the value of the open market through cross-cutting efforts in education and capacity building to increase understanding, foster innovative risk transfer methods and lower the barriers to engagement
For more on these priorities, see 2.4B here.
European countries already involved in the flagship community include the United Kingdom, Germany, Hungary, Denmark, and France. Existing project partners include; Oasis Palmtree, Imperial College London, Betterpoints Limited, Potsdam Institute for Climate Impact Research, The Municipality of Budapest, Technical University of Denmark DTU, Aria Technologies, and GFZ Helmholtz Centre Potsdam.
The CRI Flagship sits within the Decision Metrics and Finance theme. EIT Climate-KIC’s Decision Metrics and Finance team work with our network of 200+ partners to develop the metrics and financial mechanisms to redirect and mobilise the finance needed to quickly scale up climate action. We provide a platform for all sectors, from public and private financial players, to policy makers and governments to unlock finance through innovation.
Climate Risk Information is seeking to support new projects. Click here to find out more about this call. Please express your interest by 9 June 2017 – the deadline for proposal submission is 30 June 2017.
CRI will be holding an interactive workshop on the 22nd June in Paris hosted at the Université Pierre et Marie Curie with the intention of bringing together EIT Climate-KIC partners working in the city space together to identify challenges and provide solutions for financing climate resilient cities.
Potential collaborators, or those who are interested in becoming a Climate-KIC partner are also very welcome to join. Please get in touch.
CRI is managed by Dr. Julie Calkins. Contact Julie regarding the flagship programme and on topics related to risk modelling, collaborative research, disaster risk reduction, resilience, adaptation, and health.
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