As a global resource, the NZDPU is designed to be integrated with the United Nations Framework Convention on Climate Change’s Global Climate Action Portal.
Public input will inform the future work of the CDSC and evolution of the NZDPU. The Committee’s 2023-2024 public consultation aims to solicit feedback from all types of stakeholders to inform the further development of the NZDPU and its Core Data Model, as well as the CDSC’s efforts to drive greater transparency of climate data.
The public consultation will run until March 1, 2024.
“The European Union has decided to establish a legal sustainability reporting regime which is to be implemented by the 50,000 largest companies in the Union. In this context, the European Sustainability Reporting Standards that have just been adopted provide a comprehensive set of Environmental, Social and Governance disclosure requirements, that will enable users to digitally process granular digital data points. We are very happy that the NZDPU takes full account of the ESRS climate-related disclosures together with information prepared following other major initiatives. This is a major step towards access to quality climate-related information globally”.
– Patrick de Cambourg, Chair of Sustainability Reporting Board, European Financial Reporting Advisory Group
“The launch of the Utility today is a remarkable achievement and shows our commitment to tackling climate change. This open and freely accessible global platform will provide seamless access to climate transition-related data from companies worldwide.”
– Mairead McGuinness, Commissioner for Financial Stability, Financial Services and the Capital Markets Union, European Commission
“As climate-related risks and opportunities are becoming increasingly apparent to investors and relevant for market stability, we welcome the NZDPU initiative to allow full access to, and to facilitate the interpretation of, private sector climate transition-related data. In today’s digitized and globalised world, high-quality, and accessible climate data have a pivotal role to play. Since IOSCO has given its endorsement to the ISSB first standards, we are pleased to see that the first version of the NZDPU core data model builds on this framework; we will continue to encourage their implementation and use globally.”
– Jean-Paul Servais, Chair, International Organization of Securities Commissions
“The ISSB’s high quality, internationally recognised climate disclosure standards provide the essential foundation to the NZDPU’s work. Our inaugural standards are now issued, effective 2024. Next year is about action and delivery. We stand ready to play our part in ensuring the success of the NZDPU’s important work.”
– Emmanuel Faber, Chair, International Sustainability Standards Board
“Policy decisions at a time of transition to a low-carbon economy must be based on robust and consistent data. This is why the IMF and our counterparts in central banks and finance ministries rely on initiatives such as the Net-Zero Data Public Utility to integrate essential climate data in macroeconomic and financial analysis. Together with the new G20 Data Gaps Initiative this work is essential to close critical climate-related data gaps.”
– Kristalina Georgieva, Managing Director, International Monetary Fund
“The FSA welcomes the launch of the NZDPU Proof of Concept, which marks a significant milestone in collecting climate transition-related data to promote transition finance and accelerate decarbonization efforts. We believe that the NZDPU will play an important role and look forward to and support its further enhancements based on public consultation and continuous input from stakeholders.”
– Shigeru Ariizumi, Vice Minister for International Affairs, Japan Financial Services Agency
“Credible and comparable data is foundational for financial institutions and the real economy to effectively decarbonise and transition to net zero. A lack of high-quality climate data has been a longstanding challenge. We expect the NZDPU to help stakeholders such as financial institutions better manage their climate risks, channel capital to transition-aligned activities, and demonstrate their accountability and progress in net-zero commitments.”
– Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System
“Comprehensive, verified and comparable data must be at the core of efforts to achieve our collective climate goals – for both public and private sector action. Transformation of the financial sector is a very important part of realising the net zero transition. The Climate Data Steering Committee and the Net Zero Data Public Utility will help with that – through facilitating verified, consistent and coherent means of reporting on net zero commitments in the financial sector. So I very much welcome the Climate Data Steering Committee’s progress in releasing the Net-Zero Data Public Utility proof of concept. These efforts complement our work at the OECD – where developing and using verifiable data sets based on mutually agreed methodologies is at the heart of our efforts to support better policy making.“
– Mathias Cormann, Secretary-General, Organisation for Economic Co-operation and Development
“I am very encouraged to see the great progress that has been made in developing the NZDPU proof of concept. I believe that the team is truly bringing to life the vision that was set out in the CDSC’s 2022 whitepaper. We, the FCA, see the Utility as an important element of the future transition data ecosystem – providing data in a comparable, consistent and openly-accessible manner that the market urgently needs. We also see valuable alignment between the Utility and the work of the UK’s Transition Plan Taskforce and see a future where these initiatives work in harmony to drive international progress on the global transition to net zero. The FCA looks forward to contributing to the continued development of the NZDPU.”
– Ashley Alder, Chair, Financial Conduct Authority, United Kingdom
“Access to quality, comparable climate data from non-state actors is essential for driving accountability for their critical role in the net-zero transition. The Net-Zero Data Public Utility proof of concept shows that it is possible to provide the transparency the world needs to ensure these commitments turn into real action. I look forward to the further development of the NZDPU and its integration with the UN’s Global Climate Action Portal to present a clear, comprehensive view of global climate action.”
– Simon Stiell, Executive Secretary, United Nations Framework Convention on Climate Change
“Publishing company climate data and plans through the Net Zero Data Public Utility in a consistent format will help investors make smart decisions, encourage more companies to disclose their actions and identify strategic areas for improvement, and allow the public to see which companies are leading the way. To be successful we all need to be able to distinguish leaders from laggards and encourage a race to top for credible net zero action.”
– Catherine McKenna, Chair, UNSG High-level Expert Group on Net-Zero Commitments
Learn more about CDSC and NZDPU progress in 2023
The CDSC progress report describes the development of the NZDPU in 2023 and key areas where further progress is needed to increase the comparability, consistency, coverage, quality, and completeness of private sector climate data.
Read the CDSC’s recommendations for the development of the NZDPU
In November 2022, the CDSC released its initial recommendations for the phased and iterative development of the NZDPU following a public consultation.