Deloitte, a global provider of professional services, and Persefoni, a climate management and accounting platform (CMAP) provider, have announced a new strategic partnership to develop analytics solutions for banks and insurers to measure and manage their operational and portfolio carbon footprints.
The collaboration comes when financial institutions are under increasing pressure from regulators and other stakeholders to address their climate impacts and implement their net zero goals. Typically, financing and investing activities account for the large majority of the climate effect of financial organizations, with funded emissions being hundreds of times bigger than operating emissions. Recent research suggests that most financial institutions are still in the first phases of estimating their own climate exposure.
Persefoni's SaaS platform will be released in 2020, allowing businesses and institutional investors to monitor, analyze, plan, forecast, and report on their carbon footprint. The company introduced the Persefoni Portfolio Analytics Suite earlier this year, a new collection of products and dashboards designed to enable financial institutions to track, manage, and reduce the greenhouse gas emissions connected with their investment portfolios and financing activities.
Kentaro Kawamori, CEO and co-founder of Persefoni, stated:
"Enabled by Persefoni's best-in-class technology platform and Deloitte's leading sustainability, digital transformation, risk, advisory, and reporting services, our banking and insurance clients will have the best possible support on their climate journeys, from meeting compliance requirements to analyzing climate exposure within their portfolios and optimizing business strategies."
Under the terms of the new partnership, Deloitte built and integrated accelerators, analytical tools, and capabilities to help its financial services clients understand risks and value-creation potential based on data from financed emissions portfolios.
Ricardo Martinez, the sustahead ofbility, climate, and equality practice practicesncial services at Deloitte Risk & Financial Advisory, stated:
"By combining the rich data in Persefoni's platform with Deloitte's associated analytics and services, we are able to assist firms with their complete ESG transformation. As banks and insurers seek to address carbon accounting requirements by understanding and evolving the financed emissions in their portfolios, our shared clients will be able to chart these financed emissions, analyze critical business risks, identify opportunities to improve the composition of their financed portfolio and prepare to meet disclosure and reporting obligations.