{"id":1455,"date":"2022-01-04T14:13:39","date_gmt":"2022-01-04T19:13:39","guid":{"rendered":"https:\/\/research.ncsu.edu\/win\/?p=1386"},"modified":"2023-11-27T15:09:38","modified_gmt":"2023-11-27T20:09:38","slug":"durhams-the-climate-service-acquired-by-sp-global","status":"publish","type":"post","link":"https:\/\/research.ncsu.edu\/win\/durhams-the-climate-service-acquired-by-sp-global\/","title":{"rendered":"Durham\u2019s The Climate Service acquired by S&P Global"},"content":{"rendered":"
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DURHAM \u2013\u00a0<\/strong>An award-winning Durham startup that developed a methodology for analyzing climate risk has been acquired by S&P Global, a publicly traded company.<\/p>\n

The deal was announced in a\u00a0statement<\/a>\u00a0issued by the company.\u00a0 Financial terms were not disclosed.<\/p>\n

The Climate Service raised\u00a0$3.825 million<\/a>\u00a0in 2020, and was raising capital earlier this year.\u00a0 The company, which won a 2021 ESG Investing award and was named to a list of world changing ideas by Fast Company, also appeared on the Triangle Tweener List in 2020 and 2021.<\/p>\n

In 2021, following an executive order signed by President Joe Biden, The Climate Service co-founder and CEO, James McMahon, told WRAL TechWire that the company was seeing \u201can uptick in demand across all sectors.\u201d<\/p>\n

McMahon noted that the company\u2019s platform, which it calls Climanomics\u00ae, provides companies a mechanism to meet the requirements of the executive order that pertains to financial-related climate risk.\u00a0 \u201cThat\u2019s exactly what our platform does,\u201d said McMahon.<\/p>\n

The company, co-founded by McMahon, began in 2017.\u00a0 The company developed the application for physical climate risk analytics, which it provides to corporate entities, government departments, and investors, the outputs of which are \u201caligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD),\u201d according to the company\u2019s statement.<\/p>\n

\u201cWe are passionate about providing the market with the essential information it needs to make smart decisions in the face of climate change,\u201d said McMahon, in the company\u2019s statement. \u201cTogether with S&P Global, we will take our climate risk capabilities to the next level and be able to deliver insights at scale that the world urgently needs.\u201d<\/p>\n

S&P Global is acquiring the company in order to provide its clients \u201ctransparent, robust and comprehensive climate data, models and analytics,\u201d the statement reads, and to add capabilities to the company\u2019s portfolio of\u00a0environmental, social, and governance (ESG) insights.<\/p>\n

\u201cMore than ever, investors and companies seek evidence-based insights, high quality data and advanced analytics to support the decisions driving their strategies linking sustainability and business performance,\u201d said Dr. Richard Mattison, the president of S&P Global Sustainable, in the statement.<\/p>\n<\/div>\n<\/div>\n

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