Goldman Sachs has joined OS-Climate’s cross-industry climate coalition, which aims to shift global investment toward zero-carbon emissions by using open data.

The coalition, which is hosted by the Linux Foundation, wants to develop comprehensive data sets and evaluation tools for climate risk management and climate-aligned finance and investing.

The membership currently includes Allianz, Amazon, Federated Hermes, Microsoft, and S&P Global.

Goldman Sachs will be the first founding US bank member and the first Premier member of OS-Climate.

“The world needs comprehensive data to meaningfully address climate change, and this diverse coalition is attacking a key shortcoming of so many efforts to make progress,” said Goldman Sachs Group chief executive David Solomon.“As corporates seek to integrate climate considerations into their business activities, they realize that the cost, the availability and quality of data, and analytical tools to make sound decisions is lacking.”

He added: “More widely available data, and collaboratively developed analytics, will help companies measure progress against decarbonization goals and investors assess the physical and transition risks to which the industry is exposed.”

The coalition will use the community-based open source approach and leverage the Linux Foundation’s governance, licensing, and collaboration structures to efficiently coordinate climate data and tool development.

Truman Semans, executive director, OS-Climate, said: “The cost and complexity of data and analytics for climate-aligned finance require systematic collaboration and resource sharing across hundreds of users and contributors.

He added: “We are delighted Goldman Sachs 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.”

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