Blog

New Correntics and Deloitte Switzerland collaboration provides a clearer view of climate risk for companies

Zurich, October 18th, 2024

Correntics collaborated with Deloitte Switzerland to provide deep climate insights for clients. Correntics climate data analytics help to identify physical risks using a forward-looking, scientific approach. This, combined with Deloitte’s sustainability risk and regulatory advisory expertise, is providing pivotal knowledge for companies that want to bolster their resilience to climate change risk and future-proof their supply chains.

The collaboration supports companies to disclose their climate-related physical risks aligned to new and emerging regulatory requirements, such as the Corporate Sustainability Reporting Directive (CSRD) – which potentially impacts around 50,000 companies within the European Union. In addition, companies in Switzerland must report on numerous material climate-related risks, under the Ordinance on Climate Disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The analytics from Correntics, coupled with Deloitte’s insights and advisory, enable companies to comply with regulations and understand the longer-term risk to assets, revenue streams, and balance sheets over a 20 to 30-year timeframe across their own operations and along their value chain.

A granular view into risk analytics

Traditionally, it has been difficult for many companies to access accurate climate data across their supply chains to anticipate potential risks, often relying on projections of future conditions based on past data or using proxy datasets. However, the increasing frequency and severity of extreme weather events due to climate change made it essential for businesses to move beyond relying solely on historical patterns and qualitative analysis.

Correntics’ data and analytics offer a robust, scientific solution for assessing chronic and acute hazards and risks at specific locations. Built on top of this data is a powerful, web-based platform that generates up-to-date visual maps, with layered information on critical climate change-related factors, such as shifts in temperature, rainfall patterns, and extreme weather events like flooding and tropical cyclones, among others. The platform also alerts users to real-time disaster spots that could impact their specific value chain.

Companies can easily extract the data, with full source transparency, and translate it into actionable steps, such as increasing climate adaptation measures, implementing more resilient sourcing strategies, or re-locating moveable assets.

Better prepared for the future

Today, more and more companies across various sectors recognise the necessity of assessing their risk related to climate change. The quantitative assessment and granularity of detail offered by the Correntics’ platform enable Deloitte Switzerland’s clients to evaluate the potential impact of climate-related factors and simplify decision-making on adaptation measures while complying with the latest sustainability regulations. This, in turn, can ensure many positive outcomes, including continued stakeholder trust, customer reassurance, and long-term financial security.

“We can demonstrate the real-world business impacts of climate change to our clients with Correntics’ platform. With our combined delivery, clients have gained valuable insights on the tangible impact and gain a clear understanding of how to monitor and mitigate the risks.” – Quinn Wenning, Manager at Deloitte.

“Our trusted, data-driven methods enable Deloitte to provide much deeper analysis for its clients at this critical junction, where understanding climate risk is crucial for the future of many business operations,” says Michael Gloor, CEO of Correntics. “It’s relevant to any global value chain, as it helps to identify and assess the material climate-related impacts, risks and opportunities related to a company’s full operations.”

The collaboration successfully equips businesses to strengthen their resilience to climate change risks, maintain stakeholder trust, and achieve long-term financial stability.

About Correntics

Correntics currently works with clients across the power and energy, agriculture, chemical, and finance sectors. The company was founded in 2021 by Michael Gloor and Gaudenz Halter, and is supported by Innosuisse, ESA BIC Switzerland, and investors including ZKB, Serpentine Ventures, SICTIC, S2S Ventures, Venture Kick, Kickfund, and Respire.

Press Contacts:
Correntics AG
Schaffhauserstrasse 78
CH-8057 Zürich

Michael Gloor (Co-Founder & CEO)
michael.gloor@correntics.com
+41 78 480 64 55