In our earlier blog posts we have written about How Covid has warranted a next-generation approach to nowcasting or instantaneous forecasting. But have you ever wondered how AI can help humans in tackling Climate Change which is a threat to the race. Almost all human activities today involve a certain level of carbon footprint whether it is a construction activity or to move things or people from one place to another or manufacturing, and even eating out. AI can be applied to certain decarbonization ventures. In the years to come a lot of time and money will be spent by entrepreneurs to grab such opportunities. The biggest companies across the globe have announced their commitment to reach zero emission targets and have climate change at the core of their investment strategy. Besides being an indispensable need of humankind, climate change is a business opportunity too. Did you know that the estimated value of the global climate analytics market is USD 40 billion?
Adverse climate will have a direct impact on all businesses as supply chains will be disrupted and there will be mass evacuations due to wildfires (such as the Dixie fire across Sierra Nevada in California), extreme heat events, flooding of coastlines etc. To brace for such climate-led changes climate intelligence is needed to know the kind of perils we shall face. Using this intelligence, Governments may accordingly invest in crucial infrastructure to be better prepared at handling such events.
Climate intelligence startups are offering predictive analytics to help in better preparedness for extreme climate events. Such startups use a ML in combination with conventional techniques and make use of readily available data, customer-specific data to train their algorithms. One such startup is Gro Intelligence. Gro’s analytics, indices, and decision models allow you to develop a holistic understanding of potential impacts to your organization to reduce volatility, increase stability, and allow for long-term planning.
Likewise, another start-up, Terrafuse AI is developing the most advanced climate and weather risk prediction solution on the market. They generate hyperlocal climate risk scores powered by machine learning to prevent losses and boost decision-making accuracy. Infact, they recently launched Wildfire AI, which will use daily climate intelligence and predictive modeling for the public, delivering greater accuracy to assess and diminish the rising property risk from wildfires in California. Terrafuse AI taps into the vast wealth of earth observation data to produce climate risk models that are 1,000 times faster than traditional climate models, by deploying machine learning on Microsoft Azure. Their models have been validated against USD 1 billion of proprietary insurance claims data. In addition to venture backing, Terrafuse AI partners include the U.S. Air Force, Microsoft AI for Earth, National Science Foundation, and Lawrence Berkeley National Laboratory.
The challenges for ventures include catering to unique objectives of the clients such as being in a particular circumstance as a result of climate change, business objectives, physical assets. If you want to know more about how AI is helping saving the planet against climate change, write to us at email@example.com and do subscribe to our newsletter