The Centre for Climate Finance & Investment sponsored the prize for 'Innovation for Climate Finance' at Algothon 2019 this weekend. Algothon is a finance hackathon created by Imperial College Algorithmic Trading Society and BlackRock which focused on climate finance as one of it's key themes this year.
Imperial College London PhD students Dilaksan Thillaithevan and Ryan Murphy (team Climate Impact) won for their project on deriving a risk factor for companies' supply chain exposure to extreme weather events. They also won the top prize for the overall competition.
These prizes support the growing interest in addressing the impact of climate change through finance, further reflected by a climate focused team taking third place as well (this team were also Imperial students). Challenges in the availability of consistent climate related financial data meant that only few teams of the 32 judged chose to tackle the issue and were well recognised for their achievements.
Dr Anastasiya Ostrovnaya, Research Fellow at the Centre for Climate Finance & Investment, gave a talk and presented the prize of dedicated Woodland Trust tree plantation for carbon removal at the event this weekend to an audience of 250 participants. The involvement of the Centre for Climate Finance & Investment with BlackRock was very welcome in bringing the climate finance to the Algothon agenda.