Persefoni, SMBC, and IBM Japan to address decarbonization
Persefoni, Sumitomo Mitsui Banking Corporation (SMBC), and IBM Japan have entered into a strategic collaboration that will provide Persefoni’s Climate Management and Accounting Platform to high profile companies throughout Japan. SMBC also announced that it will deploy Persefoni for its own operations, a first for a bank in Japan.
Persefoni is a climate management and accounting platform (CMAP) for real-time management, analytics, and disclosure. The company was founded in Tempe, Arizona, and through its Series B funding, has raised USD 114m from investors including SMBC, Bain & Company, and Electricite de France.
This type of software has been in focus ever since the Securities and Exchange Commission (SEC) proposed rules in March that would require public companies to report information about their climate-related financial risks and greenhouse gas emissions. While many companies voluntarily disclose some of those details, the rules would raise the stakes by requiring them to ensure the data they provide is consistent, accurate, and — in some cases — can stand up to scrutiny from outside groups. The SEC proposal would require big companies to start measuring next year’s emissions to report in their financials in the following year, i.e. 2024, implying a very short runway.
CMAP incorporates emission factors globally available and specific to each region and can calculate emissions in accordance with the Green House Gas (GHG) Protocol and the Partnership for Carbon Accounting Financials (PCAF). IBM provides a tool to support the automatization of the data input process into CMAP and the emission calculation output and reporting processes.
Since the spring of 2022, SMBC and IBM Japan have been providing climate change risk and opportunity analysis services to support corporate climate change disclosure while collaborating with The Climate Service, Inc. Through the strategic collaboration with Persefoni, SMBC and IBM Japan will be able to deliver a comprehensive decarbonization solution from carbon footprint management to climate change risk and opportunity analysis for customers.
For its own deployment, SMBC is confident that the Persefoni platform is the best software to tackle the challenges about emission management, such as significantly complicated calculation, various emission factors, and comprehensive emission control on a global basis that multinational companies like SMBC are facing.
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