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B2B News for Friday, October 14, 2022: Digital Twin Solutions, Trading Regulation Proposed to Manage Transition Risks Due to Climate Change

Construction management software provider Procore has entered into partnership with Willow, a provider of digital twin solutions for smart infrastructure and real estate.

The partnership will allow real estate and infrastructure owners to streamline the transition of digital deliverables in a more structured and efficient manner.

“We believe digital twins will transform the built environment,” said CEO and Co-Founder of Willow, Joshua Ridley. “Through this partnership and integration, digital twins and smart asset solutions can be deployed faster and more seamlessly, which in turn can drive smarter maintenance and capital planning.”

Press release: https://www.procore.com/press/procore-expands-digital-twin-partnerships-through-integration-with-willow

Last week, the Coordinated Accessible Network (CAN) Health Network, Unity Health Toronto implemented a digital twin partnership with digital health company Verto.

Verto’s Digital Twin Orchestration technology connects pieces of information about patients across any IT system to build profiles of each individual. The profile is then used to craft personalized care journeys for individuals throughout their care.

“We are proud to deliver a solution that transforms Unity Health’s patient experience,” said Michael Millar, CEO & Founder of Verto. “Being ‘powered by Verto’ means we put control back in our clients’ hands to innovate around challenges of legacy systems and workflows. In collaboration with CAN Health Network and Unity Health, we continue to build on our success with global consent management, vaccinations, and outpatient clinic engagement and are excited to accelerate our efforts to reach all of Canada.”

Press release: https://www.newswire.ca/news-releases/can-health-network-provides-national-access-to-verto-s-canadian-made-digital-twin-technology-803030781.html

It’s clear that climate change is already changing how we do business. It’s also clear that the impact of climate change in the future is being predicted and, so far, those predictions have been coming to pass. If one regulator gets their way, companies will be required to disclose what changes are anticipated due to climate change.

The US Securities and Exchange Commission has proposed the new rule that would require these kinds of disclosures. The rule would apply to all companies publicly traded in the United States.

According to new commentary published in Science magazine, four prominent researchers are in support of the new rule.

“Not until the financial sector can access and respond to signals about climate risks can we hope to move the economy on a more sustainable and stable trajectory,” they wrote.

The four experts include Edgar Hertwich, professor and International Chair in Industrial Ecology at the Norwegian University of Science and Technology (NTNU).

The new rule would help companies and investors account for a phenomenon called transition risk.

When a company’s assets lose value due to social changes, such as the movement away from fossil fuels, and revenues from those assets decline, the transition can cause complete value loss.

If companies are not required to report and acknowledge how those risks could affect their financial health, it could affect the stability of the entire financial system, the researchers said.

“As we learned with the Great Recession, the realization of systemic risk can lead to a painful recession and high unemployment levels,” Hertwich and his colleagues wrote.

Press release: https://www.newswise.com/articles/climate-change-will-affect-the-way-all-businesses-operate-now-a-us-regulator-wants-companies-to-tell-their-shareholders-exactly-how?ta=home

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Kate Baggott
Kate Baggott
Kate Baggott is a former Managing Editor of B2BNN. Her technology and business journalism has appeared in the Technology Review, the Globe and Mail, Canada Computes, the Vancouver Sun and the Bay Street Bull. She is the author of the short story collections Love from Planet Wine Cooler and Dry Stories. Find links to recent articles by following her on LinkedIn https://www.linkedin.com/in/kate-baggott-9a0306/