Climate X, a climate risk analytics provider, has announced a significant collaboration with Jackie Bennett OBE, chair of the Bank of England’s Residential Property Forum, to fortify Britain’s housing market against the challenges posed by climate change.
Jackie Bennett, a seasoned expert with over 20 years of experience in the mortgage and housing industry, is set to bring her comprehensive knowledge to Climate X.
Her understanding of the mortgage and insurance landscapes will be instrumental as Climate X enhances its technology for global financial institutions and commercial property firms.
Bennett’s role as an advisor comes at a critical time as financial and real estate firms grapple with increasing regulations related to climate-related risks, handed down by bodies such as the Prudential Regulation Authority, Bank of England, and Financial Conduct Authority. Keeping up with these swiftly changing regulations poses a significant challenge, and Bennett’s expertise will help firms navigate this complex terrain and build resilience in their front and back books.
Climate X has developed an innovative digital “twin” of the Earth called Spectra. This technology projects the effects of extreme weather events, such as heatwaves, wildfires, flooding, and landslides, under varying emission scenarios.
By also including energy efficiency ratings for the UK and Europe, Spectra enables mortgage lenders and real estate firms to meet regulatory demands, plan for potential events, adapt their long-term strategies, and quantify associated risks and costs.
Bennett’s interest in this field dates back to the floods of 2000-01 when she worked with the Association of British Insurers. Those floods caused extensive damage, affecting over 10,000 properties at an estimated cost of £1bn. Recent flood events have further emphasized the need for quality data to protect properties, ensuring they remain mortgageable and insurable in the long term.
On joining Climate X, Bennett said: “Climate X has built a remarkable technology that holds immense potential for the mortgage and housing industries. Foreseeable harm from climate change will have a fundamental impact on mortgages and housing over the coming years, and robust climate risk data and modeling will become vital to these industries’ resilience. I’m thrilled to be supporting the business in its journey.”
Climate X’s CEO and co-founder, Lukky Ahmed: “Jackie is an impressive leader with an extensive background in the UK’s mortgage and housing market. Her expertise will be invaluable as we scale our product for the real estate sector, helping lenders and property owners to forecast climate risk and protect their assets. I’m thrilled to welcome her to the business as we continue our rapid growth.”
