Atom Bank To Access The Full Climate Suite Offered Kamma
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Atom Bank has secured a major partnership with Kamma, a climate technology business. Through this partnership, Atom will access the full climate suite Kamma offers. The offering will also provide a view of the physical and transition risks of Atom’s mortgage book.
Kamma will also offer the analytics needed for Atom’s financed emissions while improving the bank’s PCAF score. It will further share the climate credentials on the pools of assets needed to achieve securitization.
Atom Partners With Kamma To Assess Climate Risks On Mortgage Book
Atom is committed to environmental sustainability, with the institution planning to become a carbon-positive bank by 2035.
Atom needs to address the issue around financed emissions to meet its vision. The move includes using advanced analytics to assist the bank and customers reduce their carbon footprint.
The first phase of this partnership revolves around an in-depth review of the mortgage portfolio and the strategic support received from the Kamma team. The second phase will foster the development of new products, propositions, and customer journeys.
Kamma has created an advanced view of the climate profile across the UK property market. It has provided substantial modeling and address-matching services to close the data gaps. It will also offer data integration and calibration for more accuracy.
Banks Urged To Address Climate Challenges
The director of ESG at Atom Bank, Edward Twiddy, noted that banks needed to play a crucial role in addressing the issue of climate change. The executive noted that banks had increased lending without considering the impact it would have on the climate.
“As a digital bank, we will use the best technology available to ensure we accurately measure emissions, understand risk, and then help our customers to reduce their bills, increase the value of their property, and be ready for a zero carbon future,” Twiddy said.
He further said that the evidence and need for change were clear, adding that Atom would partner with Kamma to benchmark emissions, manage risks, and offer practical ways that the bank and its customers would progress in the future.
The CEO of Kamma, Orla Shields, shared similar thoughts, saying the bank’s strategy was to work with market leaders to support key propositions and provide a clear pathway for other organizations. Shields expressed his enthusiasm for working with Atom Bank on its climate journey.
