As announced, LFCF is an effort aligned with the Paris Climate Accord that was signed in 2015. The new Foundation is now building the OS-Climate platform, with the goal of enabling asset owners, asset managers and banks to manage climate risk and identify the climate-aligned companies, infrastructure, capital projects and technologies that will thrive in a low-carbon economy.
“The cost and complexity of analytics for climate-related investments require highly organized collaboration and resource sharing across hundreds of users and contributors,” said Jim Zemlin, executive director of the Linux Foundation.
“The LF Climate Finance Foundation will enable neutral governance, shared development costs and technical leadership from many of the world’s leading financial institutions, multilateral organizations, academia, governments and NGOs.”
Allianz, Amazon, Microsoft and S&P Global have already committed to be founding members of the Climate Finance Foundation which has a planning team that includes representatives from the World Wide Fund for Nature (WWF), Ceres and the Sustainability Accounting Standards Board (SASB).
“Addressing climate issues in a meaningful way requires people and organizations to have access to data to better understand the impact of their actions. Opening up and sharing our contribution of significant and relevant sustainability data through the LF Climate Finance Foundation will help advance the financial modeling and understanding of climate change impact – an important step in affecting positive change. We’re excited to collaborate with the other founding members and hope additional organizations will join,” said Jennifer Yokoyama, Microsoft Chief IP Counsel.
The LFCF community also anticipates integrating the Finance Tool released by Science-Based Targets Initiative (SBTi) into the OS-Climate platform and undertaking community-based development to further build out this tool.