Climate change data platform pilot ‘successful’; expanded version expected by second half of ‘23

An expanded and ultimately operational (in the second half of the year) climate data and analytics platform was announced Thursday by the Treasury’s top financial research arm, moving forward on a program that was announced last summer.

The Treasury’s Office of Financial Research (OFR) said the platform (referred to as the “hub”), designed to help financial regulators assess potential risks to financial stability stemming from climate change, would be expanded and enhanced. The OFR said its formal name will be the “Joint Analysis Date Environment (JADE).

The agency said a pilot of the program, launched in July 2022, was successful.

The agency said the initial version of JADE will be released during the second half of 2023. The OFR also said it plans to gradually expand the hub for use by other Financial Stability Oversight Council (FSOC) regulators and include additional data.

“Once fully operational, JADE will support comprehensive financial-stability research by providing a platform to integrate and analyze a broad spectrum of financial and other relevant data,” the agency said in a release.

Last summer, when the hub was announced, the OFR said the hub would allow participants to integrate wildfire, crop condition, precipitation, and other climate-related data with financial data for a more precise view of the relationship between climate change and financial stability risk.

It is also equipped with statistical and visualization applications that will allow regulators to share data and collaborate on analysis, the agency said then.

OFR Advances Data-and-Analytics Platform Following Successful Pilot