Red Hat to Help Bring Climate Impact Data to the Global Financial Sector
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Open source enterprise giant Red Hat joined OS-Climat (OS-C), an initiative supported by the Linux Foundation that aims to harness open source collaboration and big data to push “global capital flows” into climate change mitigation and resilience initiatives.
OS-C is part of the LF Climate Finance Foundation (LFCF), launched by the Linux Foundation last year to “respond to climate risks and opportunities in the financial sector” and currently includes Amazon, Microsoft, Allianz, BNP Paribas, Goldman Sachs and KPMG among its membership base.
The ultimate problem that the OS-C strives to solve is that investors and companies lack sufficient data and information on climate risks, with the contribution often being limited to factors such as carbon emissions or losses. energy prices. OS-C is preparing to develop a data and analytics software solution as part of the new OS-Climate Data Commons, an open platform that aggregates structured and unstructured data from a wide range of sources, including SEC filings, corporate documents, scientific journals. , market research, etc. So rather than relying only on the usual climate-related data points, which might not even be applicable globally, it will ingest dozens of other datasets covering proprietary information, such as individual data. at the level of business assets (e.g. factory energy consumption), as well as consumer and business preferences, public and private policies, etc.
“From a public data perspective, it’s all about risk and opportunity – more specifically, climate risk as a factor in financial or investment decisions,” Kelly Switt, senior director of Red Hat for strategy, ecosystem and strategic partnerships of the financial services industry, says VentureBeat. “This is a broad spectrum of information by design. The data will include projected physical impacts but also projected macroeconomic data as well as sector transition data, such as energy and transportation regulations. It is also about business data: the direct and indirect emissions of companies, their emission reduction targets and the investments they make to meet the targets and align with them. Paris’ goals. “
World track of money
The goal of OS-C is therefore to make as much high-quality data available to the public as possible and to enable developers to use it in open source analysis tools. It’s a gargantuan business, but Switt argues that there is a need to create a common and easily accessible public data layer “… for climate-related factors to become a fundamental part of the global money trail” .
This means arming asset owners – such as pension funds, banks, asset managers, regulators (e.g. central banks) and businesses – with better data and analytics to reallocate their investments while thriving in a low carbon economy. This could help them better manage risk and identify the best companies or markets in which to invest or lend as economies shift to “low carbon and resilience,” Switt said.
Since the data will be publicly available, it could really be exploited by any entity across the industrial spectrum, and companies could use it to inform everything from business strategies to R&D investments.
As a newly joined OS-C member, Red Hat said it will provide “technical sense and resources” ahead of the public debut of Data Commons later this year. Specifically, Red Hat will help with many of the processes around managing “complex data ingestion and processing workflows,” which will involve some of the latest machine learning techniques, and has hired a team of eight architects, engineers. data and software engineers. to the project.
OS-C will present the Data Commons on November 8 at the 2021 United Nations Climate Change Conference (COP26), where he will present his architecture and infrastructure. It is expected to be made public “after tests and improvements” by the end of 2021.
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