Sto Group, a technology leader in thermal insulation, commissioned CelsiusPro to assess the effect of climate risk on its global operations
The project helps Sto Group to further align its climate strategy with European and international regulatory frameworks
ZURICH, 7 May 2024 – CelsiusPro has completed a project for Sto Group, a world leader in thermal insulation technologies for the construction sector, that further strengthens the company’s frameworks to identify, assess, and manage physical climate-related risk across its global operations.
The CelsiusPro project informs Sto Group’s climate strategy regarding alignment with regulatory disclosure, in particular the EU Taxonomy and the Corporate Sustainability Reporting Directive (CSRD) which continue to grow in importance as benchmarks for sustainability.
Mark Rueegg, CEO of CelsiusPro, stated: “We are pleased to support Sto Group with our expertise in physical climate risk assessment for complex industrial organizations. The industrial sector has enormous potential to contribute to building climate resilience, and we remain committed to assisting our clients worldwide in understanding and mitigating the financial impact of climate risks.”
More than 50 locations on all continents were subjects of study in the project, which employed risk and scenario analysis to assess changes in the intensity and frequency of acute and chronic physical risks including river flood, extreme precipitation and pluvial flood, wind, aridity, and heat and cold extremes.
Eike Messow, Head of Sustainability of Sto Group, said: “We share the global urgency to transition into a low-carbon and climate-resilient economy. The project with CelsiusPro provides insights into the effects of physical climate risks today; it also quantifies their effects in future scenarios of a warmer world. We are glad to partner with a company with such comprehensive expertise on climate risk as CelsiusPro.”
CelsiusPro’s approach to climate risk assessment gives clients flexibility to modify parameters and isolate any specific peril under different conditions. In the project for Sto Group, adjusting the parameters of vulnerability to heat exposure has revealed nuanced perspectives that more accurately reflect the site-specific context of Sto Group’s global operations.
A stronger understanding of the effects of climate risk helps organisations to strengthen their regulatory reporting, due diligence, risk management, and risk mitigation practices. This implies a gradual approach that covers entire value chains in order to inform a climate strategy that safeguards companies’ transition.
About CelsiusPro Group
The CelsiusPro Group is an award-winning Insurtech group dedicated to helping both private and public organisations understand and mitigate the adverse financial impact of climate and NatCat risks. We combine data science, climate technology, and risk modelling to develop cutting-edge technology that enables insurance companies and brokers to distribute and manage tailored parametric insurance worldwide. Our climate risk & resilience consulting services complement our holistic solutions suite, as we partner with multilateral banks, development agencies, NGOs, and governments to strengthen the resilience of communities against natural disaster risks. Download the CelsiusPro Climate Risk Insights & Solutions brochure.
About Sto Group
Sto SE & Co. KGaA (Sto for short) is a listed family business with its headquarters in Stühlingen-Weizen in Baden-Württemberg, Germany. Sto, whose company history began in Stühlingen in 1955, is a leading international manufacturer of products and systems for coating buildings and is known around the world primarily for its facade insulation systems. The core product range also includes high-quality facade elements, renders and paints for facades and interiors, acoustic systems as well as products for concrete repair and floor coatings. Sto is represented around the globe: in 36 countries, with 49 subsidiaries and more than 5,700 employees. For Sto, it is important to take responsibility for society and the environment, which has been expressed since 1988 with the guiding principle "Building with conscience."