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Telefonica Backs Climate Tech Firm Mitiga to Tackle Environmental Risks

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Telefonica, a leading international mobile operator, has made a strategic investment in Mitiga Solution, a pioneering firm dedicated to the management of climate-related risks. This move signifies a major step in combining advanced climate science with artificial intelligence to offer innovative solutions for assessing environmental risks.

Mitiga Solution’s flagship product, EarthScan™, stands out for its ability to provide precise evaluations of the risks posed by environmental changes such as floods, heatwaves, and storms to its clients. This capability is largely attributed to its unique approach of integrating current climate science and AI analysis, moving beyond traditional data models that rely heavily on historical data projections.

The collaboration between Telefonica and Mitiga aims to address the limitations of conventional models by incorporating both physical and transient data. This integration is expected to offer more accurate predictions, helping businesses in various sectors, including finance, insurance, real estate, and retail, to navigate the complexities of European CSRD/SFRD legislation. It also promises to enable these entities to make investments that are both cost-effective and sustainable.

Telefonica’s investment in Mitiga, facilitated through Telefónica Ventures and Íope Ventures alongside Wayra, its startup innovation hub, aligns with the company’s broader commitment to sustainability and climate risk assessment. This area is gaining prominence as the need for comprehensive strategies to combat climate change becomes more urgent.

Irene Gómez of Telefónica Innovación Abierta and Wayra emphasized the company’s dedication to leveraging innovation and technology for a sustainable future, highlighting Mitiga’s role as a strategic partner in advancing their climate tech initiatives.

Echoing the sentiment, Mitiga’s CEO, Alejandro Martí, underlined the critical challenge climate change poses to society and the economy, stressing the importance of developing resilient infrastructures to mitigate these impacts. Through this partnership, Mitiga and Telefonica aim to extend their cutting-edge SaaS climate risk assessment technology to a broader audience, supporting businesses and public organizations in their sustainability efforts.

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