BNP Paribas, Allianz and Airbus are the leading corporate partners for the Linux Foundation, as they publish the source code for three software tools to help put the world’s financial investments in line with the Paris Agreement and its 1,5-degrees max target for global warming.
The contribution led by BNP Paribas is named the Physical Risk & Resilience Tool. According to the Linux Foundation’s recent press release, it “enables financial and non-financial stakeholders to identify and quantify risk related to climate resilience, through asset vulnerability models that use probability and severity forecasting of extreme climate events”.
Insurer Allianz led development of the “Climate Portfolio Alignment Tool”, while aircraft manufacturer Airbus developed a “Transitional Analysis Tool”.
The work has been done under the Linux Foundation’s initiative called OS-Climate, seeking to create “a transparently governed public utility of open data and open source tools for climate-aligned finance investing, business, and regulation”.
Comparing its open collaboration to that which rapidly delivered Covid vaccines, OS-Climate also coordinates a “data commons” – “a federated library of libraries of corporate and factor data, plus analytics tools to derive the actionable metrics crucial for asset allocation, portfolio construction, security analysis, credit analysis, corporate engagement, strategic planning and transition investment by corporates, and financial sector supervision”.