Concept: Canadian software development startup Minerva Intelligence has launched an AI-powered application programming interface (API) called climate85 API for climate risk data. It offers the ability to measure the effects of climate change on business owners, investors, and portfolio managers.
Nature of Disruption: climate85 API comprises comprehensive climate risk datasets which are created using advanced scientific methodologies and are based on a selected group of global climate models and historical climate data from Canada. The API provides about 36 datasets that cover several time horizons and scenarios for climate change. It offers wide coverage with nearly 32km resolution and three return periods of extreme temperature, humidity index, precipitation, and wind gust speed for three different shared socioeconomic pathways (SSPs 1, 2, and 5). The climate85 platform can offer access to physical climate risk information in the dashboard that is required for decision-making. Users can load assets into the platform and obtain risk scores for investment and regulatory reporting standards. The platform generates insights on how to lower uncertainty in the risk score, based on which necessary actions can be taken to increase resistance to climate change. Climate85 aids to improve understanding of the effects of climate change, adoption, and the discovery of new opportunities for a variety of sectors.
Outlook: The earth’s climate is warming due to rising greenhouse gas (GHG) concentrations due to emissions linked to human activities. CO2 and methane (CH4) are the two GHGs that warm the earth by capturing energy that would otherwise radiate into space. As climate change is impacting the global economy, companies across the world are under increasing pressure from investors and regulators to understand and disclose how climate change may damage their business. Every business needs to declare its climate risk and have a strategy in place to reduce it and adapt to the changes. Minerva Intelligence aims to make Canadians more prepared for climate change with its API. It can equip businesses, communities, and individuals with the knowledge they need to understand the impacts of climate risk on businesses and individuals. The datasets are currently made available for public access on a limited basis. The startup boasts that climate85 API can provide access to climate risk information forecasts through the year 2100. It plans to expand the API data coverage outside of Canada in 2023.