Telefónica invests in Mitiga, a pioneer in climate risk intelligence

Mitiga Solutions introduces the EarthScan™ platform, a cutting-edge tool designed to empower companies in analyzing climate risk exposure and adhering to European regulations. This enables businesses to make informed and sustainable investment decisions for greater profitability.

Telefónica, in pursuit of a more sustainable digitalization strategy, invests in Mitiga through Telefónica Ventures and Íope Ventures. This collaboration positions Telefónica at the forefront of the climate risk sector, anticipated to witness substantial growth in the coming years.

Participating at 4YFN with its Wayra stand, Telefónica showcases Mitiga’s role in the panel ‘Unstoppable Wayra: A story of telecommunications transformation in the Open Gateway galaxy.’ This investment signifies Telefónica’s entry into climate risk management, an imperative move as climate-related catastrophes increase, causing significant asset losses globally.

In response to escalating regulatory pressures in the EU and the US, companies are compelled to disclose climate risk information. Mitiga Solutions addresses this need with its EarthScan™ platform, a Software-as-a-Service (SaaS) solution that utilizes advanced climate science, artificial intelligence, and high-performance computing to predict and assess the impact of extreme weather events.

Traditional data models often fall short in gauging climate impacts as they rely solely on past events projected into the future. Mitiga’s innovative approach incorporates new data models grounded in physical and transient data, allowing clients in finance, insurance, real estate, industry, and retail to comply with European CSRD/SFRD legislation. This, in turn, facilitates more efficient and sustainable investment decisions.

Telefónica’s investment in Mitiga aligns with the company’s commitment to sustainable digitalization and the safeguarding of physical assets against the escalating risks posed by natural disasters. Both entities have initiated collaborative efforts across various Telefónica verticals.

Telefónica’s annual Climate Action Plan outlines its commitment to achieving net-zero emissions across its value chain by 2040, contributing to mitigating climate impact. Irene Gómez, director of Telefónica Innovación Abierta and CEO of Wayra, emphasizes Mitiga’s strategic importance as a partner in advancing Telefónica’s business in Climate Tech.

Alejandro Martí, CEO and co-founder of Mitiga Solutions, highlights the urgency of addressing climate change and expresses enthusiasm for the collaboration with Telefónica. The goal is to expand the reach of their SaaS climate risk assessment technology, benefiting more businesses and public organizations in building resilience against the economic impact of climate change.

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