Jackie Bennett, the chair of the Bank of England’s Residential Property Forum, has taken on an advisory role at Climate X, where she aims to assist the UK housing market in adapting to the challenges posed by climate change.
Climate X has developed Spectra, a digital ‘twin’ of Earth designed to forecast the impacts of extreme weather events—such as heatwaves, wildfires, flooding, and landslides—on properties, infrastructure, and assets across various emissions scenarios.
The Spectra platform provides precise risk assessments tied to specific locations, as well as Energy Performance Certificate (EPC) ratings that indicate transition risks and climate-adjusted loss projections extending to the year 2100. Users can access this information through a Software as a Service (SaaS) platform or via an integrated API, accommodating multiple climate emission pathways.
Bennett, who previously served as the director of mortgages at UK Finance, is now focusing her expertise to help financial institutions and real estate businesses better understand and manage climate-related risks, ultimately enhancing their resilience. With over 20 years in the mortgage and housing sectors, she experienced the devastating impact of extreme weather firsthand during her time at the Association of British Insurers, which coincided with the catastrophic floods of 2000-01 that resulted in over 10,000 damaged properties and an estimated loss of £1 billion.
Bennett emphasizes the pressing nature of climate change: “The foreseeable consequences of climate change will significantly affect mortgages and housing in the years ahead. Access to robust climate risk data and modeling will be essential for ensuring the resilience of these industries.”
For more insights, consider attending Finextra’s annual Sustainable Finance Live conference on October 10, 2023, where industry experts will convene to explore strategies for building sustainable cities.