Climate X has appointed former chief of staff at Monzo Bank, Andrew Ellam, as its vice president of technology.
The UK-based company predicts extreme weather events linked to climate change decades before they happen.
This information is passed on to banks, insurers and governmental organisations so they can make better predictions about these physical events, such as flooding, which could affect their investments and operations.
At Climate X, Ellam will work on helping the company scale amid the growing demand for climate risk data.
Ellam has more than 20 years of experience in the tech industry, including at tech giants Amazon and Meta/Facebook.
On his new role, Ellam commented: “For me, climate change is the biggest threat facing our generation and future generations.
“I’ve joined Climate X with a shared vision to provide the insights firms need to help improve things—to build a climate-resilient economy that can withstand the challenges ahead.”
Lukky Ahmed, chief executive officer and co-founder at Climate X, said: “Andrew brings a wealth of knowledge and skills to the climate fintech industry.
“He will be pivotal in leading a team that will deliver a market-leading platform that customers can use to process trillions of data points, all within seconds, at a global scale and without compromising on security.”
The latest report from the UN’s Intergovernmental Panel on Climate Change finds that greenhouse gas emissions must peak by 2025 and reduce by 43% by 2030 to avoid the most dangerous effects of climate change.
A report by PwC, a consultancy, demonstrates these effects could expose a company’s supply chains, costing it several hundred million dollars a year or double its transportation costs.