Technology & Data

BIS to Use AI to Fill Scope 3 Data Gaps

The Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre has launched a new project that will explore the use of AI and big data to improve tracking and disclosure of environmental impacts along supply chains. BIS’ Project Symbiosis aims to encourage more sustainable practices, and funding for them, by providing better insights into the sustainability performance of companies and their suppliers. The organisation flagged limited data as a frequent challenge for the financial industry when calculating Scope 3 emissions. The project aims to address the lack of comprehensive data from SMEs that are part of larger supply chains, and reduce information gaps related to climate and nature risks through the use of “targeted and simplified AI methodologies”. It will also explore the use of advanced data techniques to better understand the emissions and impacts on nature of the supply chains of anchor buyers and financial institutions, helping identify opportunities where new financing can make a positive impact.

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