SBRI - Climate and Environmental Risk Analytics for Resilient Finance: Phase 1

Organisations can apply for a share of up to £1.5 million inclusive of VAT, to develop solutions that integrate climate and environmental factors in the financial services industry.

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Phase 1 projects can range in size up to total costs of £50,000 inclusive of VAT and up to 3 months duration. Future Phase 2 projects can be up to £1m each inc VAT.


Innovate UK

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This is a Small Business Research Initiative (SBRI) competition funded by Innovate UK as a continuation of the Natural Environment Research Council (NERC) Climate and Environmental Risk Analytics for Resilient Finance (CERAF) competition, which focussed on academic innovation.

The aim of the competition is to demonstrate and deploy innovative solutions that integrate climate and environmental factors into financial services.

This is phase 1 of a 2-phase competition. The decision to proceed with phase 2 will depend on the outcomes from phase 1 and assessment of a separate application into a subsequent phase 2 competition. Only successful applicants from phase 1 will be able to apply for the additional funding available in phase 2.

Your project must:

  • start by 1 June 2022
  • end by 31 August 2022
  • last up to 3 months
  • have maximum total eligible costs of up to £50,000 inclusive of VAT

A total of up to £1.5 million inclusive of VAT, is allocated to phase 1.

Phase 1 prototype R&D contracts will be up to £50,000 inclusive of VAT, for each project for up to 3 months. Innovate UK expect to fund up to 30 projects.

The second phase will involve up to 10 contracts being awarded to organisations chosen from the successful phase 1 applicants. Up to £1,000,000 inclusive of VAT will be allocated for each contract for up to 9 months, in order to demonstrate the product or service with your end user or customer.

The aim of this competition is to address the lack of focus on climate and environmental risk (CER) in the financial services industry as part of net zero carbon ambitions. It is looking to demonstrate and deploy innovative solutions that integrate climate and environmental factors into financial services.

The industry is defined in broad terms and includes: public investment vehicles, banking, project finance, insurance, and asset management. Climate and environmental variables cover the range of data that track changes in weather, emissions, pollution, biodiversity, and natural assets.

In phase 1 you must prototype a CER solution adapted for widespread use in financial services, including public investment. Your project must have the potential to create substantial positive climate and environmental impact and change business-as-usual in the finance industry.

You must demonstrate you have a finance industry end user or customer to deploy your solution, and ensure that the product or service being developed is scalable and commercially viable.

Innovate UK will not fund projects that:

  • have total project costs in excess of £50,000 inclusive of VAT
  • are for personal finance and business-to-consumer solutions
  • are ‘Green’ certification schemes
  • do not demonstrate significant support and engagement from potential end users or customers
  • do not manage any potentially negative outcomes
  • do not show potential for positive economic or societal impact
  • duplicate other UK government or EU funded initiatives you have already been funded for
  • duplicate existing innovation
  • have existing commercial agreements to deliver the proposed solutions

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