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Central banks use AI to assess climate-related risks

Economic TimesEconomic Times · 7m
Central banks use AI to assess climate-related risks

Central banks, including the Bank for International Settlements, the Bank of Spain, Germany's Bundesbank, and the European Central Bank, have utilized artificial intelligence (AI) to gather data on climate-related financial risks. Through their Gaia AI project, these banks analyzed company disclosures on carbon emissions, green bond issuance, and net-zero commitments. Gaia overcame differences in definitions and disclosure frameworks to provide transparency and facilitate comparisons of climate-related indicators. This development is timely, as new global, U.S., and European Union regulations will require more comprehensive climate-related disclosures from listed companies. The flexible design of Gaia may serve as a model for broader AI applications in the financial sector.

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