Telefónica invests in climate risk intelligence

Telefónica invests in Mitiga Solutions, a company that combines cutting-edge climate science, AI and high-performance computing to help customers understand their exposure to climate risk. This is Telefónica’s entry into the climate risk sector, which is expected to grow significantly in the coming years.

Mitiga Solutions offers EarthScan™, a SaaS climate risk management platform to predict and calculate the impact of extreme temperature, fire, and precipitation events. Current traditional data models are inadequate for calculating impacts because they are based solely on past events projected into the future. Mitiga incorporates new data models based on physical and transient data to complement traditional models, enabling its clients in sectors such as finance, insurance, real estate, industry and retail to comply with European CSRD/SFRD legislation and make more cost-effective and sustainable investment decisions.

Telefónica is investing in Mitiga Solutions because it fits with the Group’s strategy of sustainable digitalisation and protecting the value of its physical assets from the growing risks of natural disasters. Both companies have already started to work together in different Telefónica verticals.

Irene Gómez, director of Telefónica Innovación Abierta and CEO of Wayra, said: “Telefónica supports the transformative power of innovation and technology to build a sustainable future, which is why we have made a double commitment by investing in Mitiga through both Telefónica Ventures and Íope Ventures, the investment vehicle jointly created by Wayra and Telefónica Seguros. For us, Mitiga is a strategic partner that will help us drive our business in Climate Tech”.

Alejandro Martí, CEO and co-founder of Mitiga Solutions, said: “Climate change is the biggest challenge facing society today and in the coming decades, not least because of the large-scale economic impact it will have. We need to rethink our cities, homes and workplaces to build resilience to climate change on a daily basis. That’s why we’re excited about this strategic collaboration with Telefónica to bring our SaaS climate risk assessment technology to more businesses and public organisations.”

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