SIF and four influential associations representing Swiss financial institutions are launching the «Net-Zero Data Public Utility». The central database aims to provide free access to verifiable and basic information on climate change.
At the «Point Zero Forum», the State Secretariat for International Finance (SIF) and four associations representing Swiss financial institutions announced the first national initiative bringing together public and private institutions to contribute to the development of the «Net-Zero Data Public Utility» (NZDPU). Under this agreement, leading Swiss financial institutions will test the climate data platform. This is an important step towards the launch of a central database that provides free access to verifiable, basic information on climate change.
Lack of data jeopardizes fight against climate change
The lack of accessible, high-quality and consistent data remains one of the biggest challenges in the fight against climate change. To promote access to reliable data for organizations and governments, and to help them implement the Net Zero (climate neutrality) pledges with it, the «Climate Data Steering Committee» (CDSC) was created. It has recommended the development of a climate data platform in 2022, with a pilot model to be presented at «COP28» in December 2023.
Verifiable data allows progress to be measured globally
In an initial development phase, the platform will include details of Scope 1, 2, and 3 emissions as well as emissions reduction targets, with additional units of measure to be added over time. Financial institutions need this data to elicit the effective accumulation of emissions in their portfolios and to develop transition plans.
Scope 1: includes the direct release of climate-damaging gases within the company.
Scope 2: includes the indirect release of climate-damaging gases by energy suppliers.
Scope 3: includes the indirect release of climate-damaging gases in the upstream and downstream supply chain. (Source: Kluthe Magazin)
Associations supporting the development of the Climate Data Platform (NZDPU) include:
SIF and these associations will work with Swiss financial institutions that are members of the «Glasgow Financial Alliance for Net Zero» or implement the «Task Force on Climate-related Financial Disclosures» (TCFD) recommendations to provide input to early adopters of the climate data platform.
Companies that want to participate are:
The experience these institutions have with current climate data systems, as well as their feedback on initial testing, will influence the development of the Climate Data Platform (NZDPU) and further work on the Climate Data Steering Committee.
About the Climate Data Steering Committee
The Climate Data Steering Committee (CDSC or Committee) was launched by French President Emmanuel Macron and United Nations Special Envoy for Climate Ambition and Solutions Michael R. Bloomberg in June 2022. It is chaired by Mary Schapiro. The committee supports the UN's climate goals and assists climate efforts by compiling reliable data from the private sector. These are important for a «net zero economy. »
The committee also brings together a group of global leaders, such as regulators and policymakers, to learn from data providers and civil society organizations to address challenges with climate data across the global economy.
