Analytics firm creates new climate risk report
Santander has selected environmental analytics firm Groundsure to screen commercial transactions for legacy and ongoing environmental and climate change risks.
Groundsure, in partnership with Santander, designed a new Siteguard Climate report, which includes a four-tier risk assessment summary with explicit opinions on environmental liability, loan security risks, and potential property value impacts.
It is also the first report for major banks to provide an assessment on the physical climate risk from flooding both today and projected forward over the medium term.
Each report is backed by bespoke recommendations for the site and is built in accordance with Santander’s specific requirements with its valuation network.
“We are delighted to be working with Santander to support their due diligence on their commercial property transactions,” Dan Montagnani, chief executive at Groundsure, said.
“With the Bank of England having set out its expectations on banks embedding their approaches to climate related financial risk, we are helping Santander to meet their compliance obligations and to ensure they are well positioned to manage this at scale for their commercial portfolio,” he added.
After Barclays and NatWest/RBS Group, Santander became the third of the top five UK commercial lenders that are now utilising the Groundsure Siteguard solution.
