Climate research at the National Centre for Atmospheric Science will contribute to a new £10 million research centre that will advise lenders, investors and insurers on making environmentally sustainable decisions, and support a greener global economy.
The new UK Centre for Greening Finance and Investment (CGFI) is funded by UK Research and Innovation (UKRI), an investment which signals the UK’s commitment to using its global finance sector to support the transition to a net zero carbon and nature positive future.
The centre will be led by the University of Oxford, and in partnership with the National Centre for Atmospheric Science, to ensure that professional financial decisions take climate change into account.
Banks, pension funds, and insurance companies are looking to better understand the financial implications of climate change. At the National Centre for Atmospheric Science, we are very much looking forward to working as part of the Centre for Greening Finance and Investment to help financial institutions access the latest science on the changing risks of storms, floods, and droughts.
Professor Len Shaffrey, Climate & High-Impact Weather Theme Leader for the National Centre for Atmosphere, based at the University of Reading.
Companies and start-ups will be supported to commercialise products that can green global finance, and the centre will provide tools that measure storm and flood risk facing properties or the pollution created by companies and the liabilities that result.
The finance and investment industries are waking up to the critical impact of climate change on the value of assets and portfolios. To make prudent decisions they require the very best information about how climate change is affecting hazards and risks all over the world, which is a major area of NCAS expertise and capability. We are delighted to be playing a central role in this innovative new venture.
Professor Rowan Sutton, Director of Climate Science for the National Centre for Atmospheric Science, based at the University of Reading.
The centre will support economic growth while transitioning to a low carbon economy in line with the Paris Agreement, and will deliver on commitments made in the UK Government’s 2019 Green Finance Strategy. Work will begin in April, ahead of this year’s COP26 UN climate summit in Glasgow.
Funding for the CGFI was allocated by UKRI through the Natural Environment Research Council (NERC) and Innovate UK.