Berlin DE; Oxford, UK, 30 November 2023
Theia Finance Labs and Oxford Sustainable Finance Group to closely collaborate on climate risk modelling under the joint 1in1000 brand.
Theia Finance Labs (formerly the 2° Investing Initiative Deutschland) and the University of Oxford Sustainable Finance Group (OxSFG) are excited to announce close collaboration on climate risk models under a shared brand name ‘1in1000’. 1in1000 will be the home of the two organizations’ suite of open-source climate and environmental financial risk models, including Transition Risk (TRISK), Physical Risk (PRISK), Nature Risk (NRISK), and Social Risk (SRISK).
The 1in1000 model suite can be used by market actors to better understand and quantify climate financial risks, including their interplay with nature and social risks. 1in1000 supports the application of these models to a range of central banks, financial supervisors, and private sector financial institutions. In addition to making the models available as a public good, 1in1000 provides related capacity building tools and support, e.g. in the design and implementation of climate stress-test and scenario analysis exercises.
The merger of the respective modelling infrastructures builds on two years of collaboration on climate-related risk, including climate stress test implementation exercises. The partnership leverages the academic rigour of OxSFG as well as the model design experience and portfolio analysis software development expertise of Theia Finance Labs. Going forward, the 1in1000 models will be jointly developed and maintained by Theia Finance Labs and OxSFG.
“We are excited to partner with the Theia Finance Labs to bring an open-access toolkit to measure and manage climate and environment financial risks – a much needed offering for financial practitioners from private and public institutions alike”
Dr. Gireesh Shrimali, Head of Transition Research at the Oxford Sustainable Finance Group
The partnership continues to support Theia Finance Labs mission of incubating research solutions. 1in1000 was originally established as a dedicated research stream under the aegis of Theia Finance Labs to find ways to measure and manage long-term risk. Moving forward, the brand will serve as the joint asset for both institutions and will pool funding and resources from both partners.
“Bringing together the academic expertise of the University of Oxford and the climate risk modelling and code base developed by Theia Finance Labs Germany is a culmination of our efforts to design a world-class, transparent and easily accessible climate stress testing methodology and tools”
Jakub Cervenka, Research Manager at Theia Finance Labs
You can find more information on the new project website www.1in1000.com. If you or your institution is interested in the 1in1000 and our work on climate stress testing, please contact 1in1000@theiafinance.org
