IEA is a partner in consortium delivering new £10m UK Centre For Greening Finance and Investment
Posted February 15th, 2021
By Sally Stevens, Communications & Engagement Manager, IEA
The Institute for Environmental Analytics (IEA) has been chosen to provide key data analytics and visualisation expertise as part of the new £10m UK Centre For Greening Finance and Investment (CGFI), announced today (Monday, February 15th).
The centre is being launched to accelerate the worldwide adoption of climate and environmental data and analytics by the financial services industry and brings together a team of globally-recognised experts in their fields, in a consortium led by the University of Oxford.
New physical hubs in Leeds and London will support companies and start-ups to commercialise products that can ‘green’ global finance, including tools that measure storm and flood risk-facing properties or pollution created by companies and the liabilities that result.
The principal role of the IEA, which is based at the University of Reading, will be to perform requirements analysis, data visualisation and application development.
Colin McKinnon, CEO of the IEA, said: “We’re pleased to be working with some leading partners to use our expertise in environmental data analysis and software engineering to support financial institutions to take advantage of the best available information about climate change and environmental hazards.”
‘Greening finance and investment’ supports economic growth while transitioning to a low carbon economy in line with the Paris Agreement. The CGFI will work with financial institutions around the world to provide the data and analytics required to mitigate climate change and enhance climate resilience. It is funded by the Natural Environment Research Council (NERC) and Innovate UK, both part of UK Research and Innovation (UKRI).
The new centre has been welcomed by Energy and Clean Growth Minister Anne-Marie Trevelyan, who said: “Climate change is the biggest issue that we need to tackle to protect our planet for our children and grandchildren … The UK Centre for Greening Finance and Investment in London and Leeds will encourage financial services to turn the tide of their investments and focus on sectors and companies that have a smaller environmental footprint. Doing so will support industries and businesses to develop clean green innovations, creating thousands of jobs across the country – ensuring we build back greener.”
Other institutions involved include the National Centre for Atmospheric Science (NCAS), also based at the University of Reading, the Universities of Bristol, Leeds and Imperial College London, The Alan Turing Institute, Satellite Applications Catapult and the Science and Technology Facilities Council.
The IEA is already supporting 7 governments of small island developing states in reaching their Paris Agreement targets, through RE-SAT, our cloud-based pre-feasibility assessment platform for renewable energy infrastructure. Developed with funding from the UK Space Agency International Partnerships Programme it is now being rolled out as a commercially available product.