Climate and environmental change already has an impact on every aspect of business and society. Extreme events and severe weather conditions are becoming more frequent, with the estimated costs of adapting to these conditions expected to rise to $70-100bn globally by 2030.
The far-reaching impacts of extreme weather events have been brought into sharp focus by the flooding in winter 2013-14 with recent estimates putting the insurance costs at £500m and the damage to the UK economy at £630m.
The UK is uniquely placed to capitalise on the opportunities these challenges present. However, the capability for the UK to develop and deliver services to this emerging market is constrained by an innovation gap between scientific research and commercial exploitation, with a lack of sufficient skills, knowledge and expertise to translate research outputs into innovation and economic growth.
The Institute for Environmental Analytics was launched in 2015 with £5.6m of start-up funding from the HEFCE Catalyst Fund to address these challenges. Driven by a shared vision between leading academic, industry and public sector partners, the IEA is developing the technologies, knowledge and skills that are urgently required to translate cutting-edge environmental research into commercially-relevant solutions in a range of key sectors.