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Open source business giant Red Hat has joined OS-Climate (OS-C), an initiative funded through the Linux Foundation that aims to leverage open source collaboration and wealth of knowledge to drive “global capital flows” in climate replacement mitigation and resilience initiatives.
OS-C belongs to the LF Climate Finance Foundation (LFCF), introduced through the Linux Foundation last year to “address climate dangers and opportunities in the money sector,” and lately includes Amazon, Microsoft, Allianz, BNP Paribas, Goldman Sachs and KPMG among its club base.
The final challenge OS-C strives to solve is that investors and corporations lack sufficient knowledge and data on climate risks, with the contribution limited to points such as carbon emissions or energy prices. OS-C is preparing to expand a knowledge and analytics software solution as a component of the new OS-Climate Data Commons, an open platform that aggregates structured and unstructured knowledge from a wide diversity of sources, adding SEC filings, corporate papers, clinical journals, market research and more. depending only on the same ancient climate-related knowledge points, which might not even be applicable on a global scale, it will incorporate dozens of other knowledge sets covering proprietary data, such as individual knowledge at the point of corporate assets (e. g. factory energy consumption), as well as customer and business preferences, public and personal policies, etc.
“From a public knowledge perspective, these are threats and opportunities, specifically, climate-related threats as a driving force for monetary or investment decisions,” said Kelly Switt, Red Hat’s senior director of strategy, ecosystem and strategic partnerships in the monetary industry. , says VentureBeat. ” It’s a broad spectrum of data across design. Knowledge will come with projected physical effects but also projected macroeconomic knowledge, as well as sectoral transition knowledge, such as energy and shipping regulations. It is also corporate knowledge – direct and indirect emissions, their emission relief targets and the investments they make to meet the targets and align with the Paris targets.
The purpose of OS-C is therefore to make the public have as much high-quality knowledge as you can imagine and allow developers to use it in open source research tools. to create a layer of non-unusual and readily available public knowledge “. . . so that climate-related points become a staple of the global financial track. “
This means arming homeowners with assets, such as pension funds, banks, asset managers, regulators (e. g. , central banks), and businesses, with greater knowledge and analysis to reallocate their investments while thriving in a low-carbon economy. and identify the most productive corporations or markets in which to invest or lend as economies move toward “low carbon emissions and resilience,” Switt said.
Since knowledge will be publicly available, it can be leveraged across any entity across the business spectrum, and corporations can use it to count everything from business methods to R investments.
As a newly added member of OS-C, Red Hat said it would provide “technical sense and resources” ahead of Data Commons’ public debut later this year. Specifically, Red Hat with many processes around managing “complex knowledge processing and ingestion flows,” which will involve some of the latest device learning techniques, and has hired a team of 8 architects, knowledge engineers, and software engineers. for the project.
OS-C will provide the Data Commons on November 8 at the United Nations Climate Change Conference (COP26) 2021, where it will provide its architecture and infrastructure and is expected to be made public “after and improvements” until the end of 2021.