WTW and Cornell University partner to predict drought and prepare for water scarcity
Rhea-AI Summary
WTW (NASDAQ: WTW) has announced a strategic scientific partnership with Cornell University to assess and quantify global drought risks. The collaboration aims to develop more accurate drought prediction tools and datasets, focusing on identifying geographical 'hotspots' for climate-amplified drought.
The initiative addresses a critical global challenge, as two-thirds of the world's population experiences water stress seasonally. The research will be led by Prof. Toby Ault at Cornell's Atkinson Center for Sustainability, a leading expert in future drought under climate change. The partnership seeks to overcome current limitations in climate models that often underestimate drought severity, duration, and correlation.
This collaboration will particularly benefit water-dependent sectors such as food and beverage, energy production, and waterborne transport, helping businesses better prepare for water scarcity risks. The research emphasizes the increasing impact of climate change on drought conditions, notably affecting low-income and middle-income countries, particularly in agriculture-dominated regions.
Positive
- Strategic partnership with Cornell University enhances WTW's climate risk assessment capabilities
- Development of new tools and datasets for drought prediction strengthens WTW's service offerings
- Expansion into climate risk analysis positions WTW in growing environmental consulting market
Negative
- None.
News Market Reaction
On the day this news was published, WTW gained 1.04%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, announced today a new scientific partnership with Cornell University to quantify the risks of severe and sustained drought worldwide. This collaboration will provide an in-depth view of global exposure to drought risks and the potential effects of water shortages on business operations.
Around two-thirds of the global population live in places that encounter water stress for at least part of the year. When water supplies are further diminished by drought, many communities experience reduced agricultural yield, energy production, and slower economic growth. The adverse effects of drought are more serious in low-income and middle-income countries and are particularly disruptive to agriculture-dominated areas of the developing world.
Climate change has already increased drought risks in many regions, but unfortunately even the latest generation of climate models still underestimate the potential severity, duration, and correlation of future droughts. Under this new initiative, WTW and Cornell University will collaborate to identify geographical ‘hotspots’ for climate-amplified drought, produce more accurate estimates of drought risk, and create new tools and datasets to anticipate single and multi-year drought. At Cornell, the research is supported by the Atkinson Center for Sustainability and led by Prof. Toby Ault, a leading global expert in future drought under climate change.
Scott St. George, Head of Weather & Climate Research for the WTW Research Network, said, “Water is essential to all industries, so no one can afford to have drought take them by surprise. We know climate change has already supercharged droughts in some places — witness the ongoing drought in the American Southwest, now in its third decade. Prof. Ault and his team at Cornell will provide us with a clear view of the real risk of drought and water scarcity. Those insights are absolutely critical for our clients’ operations and planning in water-dependent sectors such as food and beverage, energy producers, and waterborne transport.”
"We're excited to work with WTW to translate cutting-edge climate science into actionable insights for the insurance industry," said Prof. Toby Ault, Associate Professor in the Department of Earth and Atmospheric Sciences at Cornell University. "Our research has shown that traditional climate models often underestimate the risk of severe, prolonged droughts, particularly in regions already facing water stress. By combining our expertise in drought modeling with WTW's industry knowledge, we can better prepare for the complex drought risks of the future."
About Cornell University
Cornell University is an Ivy League and statutory land-grant research university located in Ithaca, New York. Founded in 1865, Cornell is consistently ranked among the world's leading academic institutions, with strengths in atmospheric sciences, engineering, and environmental research. The university's Department of Earth and Atmospheric Sciences is internationally recognized for its leadership work in climate science, drought research, and applied climatology.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.
Media Contacts
Sarah Booker
Sarah.Booker@wtwco.com
+44 20 3124 7671
FAQ
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