Ferma has called on the EU to collect and provide better access to climate change risk data, in a position paper submitted to the EU’s Strategy on Adaptation to Climate Change consultation. Ferma said greater access to actionable climate related data would help companies mitigate the risk and develop solutions.
Ferma listed three recommendations for the EU’s strategy on climate change. These were: EU-wide public access to climate-related risk data, the promotion of professional risk management practices within businesses and public organisations, and help for companies to make use of available options to finance climate-related risks.
Ferma said corporate risk and insurance management remains an untapped resource that could contribute more to organisations adjusting to climate change, and called on the EU to take advantage of insurance market mechanisms to encourage investment in resilience through risk pricing.
Typhaine Beaupérin, CEO of Ferma, said: “Various national databases currently exist but few are really in an interactive format that aggregate several risk data on joint platforms and are kept up to date by their operators. There is a great added value for an EU action in terms of facilitating the development of a broader range of risk financing solutions to secure their availability and affordability in the next decades.”
Ferma’s president, Jo Willaert, added: “Better access to good quality climate-related data ensures that organisations have an accurate view of their risks from exposure to climate-related events. This enables them to make the appropriate decisions in terms of prevention and protection and future projects, allowing quicker recovery.”
The European Commission is due to report to the European Parliament and the European Council on the implementation of a climate risk adaption strategy by the end of 2018.
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