London-based Climate X has launched a platform showing assets that are at risk to extreme weather events stemming from the climate crisis.
The startup claims the technology, called Climate X Spectra, can assess the risk related to a location for decades into the future. Climate X said Spectra does not over-rely on artificial intelligence or machine learning yet claims to have an accuracy rate of 95%.
Much like rival climate intelligence startup Cervest, Climate X is aiming to provide decision-makers with the information when making investments, such as building a new manufacturing site. It can also help government policymakers.
Currently, banks and governments all over the world are deploying regulations and legislations that need firms to assess and integrate climate risks as early as 2022.
By working with scientific advisors and academia, Climate X Spectra offers risk data and ratings to help meet regulatory expectations and offer precision metrics to the asset level.
Announced at the SLUSH conference in Helsinki, Spectra will be available from January 2022.
It follows Climate X’s €1.3m (£1.1m) in July this year from investors including Pale Blue Dot, Possibilian Ventures, A100X, Blue Wire Capital and NewChic Capital.
Climate X was founded in 2020 by Lukky Ahmed and Kamil Kluza. Using satellites and contemporary climate projections, the company is creating “digital twin-Earth” model.
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.”