Citi to utilize the newly launched Climate Credit Analytics model suite
NEW YORK, Nov. 12, 2020 /PRNewswire/ — S&P Global Market Intelligence and Oliver Wyman announced today a collaboration with Citi to support the financial institution’s commitment for a smooth transition to a low-carbon economy. Citi will be utilizing Climate Credit Analytics, a pioneering climate scenario analysis and credit analytics model suite, introduced by S&P Global Market Intelligence and Oliver Wyman at Climate Week NYC 2020.
Climate Credit Analytics is designed to help financial institutions and corporates assess how a transition to a low-carbon economy will impact the creditworthiness of their counterparties. Its underlying insights combine S&P Global Market Intelligence’s advanced Credit Analytics risk models and unique datasets with Oliver Wyman’s industry-leading climate scenario and stress testing expertise.
“Climate Credit Analytics aligns with emerging regulatory directives and will help enable the broader industry to better analyze and manage climate risks while deploying capital to underpin long term sustainable growth. Further advancing this technology is common cause and very timely, we are delighted to be working with such capable partners,” said Colin Church, Citi’s Head of Climate Risk Management.
“This new tool will provide valuable rigor for analyzing our client portfolios under different climate transition risk scenarios, enabling us to build on our prior climate scenario analysis work. Integrating this analysis will contribute to the climate risk pillar of our Sustainable Progress Strategy and our ongoing Task Force on Climate-related Financial Disclosures (TCFD) implementation,” said Eliza Eubank, Citi’s Head of Environmental and Social Risk Management.
“Climate change is a non-traditional risk, and financial institutions and corporates are working to understand its implications. We have a deep legacy in credit analytics and we are proud to work with Citi, a leader in this area, to collaborate on creating integrated climate and credit-related analytics to navigate the effects of climate risk on the financial markets,” said Martina Cheung, S&P Global Market Intelligence’s President.
“We are delighted that Citi will be the first bank to utilize Climate Credit Analytics. This unique solution to quantify climate risks is readily customizable, incorporates the NGFS Scenarios, and covers all corporate sectors, including major greenhouse gas emitting sectors. Citi’s commitment to environmental finance exemplifies the critical role that financial institutions play in combating climate change,” said Oliver Wyman’sJohn Colas, Partner and Vice Chairman, Financial Services Americas.
For additional information on Climate Credit Analytics, please visit S&P Global Market Intelligence.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities around the world use this essential intelligence to make business and financial decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors. S&P Global has been providing essential intelligence that unlocks opportunity, fosters growth and accelerates progress for more than 160 years. For more information, visit www.spglobal.com/marketintelligence.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities.
Oliver Wyman is a business of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.
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SOURCE S&P Global Market Intelligence