UK organisations can apply for a funding to develop solutions that integrate climate and environmental factors in the financial services industry.
This Innovate UK (IUK) competition aims to address the lack of focus on climate and environmental risk (CER) in the financial services industry, as part of net zero carbon ambitions. It is looking to demonstrate and deploy innovative solutions that integrate climate and environmental factors into financial services.
The industry is defined in broad terms and includes public investment vehicles, banking, project finance, insurance, and asset management. Climate and environmental variables cover the range of data that track changes in weather, emissions, pollution, biodiversity, and natural assets.
In this phase 1 competition, applicants must prototype a CER solution adapted for widespread use in financial services, including public investment. Project must have the potential to create substantial positive climate and environmental impact and change business-as-usual in the finance industry.
IUK has allocated a total of up to £1.5 million to phase 1. Prototype R&D contracts will be for up to £50,000 for each project, for up to three months. IUK expects to fund up to 30 projects.
Projects must focus on one or more of the specific themes:
- Public sector investment
- Physical risk
- Transition risk
- Litigation risk
- Impact disclosure
- Climate outcomes
UK businesses of any size can lead a project. They may work alone or with others from business, research organisations, research and technology organisations or the third sector as subcontractors.
Applications will be accepted from Monday 17 January 2022 until the closing date of Wednesday 16 February 2022 (11:00 GMT).
How To Apply
Competition dates:
- Open: Monday 17 January 2022
- Competition closing date: Wednesday 16 February 2022 (11:00 GMT)
Applicants are encouraged to read the general guidance for applicants to help their chances of submitting a quality application.
Those requiring more information should contact the competition helpline on 0300 321 4357 or email [email protected]
Applications are made online at the Innovation Funding Service webpage.
Addresses and contacts
For further information on how to obtain this grant locally, please contact the following:
- Innovate UK (IUK)
Polaris House
North Star Avenue
Swindon
SN2 1FL
Tel: 0300 321 4357
Email: [email protected]