By Julian Goldsmith, 13 October 2008 16:10
NEWS
The Met Office has struck an agreement with HSBC to provide weather and climate change data to the bank's fund managers.
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This is the first such deal the Met has brokered with a bank and the details of the service have yet to be ironed out. According to a Met spokeswoman, it could well involve the streaming of weather data to fund managers at the bank.
The move is in line with a strategy by the bank to mitigate long-term and short-term risk in fund investments.
The Met will be providing HSBC fund managers with climatic data and forecasting for 10, 25 and up to 50 years into the future to help them more accurately predict how weather systems will affect the economies of the world.
Met Office chairman Robert Napier said the information will help fund managers to assess risk and alter their funds accordingly.
"The impact of climate change and weather on our world has been accepted by the finance industry as a key driver of financial decision making. Through the use of our research and advice, fund managers will be able to better manage their risks and adapt portfolios to meet the challenges of our changing climate," he said in a statement.
Comments
There are 2 comments. Join the discussion
1. Roger Huffadine
Is it April the First - no - Oh! - What is this then?
HSBC Fund Managers failed to spot the risk of buying huge debts [I spotted it 5 years ago]
The Met Office is right on its 3 day forecasts only about 70% of the time -
AND - HSBC Fund Managers are paying the Met Office to do predictions of up to 50 Years.
I seem to recall that 10 years ago the hole in the ozone layer was going to get soooo big that my brains would fry and would die from skin cancer by 2005 - but it closed up again and now we hear nothing.
Here is a FREE prediction... HSBC are wasting their money.
2. Chris Goodman
I don't know how this will work as I can't even get tomorrow's forecast from the TV weather briefings. All I seem to hear is chat about the weather we had today or last weekend and a few seconds of equally vague hand waving words on what might happen tonight.