- OS-C is a non-profit, non-competitive organisation that seeks to use open source technology and collaboration to align the efforts of the financial community in addressing the challenge of global climate change
- The open source model used by Red Hat and selected by OS-C is intended to enable the creation of a complex, multi-layered ecosystem for OS-C members, including an open data platform that can be adopted by individual organisations for their own specific uses
Red Hat, Inc. has announced that it has joined OS-Climate (OS-C), a Linux Foundation-backed open source project that intends to build the breakthrough technology and data platforms needed to more fully integrate the impacts of climate change in global financial decision-making and risk management. It will provide technical acumen and resources to help OS-C build a “Data Commons” that serves as an open data ingestion, processing and management platform for members to collaborate on standardizing and improving the accuracy of corporate climate and environmental, social and governance (ESG) metrics.
The resulting curated library of public and private sources can then be used to help bankers, asset owners, asset managers and regulators assess climate risk and opportunity as elements of financial decision-making. OS-C is a non-profit, non-competitive organization that seeks to use open source technology and collaboration to align the efforts of the financial community in addressing the challenge of global climate change while preserving the opportunity to innovate and compete in global capital markets.
The organisation’s members include Allianz, Amazon, BNP Paribas, Goldman Sachs, KPMG, Microsoft, the Net Zero Asset Owner Alliance and many more technology and financial leaders, with membership having tripled since the community’s launch in September 2020.
The open source model used by Red Hat and selected by OS-C is intended to enable the creation of a complex, multi-layered ecosystem for OS-C members, including an open data platform that can be adopted by individual organisations for their own specific uses. They said that this helps to provide a more level data playing field that meets a variety of regulatory requirements, providing global financial institutions with better, deeper views to evaluate climate change risk and opportunity as a core part of finance, banking and investment strategies.
They added, “To help adopt financial flows to the physical and economic market impacts of climate change, financial institutions and banks need a clearer view into an ever-growing tide of related data. To address this need, OS-C is working to build the OS-Climate Data Commons, an open platform that aggregates a variety of structured and unstructured data, from SEC filings and corporate PDFs to scientific and market research, into a single library of trusted data. OS-C’s goal is to make publicly available as much high quality data as possible, while also linking to public and commercial data and enabling its use in open source analytic tools.”
As part of its membership, Red Hat will commit a team of eight solutions architects, data engineers and software engineers to the project, emphasising the creation of OS-Climate Data Commons. The company will also provide community management resources to help OS-C establish the proper infrastructure and collaboration processes to effectively engage its membership.