Today, OS-Climate announced that BNY Mellon has joined its fast-growing community of Fortune 500 businesses and financial services firms that are jointly building a public platform of open data and open-source decision-making tools for accelerating the global transition to Net Zero.
“BNY Mellon is committed to using its reach, market influence and resources to address pressing global ESG issues, and part of that is empowering and enabling clients and investors to integrate climate and ESG related factors into their decision-making processes. In order to do that, we aim to equip them with clear and transparent data and tools that both guide future ESG investments and continually improve and optimize the effectiveness of ESG metrics. Engaging in open collaboration through OS-Climate offers a unique and powerful means to achieve our goals and create large-scale impact,” said Todd Gibbons, CEO of BNY Mellon.
OS-Climate is a member-driven, non-profit organization hosted by the Linux Foundation, the largest host of open-source initiatives globally. Membership has more than tripled since September 2020. BNY Mellon joins Airbus and EY as its newest members.
On November 8, at COP26, OS-Climate debuted its prototype Data Commons and open-source tools for aligning financial and investment portfolios to climate goals, and for scenario analysis of physical risk vulnerability. The half-day event featured Chair of BNY Mellon International Hani Kablawi, Airbus Executive Vice President Catherine Jestin, and other leaders from finance, business, science, and policy.
“The cost and complexity of data and analytics for climate-aligned finance requires systematic collaboration and resource sharing across hundreds of users and contributors,” said Truman Semans, Executive Director of OS-Climate. “We are delighted BNY Mellon will help lead this collaboration through OS-Climate, allowing investors, banks, regulators, companies, and civil society to deliver climate solutions with more speed and innovation than any one organization could achieve alone.”
Using the Community-Based Open-Source approach that has enabled breakthrough innovation in life sciences and tech, OS-Climate will leverage the Linux Foundation’s governance, licensing, and collaboration structures to efficiently coordinate climate data and tool development across a wide range of stakeholders.
Through BNY Mellon, with $45.3 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management, OS-Climate data and tools will reach a vast network of financial decisionmakers globally once they are refined and tested to meet BNY Mellon’s rigorous requirements.