Bloomberg LP has joined OS-Climate, a collaborative platform under The Linux Foundation dedicated to developing open-source data and software tools that address climate and sustainability risks. The partnership aims to enhance risk analysis, management, and regulatory compliance efforts worldwide.
Bloomberg will support OS-Climate’s initiatives by leveraging its vast expertise in data and analytics. Ben Carr, Bloomberg’s Global Head of Climate Risk Products, will represent the company on OS-Climate’s Governing Board, marking a significant step in integrating Bloomberg’s insights with OS-Climate’s development projects.
OS-Climate focuses on fostering open-source collaboration among a diverse range of stakeholders, including NGOs, governments, financial institutions, and academia. The aim is to accelerate the creation of practical tools that can assist in evaluating and achieving progress toward global climate goals such as those outlined in the Paris Climate Accord.
As an umbrella project of The Linux Foundation, the initiative aims to facilitate technical collaboration in a well-structured, open source environment, avoiding wheel reinvention, creating efficiencies, and tapping shared knowledge. All OS-Climate data and code are subject to open-source licenses that allow members and non-members to incorporate the relevant data and code in proprietary or commercial products and services.
Truman Semans, CEO of OS-Climate, expressed enthusiasm about Bloomberg’s membership- “We are delighted to welcome Bloomberg LP to OS-Climate. As a trusted provider of data and analytics, Bloomberg’s expertise will make a valuable contribution to open-source collaboration within the OS-Climate community. We look forward to working together to develop an open source tool which can be used to quantify how companies are implementing their individually stated climate goals and aligning with other goals and benchmarks.”
Ben Carr of Bloomberg said, “Bloomberg LP is pleased to join OS-Climate to support open-source collaboration and accelerate the development of tools that can help our clients, and the investment community at large, to succeed in a rapidly evolving world. The financial services industry is in need of robust data and analytical tools to assess exposure to climate risk, enhance the credibility of sustainable finance and help investors identify climate-aligned companies.”