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Open source enterprise giant Red Hat has joined OS-Climate (OS-C), an initiative supported by the Linux Foundation that aims to leverage open source and big data collaboration to drive “global capital flows” toward 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 “address climate risk and opportunities in the financial sector,” and currently includes Amazon, Microsoft, Allianz, BNP Paribas, Goldman Sachs and KPMG among its membership base.
The final problem that OS-C struggles to solve is that investors and companies lack sufficient data and knowledge about climate risk, and decisions are often limited to factors such as carbon emissions or energy prices. OS-C aims to develop a data and analytics software solution as part of the new OS-Climate Data Commons, an open platform that aggregates a myriad of structured and unstructured data from a wide range of sources, including SEC files. , corporate documents, scientific journals. , market research and more. So instead of relying solely on the usual weather-related data points, which might not even be applicable globally, it will also incorporate dozens of other data sets that encompass proprietary information, such as asset-level data. individual companies (for example, factory energy use). such as consumer and business preferences, public and private policies, and more.
“From a public data standpoint, it’s all about risk and opportunity, more specifically, weather-related risk as a factor in financial or investment decisions,” said Kelly Switt, Red Hat senior director for financial services industry strategy, ecosystem and strategic partnerships. VentureBeat. “This is a broad spectrum of information by design. The data will include projected physical impacts, but also projected macroeconomic and sector transition data, such as regulations for energy and transportation. It’s also corporate data: companies’ direct and indirect emissions, their emission reduction targets, and the investments they’re making to meet and align with the targets. Paris‘goals. “
Global money trail
Therefore, the goal of OS-C is to make as much high-quality data available to the public as possible and allow developers to use it in open source analytical tools. In truth, it is a gigantic company, but Switt argues that it is necessary to create a common public data layer that is easy to access “… for weather-related factors to become a fundamental part of the money route global, “he said.
This means arming asset owners like pension funds, banks, asset managers, regulators (for example, central banks), and corporations with better data and analytics to reallocate their investments while continuing to thrive in a low-carbon economy. It could help them better manage their risk and identify the best companies or markets to invest or lend in as economies transition to “low carbon and resilience,” Switt said.
Since the data will be publicly accessible, any entity on the industrial spectrum could take advantage of it and companies could use it to inform everything from corporate strategies to investments in R&D.
As a newly enrolled OS-C member, Red Hat said it will provide “technical insight and resources” as Data Commons prepares for its public debut later this year. More specifically, Red Hat will assist with many of the processes related to managing “complex data ingestion and processing flows,” which will include some of the latest machine learning techniques, and has engaged a team of eight architects, data engineers and project software engineers.
OS-C will present the Data Commons on November 8 during the 2021 United Nations Climate Change Conference (COP26), where it will exhibit its architecture and infrastructure. It is expected to be publicly available “after testing and refinement” by the end of 2021.
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