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IBM teams up with The Climate Service

Collaboration aims to help corporations and financial institutions better measure and quantify risks associated with climate change

Dominic Ellis
|Oct 15|magazine5 min read

IBM and The Climate Service have formed an alliance to work with financial institutions and corporations to better measure and quantify risks associated with climate change. 

The companies are now making the TCS Climanomics software platform available via Red Hat OpenShift on IBM Cloud.

The alliance will also leverage the experience of IBM Services in financial risk, analytics, weather risk, and compliance, to use the Climanomics platform to provide climate risk analytics to clients across all sectors, including energy providers. The Climate Service provides climate risk analytics to investors and businesses. 

"At a time when markets and investors are demanding climate risk transparency and quantification, IBM is committed to providing cloud-based climate risk solutions to the financial services sector and critical infrastructure industries such as industrial, consumer, energy, and utilities," said Dr. Murray Simpson, IBM's Global Lead for Sustainability, Climate & Transition. 

"This collaboration with The Climate Service will provide clients financial insights that are based on the most advanced available science and technology. As we work with clients to integrate critical insights into their business decision-making, our goal is to inform their strategy and help them remain competitive and resilient."

James McMahon, CEO of The Climate Service, said: "With IBM's advanced technology and global experience, this work will scale quickly so we can accelerate progress on our mission to embed climate risk into global decision-making. Climate change presents the markets, as well as society as a whole, with an exponential challenge. Through this collaboration we will offer solutions using the power of world-class science and technology."

IBM and TCS signed their alliance agreement in October 2019, and the two companies have been collaborating for the past year, building a go-to-market strategy. This announcement is made on the heels of the collaboration reaching several milestones that enabled the TCS Climanomics software platform to be available on Red Hat OpenShift on IBM Cloud, as well as the commencement of a joint effort to find ways to help global financial and energy companies measure climate risk.

Alliance statement
Energy Digital magazine