Atom bank partners with Kamma to reduce climate risks

Atom bank has partnered with climate technology firm Kamma to gain a complete view on climate risks associated with its mortgage book.

Kamma said it will provide Atom with analytics on its financial emissions and climate credentials for the purposes of securitisation, a process whereby certain assets are pooled in order to be repacked into interest-bearing securities.

Atom, which has pledged to become a carbon positive bank by 2035, will also gain full access to the company’s climate suite, with tools being used to address financed emissions and help customers reduce their carbon footprint.

The bank said that it will also conduct a deep review of its mortgage portfolio and develop new products and tools which aim to reduce emissions.

Commenting on the news Edward Twiddy, director of ESG at Atom bank said that banks have a crucial role to play in solving climate change and banks need to consider the impact they have on the environment.

“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,” he said. “The damage we have already done is clear, and we do not see any reason to delay action when the evidence and imperative for change is in front of us.”

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