Santander teams up with Groundsure for environmental and climate due diligence

Santander has selected environmental analytics business Groundsure to screen its UK commercial property transactions for legacy and ongoing environmental and climate change risks.

Working together with the bank, Groundsure designed a new Siteguard Climate report service, which offers a four-tier risk assessment summary with explicit opinions on environmental liability, loan security risks and potential property value impacts.

It also provides an assessment on the physical climate risk from flooding both presently and projected forward over the medium term.

Each report is backed by bespoke recommendations for the site and is built in accordance with Santander’s specific requirements with its valuation network.

Dan Montagnani, CEO at Groundsure, said: “We are delighted to be working with Santander to support its due diligence on its commercial property transactions.

“Siteguard Climate is an attractive proposition for banks to manage their current and forward exposure to environmental risks, especially in the context of greater compliance and due diligence requirements. 

“With the Bank of England having set out its expectations on banks embedding their approaches to climate-related financial risk, we are helping Santander to meet its compliance obligations and to ensure it is well positioned to manage this at scale for its commercial portfolio.”

Santander is the third major bank to use Groundsure’s proposition, together with Barclays and NatWest/RBS Group.

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