AECOM, the world’s trusted infrastructure consulting firm, in partnership with the Sustainable Markets Initiative (SMI), today launched the SMI Nature Risk Tool at NYC Climate Week 2024. Developed by AECOM as part of its work leading SMI’s Measurement and Transparency Task Force, the first-of-its-kind tool is designed to revolutionize the way infrastructure projects are planned, financed, and delivered in response to the impact of nature and biodiversity.
“As the world grapples with the challenges of climate change and biodiversity loss, this tool provides a much-needed solution for making informed decisions about nature and financial risks at the earliest stages of project development,” said Troy Rudd, AECOM’s chief executive officer and Head of SMI’s Measurement and Transparency Task Force. “We’re proud to support SMI in developing this first-of-its-kind resource to arm users with clear, actionable insight to drive nature-positive outcomes.”
Designed to be used at the optioneering or site selection stages of an infrastructure project, the tool assesses the impact of new infrastructure developments on biodiversity and nature. Powered by AI, it collates complex data from diverse open sources, including academic and environmental research into a simplistic, user-friendly format. It segments the world into 16 unique geographical areas characterized by climate, vegetation, and wildlife, allowing users to assess nature-related risks and opportunities based on a project’s location, type, and scale. This enables decision-makers to evaluate environmental dangers, from potential pollution issues to biodiversity loss or geological hazards.
By cutting the length of time for risk assessments from weeks to hours, the SMI Nature Risk Tool helps future-proof projects, avoiding costly delays, reputational damage, and legal liabilities. It also unlocks new sources of value, innovation, and financing by providing clear, actionable insights. The tool supports users in meeting the growing expectations and requirements of regulators, investors, clients, and communities, and prepares projects for reporting under the Taskforce on Nature-related Financial Disclosures (TNFD).
“With global infrastructure investment projected to reach $94 trillion by 2040, the need for development that works with nature has never been more critical,” said Robert Spencer, AECOM’s global head of ESG Advisory Services. “This launch marks a major milestone in our commitment to Sustainable Legacies and empowers clients to make informed decisions that not only mitigate risks but also create long-term value for communities and the environment.”
“Nature is the engine of our economy which lies at the heart of our mandate, the Terra Carta,” said Jennifer Jordan Saifi, CEO of SMI. “By partnering with AECOM, we have been able to demonstrate the significant impact that infrastructure development can have on global biodiversity. Our hope is the SMI Nature Risk Tool will act as a powerful resource for developers and policymakers worldwide as we work collectively to protect and restore harmony with nature.”
The pilot phase of the SMI Nature Risk Tool commenced in June with organizations that include Shell, BP, KPMG, WWF, Barclays and Acciona. The output of the pilot projects informed the final version of the tool which will be available to all members of SMI.
About AECOM
AECOM is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $14.4 billion in fiscal year 2023. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240925375859/en/
Contacts
Media:
Quincy Zhai
Senior Manager, External Communications
Quincy.zhai@aecom.com
