XDI Launches XDI Climate Risk Hub: A New Platform for On-Demand Physical Climate Risk Analysis
Technology tested by regulators and banks now available to all sectors
NEW YORK, Sept. 24, 2024 /PRNewswire/ — XDI (Cross Dependency Initiative) is today launching the XDI Climate Risk Hub from New York Climate Week, an innovative platform that provides on-demand, physical climate risk analysis for financial institutions, companies, and governments worldwide.
“This new platform enables users to conduct real-time assessment of assets located anywhere in the world under a single, auditable methodology. It addresses the growing demand for accurate, comparable climate risk analysis to support decision-making across industries and jurisdictions,” says Dr Karl Mallon, Co Founder and Head of Science and Technology, XDI (Cross Dependency Initiative).
The XDI Climate Risk Hub technology was first launched in May this year via a new platform developed with The Hong Kong Monetary Authority (HKMA) – Hong Kong’s central banking institution. The HKMA Physical Risk Assessment Platform – which is currently being rolled out in a phased approach – offers all Hong Kong banks free access to instant and secure physical climate risk analysis. It is the first initiative of its kind in the international banking sector.
Now, with its broader release, the XDI Climate Risk Hub expands its reach to meet the needs of clients from all sectors, and with assets located anywhere in the world.
The XDI Climate Risk Hub offers world-leading physical climate risk analysis at the touch of a button, from screening a single asset or portfolios of tens of thousands of assets, to performing in-depth analysis for due diligence and adaptation planning. Users can utilise the platform for a wide range of applications, including counterparty risk analysis, infrastructure risk assessments, operational risk assessments, and adaptation planning. It also allows users to screen new sites for climate risk, dive deep into high-risk asset subsets, and meet compliance and disclosure obligations.
The XDI Climate Risk Hub features three risk rating bands, and suite of financial risk metrics, for nine climate hazards, four climate scenarios, five-year time steps for analysis through to 2100, and a spatial resolution of up to 5m x 5m.
XDI views the launch of the XDI Climate Risk Hub as a critical step in its mission to make high-quality climate data accessible to as many decision-makers as possible. The increasing focus on adaptation in the platform, with new features being introduced throughout the rest of the year, is part of its commitment to supporting banks, companies and governments move from risk to resilience.
About XDI
The team behind XDI (Cross Dependency Initiative) was established in 2007, making the group the world’s longest standing independent specialist in physical climate risk and adaptation analytics. Today, XDI is the largest provider of physical climate risk analysis to banks in the world. XDI is part of The Climate Risk Group.
