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As the risks associated with climate change grow, Telefonica is aiming to help businesses better understand the impact of adverse weather events
This week, international mobile operator giant Telefonica has announced an investment in Mitiga Solution, a company focussed on climate risk management solutions.
Mitiga is a company combining climate science with AI analysis, with their EarthScan™ software solution allowing them to accurately measure customers’ exposure to risk related to changes to environmental conditions, like flooding, heatwaves, and storms.
“Current traditional data models are inadequate for calculating impacts because they are based solely on past events projected into the future,” explained a press release from Telefonica. “[Mitiga] incorporates new data models based on physical and transient data to complement traditional models, enabling its clients in sectors such as finance, insurance, real estate, industry and retail to comply with European CSRD/SFRD legislation and make more cost-effective and sustainable investment decisions.”
The investment, for an unspecified amount, comes via Telefónica Ventures and Íope Ventures, the operator’s startup innovation arm Wayra.
Telefonica says the investment is in line with the Group’s strategy surrounding sustainability, with climate risk assessment viewed as an increasingly important field.
“Telefónica supports the transformative power of innovation and technology to build a sustainable future, which is why we have made a double commitment by investing in Mitiga through both Telefónica Ventures and Íope Ventures, the investment vehicle jointly created by Wayra and Telefónica Seguros. For us, Mitiga is a strategic partner that will help us drive our business in Climate Tech,” said Irene Gómez, director of Telefónica Innovación Abierta and CEO of Wayra.
“Climate change is the biggest challenge facing society today and in the coming decades, not least because of the large-scale economic impact it will have. We need to rethink our cities, homes and workplaces to build resilience to climate change on a daily basis. That’s why we’re excited about this strategic collaboration with Telefónica to bring our SaaS climate risk assessment technology to more businesses and public organisations,” said Alejandro Martí, CEO and co-founder of Mitiga Solutions.
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