Barclays has expanded its partnership with Groundsure to start screening commercial transactions in the UK for environmental and climate change risks. 

Groundsure has been working with Barclays since 2006 to provide the bank with an opinion on lending security in relation to flooding and contaminated land.  

The new agreement will introduce the new siteguard climate report, which includes a four-tier risk assessment summary with opinions on environmental liability, loan security risks and potential property value impacts. 

It also provides an assessment of the current physical climate risk from flooding and projected forward over the medium term.  

Groundsure chief executive Dan Montagnani says: “We are extending our already long and trusted relationship with Barclays to help them manage their current and forward exposure to environmental risks – especially in the context of greater compliance and due diligence requirements.”

Barclays group risk vice president of environment and climate risk Ania Musial adds: “Our long and successful relationship with Groundsure has ensured that many thousands of transactions have been effectively screened with their analytics and data intelligence. Now, we can take a longer view ahead to account for the potential impact that the climate will play on these lending decisions with greater confidence.”

Earlier this month, Groundsure also teamed up with Santander to help assess climate risk in its commercial lending.