Bob Wigley, chairman of UK Finance, has joined climate risk analytics firm Climate X as an adviser. The move aims to help the financial sector better anticipate and prepare for climate-related risks.
Wigley has served as chairman of UK Finance for six years, liaising between the UK’s financial sector, Government, and regulators. His role at Climate X will focus on helping financial institutions build resilience against climate impacts, a crucial step as criticism mounts that the sector is not adequately assessing these risks.
Climate X’s digital model, Spectra, helps banks predict how extreme weather events could affect their assets and infrastructure. This aligns with regulatory requirements from central banks and the Task Force on Climate-Related Disclosures (TCFD).
Wigley said: “When any new wave of technology comes to market, there’s always one company that looks like the clear winner, and I believe Climate X is leading the pack. Spectra is the most comprehensive, easily accessible risk management solution available on the market – there’s nothing like it.”
The urgency of addressing climate risks has escalated. Extreme weather events, such as the wildfires that broke out across Europe this July due to record heatwaves, are predicted to become the next ‘mega-shock’ to the global economy.
Lukky Ahmed, CEO and co-founder of Climate X, welcomed Wigley’s appointment: “Bob’s expertise will be invaluable as we scale our product and navigate the financial services regulatory landscape. It’s a true milestone and honour to welcome him to Climate X’s team.”
In addition to his new advisory role, Wigley is also an Adjunct Professor at the University of Queensland and has been a Visiting Fellow at various prestigious business schools.
