IBM Corporation, the U.S-based multinational technology and consulting firm, has reportedly teamed up with The Climate Service (TCS), one of the leading firms operating in climate risk analytics, to work with corporations and businesses to better quantify and measure risk related to climate change. The alliance ensures the availability of TCS Climanomics® software platform on IBM Cloud via Red Hat OpenShift.
Sources cite that this alliance makes TCS's innovative science available with enterprise-grade levels of security, scalability, interoperability, and availability. The firms are working together to help enterprises put a price on climate risk and enable reporting consistent with the TCFD (Task Force on Climate-Related Financial Disclosures) framework.
IBM will contribute with its expertise in analytics, weather risk, financial risk, and compliance to use TCS Climanomics® platform to offer climate risk analytics to clients across numerous sectors including industrial corporations, global financial services leaders, and energy providers.
Speaking on which, Dr. Murray Simpson, Global Lead for Sustainability, Climate & Transition at IBM said that at a time when investors and markets are demanding climate risk quantification and transparency, IBM is dedicated to offering cloud-based climate risk services to the financial sector and crucial infrastructure industries like a consumer, industrial, utilities, and energy. This partnership with TCS will offer clients with financial insights that are based on the most innovative available science and technology, he states.
Dr. Simpson added that as IBM works with customers to integrate pivotal insights into their business decision-making, the company’s aim is to inform their strategy and assist them to remain resilient and competitive.
TCS and IBM formed a strategic alliance in October 2019. Since then, the two firms have been working together to develop a go-to-market strategy. This announcement is made on the back of the partnership reaching numerous milestones that enabled the Climanomics® software platform to be available on IBM cloud through Red Hat OpenShift, as well as the commencement of a combined effort to find novel ways to aid global energy and financial companies in measuring climate risk.