Guelph, Ontario and San Francisco, March 12, 2024 /CNW/ – ClimateCheck and ClimateFirst are pleased to announce a first-of-its-kind partnership to help commercial real estate (CRE) stakeholders assess their financial risks from climate change. A new comprehensive approach includes climate value risk (CVaR) analysis to determine the value of assets that may be damaged or destroyed as a result of climate change disasters, and to guide real estate recovery measures. Recommended.
Leading climate technology startups collaborate to create integrated, practical solutions to help real estate stakeholders, including owners, investors, and asset managers, manage climate risks effectively and quickly It offers. By leveraging the combined expertise of both platforms, clients can access comprehensive climate risk assessments and turn challenges into opportunities to build asset resilience.
The new dual solution benefits from the fusion of climate and building science. ClimateCheck identifies property-specific climate risks, while ClimateFirst assigns a value to each risk and provides a comprehensive mitigation plan.
“We provide our clients with detailed information about the risks of climate disasters to their properties. Through our partnership with ClimateFirst, we provide our clients with detailed information about the significant economic impacts of climate-induced disasters such as wildfires and floods. “This will enable our clients to 'prioritize the most needed asset recovery measures and protect their bottom line,'” said ClimateCheck's CEO. cal inman.
To create a CVaR report for commercial real estate, ClimateFirst inputs information from ClimateCheck's climate risk analysis and property building condition assessment into ClimateFirst's proprietary CVaR model. This model uses AI to calculate the at-risk asset value of individual properties. From there, ClimateFirst also determines the highest value property resiliency measure for the property in question.
“The solution must be commensurate with the scale of the problem,” he said mike williams, co-founder of ClimateFirst and vice president of RWDI, a leading climate and performance engineering company. “While on-site engineering assessments set the standard, it is unrealistic to assess every building individually. Only AI and technology at a very viable price point can fill this void. is.”
Despite the difficult nature of this challenge, both co-founders emphasize that there are positive opportunities for CRE stakeholders who take a proactive approach to adapting to climate risks and mitigating climate change.
“We have the ability to change the trajectory and mitigate the worst effects of climate change,” Inman said. “Our innovative solutions and commitment to data sharing reflect our dedication to promoting a safer and more resilient future for everyone.”
About climate check
ClimateCheck is a climate risk data provider that enables companies to identify, manage and mitigate the impact of extreme weather events on their real estate portfolios.
About Climate First
ClimateFirst Building Solutions is a climate risk analysis software that provides reliable Climate Change Value (CVaR) assessments and was developed by RWDI, a global leader in climate science and building performance engineering.
Related Links:
climate check.com
ClimateFirst.net
RWDI.com
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Source Climate First
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