RMS partners with climate change initiative
Risk modelling firm Risk Management Solutions has partnered with a US initiative designed to quantify and publicise the economic risks the US faces from the impact of climate change.
Known as the ‘Risky Business’ initiative RMS has said it will help enhance the initiative’s ability to provide high quality data on climate change.
Launched in October 2013, Risky Business is a joint initiative of Bloomberg Philanthropies, the Office of Hank Paulson and Next Generation.
RMS work with lead initiative staff at Next Generation to provide analysis of the impacts climate change will likely have on coastal infrastructure and related assets.
RMS modellers and scientists will use its stochastic hurricane and coastal flooding model. The RMS model simulates the likelihood and economic impacts of thousands of individual storms and coastal flooding events, at high-levels of resolution, across the Gulf and Atlantic Coasts of the US.
The results will be included in a major report on the economic risks of climate change in the US, due in June 2014.
“Our intent from the outset of the Risky Business project has been to show our Risk Committee, and the wider business community, a range of probable economic risks the United States will face from climate change in the coming decades,” said Kate Gordon, executive director of Risky Business and vice president of the Energy and Climate Program at Next Generation.
“By combining the expertise of RMS with the analysis we’re conducting for other sectors of the American economy, we’ll produce a best-in-class assessment that we believe will be valuable to a broad range of American businesses.”
Hemant Shah, co-founder and chief executive officer of RMS, said: "While there are uncertainties regarding the impact of climate change, the risks are real and can be quantified using today’s technology and computing power. Through a scientific approach, we can systematically address climate risk issues. By objectively measuring this risk, we can as a society manage it.
"My colleagues and I are passionate about this issue, and are delighted to join the Risky Business team and apply our considerable expertise on hurricane and coastal flooding risk to this very important initiative."
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