The Linux foundation has announced a new “Climate Finance Foundation” subsidiary with the goal of providing asset managers and multi-national corporations with “AI-enhanced open source analytics and open data to address climate risk and opportunity”.
If an open source project like Kubernetes can change the entire cloud computing industry within five years, then open source could change how the financial industry makes investment decisions around climate change as well.
This is the reasoning behind the Linux Foundation Climate Finance (LFCF) Foundation. A partnership between the nonprofit foundation and an alliance of financial firms, large cloud providers, and nonprofit organizations.
Above all, LFCF aims to build an open source data analytics platform that uses artificial intelligence and machine learning in the cloud to crunch the massive amounts of data that investors need to calculate the climate risks and opportunities in their portfolios.
Therefore, with better data and modeling, investors will be able to assess the climate impact of their investments and the potential risks involved.
The LFCF is tasked with empowering investors, banks, insurers, companies, governments, NGOs, and academia with AI-enhanced open source analytics and open data to address climate risk and opportunity. Founding members include Allianz, Amazon, Microsoft, and S&P Global, and the planning team includes representatives from the World Wide Fund for Nature (WWF), Ceres, and the Sustainability Accounting Standards Board (SASB).
In conclusion, the new foundations first task is to develop a open source climate risk modeling platform for its investors. They have setup a website at os-climate.org with information about that “Open Source Breakthrough for Climate-Smart Investing” project.