ICE Expands Climate Risk Offering With Acquisition of Urgentem
Intercontinental Exchange (ICE), a top provider of data, technology, and market infrastructure, has acquired Urgentem, which provides information on business emissions and climate transition data. ICE has expanded its climate risk offering with the latest purchase.
The data and analytics provided by Urgentem will allow ICE to rapidly expand its climate risk offering to include expanded coverage of global public and private enterprises in new locations, scenario risk analysis, and stress testing for fund managers and banks.
Elizabeth King, Chief Regulatory Officer and President of Sustainable Finance at ICE, said:
"With the increased focus on climate change and the transition to a carbon-neutral economy, the investment community requires more transparency into corporate emissions and climate risk. Urgentem’s broad database and sophisticated modelling analytics will quickly expand our offering, and together with ICE’s physical climate risk solutions, will provide a full suite of sustainable financial services.”
Urgentem delivers greenhouse gas (GHG) emissions data, analytics, and tools for over 30,000 publicly-traded and privately-held equities. Its data will be used to enhance ICE's growing global sustainable finance offering, which includes a corporate ESG database of over 10,000 companies, U.S. municipal bond and MBS climate risk services, a suite of global corporate climate indices, and the world's leading environmental marketplace, where an estimated $1 trillion in notional value equivalent of carbon allowances will be traded in 2021, equal to more than half of the world's estimated total annual energy-related emissions footprint.
Urgentem’s Chief Executive Officer, Girish Narula, said:
"As investors navigate the evolving landscape of corporate ESG reporting, data has been a lynchpin for helping benchmark where companies are today and understand their transition plans for the years ahead. We’re excited to join ICE’s team of product developers and data scientists to offer impactful ESG data for the financial community and provide services that can help manage climate risk and comply with global regulatory requirements.”
ICE and Urgentem's data solutions facilitate client regulatory disclosures and follow TCFD (Task Force on Climate-Related Financial Disclosures) requirements, which reinforce climate-related reporting requirements from the European Union and the United Kingdom as well as proposed U.S. Securities and Exchange Commission (SEC) rules.