Description
💎 Idea
We are living in a globalised world that is more interconnected as well as interdependent than ever before. To get a full sense of the complexity of supply chain interdependence – an average automobile contains 30,000 components that require parts crossing several borders and continents. While globalisation has a lot of advantages, it has made most companies extremely vulnerable to supply chain disruptions in case of disaster events. This has significantly increased the risk for the investors since they can only act on delayed information after observing the impact on the company's financial performance.
To tackle this problem, we propose Risk-Radar. It provides an environmental risk assessment for critical infrastructures and supply chains by using space data to monitor the impact of various disasters at the national and sub-national scale and linking this information with the available economic datasets such as production and trade.
We plan to deploy a four-step process: First, Analyse, the damage caused due to a recent disaster event and categorise it into low, medium, high, and very high impact. Second, Identify the potential economic sectors that can get impacted based on the historical trade data between countries of interest. Third, Estimate the impact that it can have on the profit margins of the portfolio companies, and finally, Report insights and recommendations to help investors take informed decisions and increase their returns on investments.
🛰️ EU space technologies
Currently, we have only focused on a single type of disaster, sea-level rise. To assess the damage caused due to sea level rise we are using Sentinel 1 radar data as it can provide data during all weather conditions. Moreover, we use Sentinel 2 optical data to create the baseline maps of the location. Using this we can do a change detection between before and after the disaster occurred. In the future, we also plan to use additional data from other satellites to analyse different types of disasters.
These satellite datasets are extremely useful as they are capable of performing damage assessment of floods in all weather conditions and have sufficient spatial and temporal resolution.
🏦 Space for Defence & Security
With changing climatic conditions extreme events are on the rise and therefore posing huge risks to production and supply chains. Using our solution we will provide advance notifications to our customers in case their investment portfolio has potential risk from high-impact disasters occurring in any part of the world. Thus we will help investors, industries, and governments to safeguard their investments from significant impairment.
🤼 Team
Jainy Shah: She is a sustainability manager and specializes in the topic of sustainability and climate mitigation. She is responsible for the research and sustainability aspects of the project.
Mihir Rambhia: He is pursing his PhD in the area of smart and sustainable cities. He is experienced in analyzing remote sensing and spatial datasets for making an informed decision.
Mahir Bhatt: He is pursuing his PhD in the area of public health data and is passionate to study the environmental impacts on public health. With his previous extensive knowledge in management he helps the team with business development aspects.