Copernicus as a source for open data to monitor climate-related risks and use cases
The European Union’s Earth Observation (EO) Programme (Copernicus) was launched to monitor our planet and its environment from space. Here, environment related climate risks not only have a major impact on people’s lives, but also on industries. One of the most affected industries is finance. If climate-related risks are not properly understood, they can lead to incorrect asset valuation, which can lead to capital misallocation and, in the worst-case scenario, global financial instability.
In 2021, the EO data generated revenue of €145 million from clients in the finance and insurance sectors. By 2031, this is expected to experience tremendous growth and reach a total revenue of €994 million.
The EO addresses the need for data in finance with its vast open and reliable data source. The Copernicus data can be used for commodity trading, monitoring crop acreage, estimating yield, developing price projections, and informing trading decisions. Products and services based on this data combined with powerful analytics can measure, monitor, and report environmental impacts.
For instance, companies such as Climate Scale leverage the services of the programme like Copernicus Climate Change Service (C3S) data. They do so to provide high-resolution climate projections to help stakeholders evaluate the risks and opportunities of climate change along with climate-proofing their assets and operations. Climate Scale provides further post-processing of the broad-scale data through downscaling and thus making it more relevant to its end-users. They translate climate-related metrics into physical risks to plan adaptation measures.
Copernicus caters to climate-related analyses with its quality and reliable open data from Europe and the rest of the globe and protects society by providing support to the economy. Find “Copernicus” – data.europa.eu on data.europa.eu which is the single point of access to European open data with an extensive source of 1.5 million datasets on diverse topics.