Climate scientists and leading global investors are to work together to assess climate risks.

They joined forces at the Centre for International Climate and Environmental Research (CICERO) to develop tools to help investors incorporate climate risk “more effectively” into long term investment decisions.

CICERO Climate Finance will work on various solutions such as looking beyond carbon reporting to good management practices for climate risk and mapping climate scenarios and impacts to sectors and regions.

The Norwegian Ministry of Foreign Affairs has initially funded the project which will use the nexus of climate finance expertise in Norway, expanding on this experience and extending it to international activities.

The initiative’s advisory board includes BlackRock, the World Bank Treasury and some of Scandinavia’s biggest financial players including the Oslo Stock Exchange, Swedish pension fund AP2 and Norwegian bank DNB.

Kristin Halvorsen, Director of the project said: “Climate risk and sustainable investment are ever higher on the agenda in many financial environments but climate change researchers and financial stakeholders do not always speak the same language. Our goal is to bridge that gap and jointly develop solutions.”