Announcement of Opportunity: Climate and Environmental Risk Analytics for Resilient Finance (CERAF)
24 February 2020
Outline Proposals deadline: 16:00 on 05 May 2020
Full Proposals deadline: w/c 21 September 2020
NERC is inviting outline proposals for up to £4M as a single award with a maximum duration of 3 years, for Stage 1 of the Climate and Environmental Risk Analytics for Resilient Finance (CERAF) programme.
The CERAF programme is a joint investment by NERC and Innovate UK of up to £10M between 2020/21 and 2024/25. A grant of up to £4M (at 80% FEC) will be made by NERC under this Stage 1 call. A further up to £1M (80% FEC) will be available for the recipient of Stage 1 NERC grant funding in Stage 2 of the programme, which will also deliver up to £5M in Innovate UK funding to businesses. This Stage is expected to commence in 2023/24. Further details of Stage 2 funding, including levels and intensity of grants or other forms of funding for business-led R&D projects will be confirmed at a later date.
The overall vision for the CERAF programme is to drive research and innovation to support the establishment of a climate and environmental risk analytics capability and capacity in the UK aligned to the specific requirements of the financial services sector such as banks, insurers, asset managers, pension funds and ratings agencies. Programme outputs are expected to deliver information to enhance the resilience of the financial system to the increasing impact of climate and environmental variability and change and drive more sustainable investment of capital.
The programme objectives are to:
- Deliver a step-change in the provision and analysis of CER information for a specific set of use-cases for financial services users that demonstrates impact from improved understanding and reporting of risk underpinned by robust science.
- Develop common CER information, taxonomies, governance and reporting standards for use by financial services regulators and end users.
- Establish an institutional and infrastructural entity to manage the provision of open-access CER data and analytics for use by commercial enterprises and public sector bodies that is capable of enduring beyond the programme funding term.
- Stimulate and accelerate the development of an ecosystem of small, medium and large private sector enterprises to deliver value-adding analytics and reporting products and services using open-access CER information.
Further information on the call for outline proposals and guidance on how to submit an application can be found in the Announcement of Opportunity document below: