IBM, SMBC and Persefoni Partner to Deliver Carbon Accounting Solutions in Japan
Sumitomo Mitsui Banking Corporation (SMBC), IBM Japan and climate management and accounting platform (CMAP) provider Persefoni announced today a new partnership to deliver a comprehensive decarbonization solution to Japanese customers, aimed at enabling companies to analyze and support their global carbon footprint management.
According to the companies, the collaboration aims to address the growing need by enterprises in Japan increasingly for digitally-enabled services to meet regulatory and investor sustainability compliance requirements. The Tokyo Stock Exchange recently launched a requirement for some listed companies to disclose information substantially aligned with the Task Force on Climate-Related Financial Information Disclosure (TCFD), which mandates calculations with significant amount of data collection and the use of complex formulas.
Launched in 2020, Persefoni’s SaaS platform enables companies and institutional investors to measure, analyze, plan, forecast, and report on their carbon footprint, leveraging AI to provide users with contextual sustainability performance scores for their organization and allowing them to manage their carbon transactions and inventory with the same rigor as their financial ones. The company helps banks, asset managers and others to calculate their financed emissions footprint in compliance with standards. Through the agreement, Persefoni will deliver the CMAP to the Japanese market.
IBM offers a tool to support the automatization of the data input process into Persefoni and the emission calculation output and reporting processes. The solution is built on an integrated data application infrastructure that supports the large amount of data collection and processing needed for calculating emissions.
IBM and SMBC recently started providing climate change risk and opportunity analysis services to support corporate climate change disclosure. Through the collaboration with Persefoni, the two companies will be able to provide customers with a decarbonization solution that features carbon footprint monitoring as well as climate change risk and opportunity analysis.
SMBC also stated that that it is the first multinational financial institution in Japan to sign a multi-year contract with Persefoni to use the CMAP for its own operations.
Kentaro Kawamori, CEO and Co-Founder of Persefoni, said:
“This decarbonization ecosystem is the first of its kind in Japan, with a top bank positioning it side-by-side with its green financial products. Moreover, with a three year commitment. This has the very real potential to materially drive down the country’s total emissions.”
“Persefoni works with a number of global banks and few are as proactive at leading as SMBC. They will continue to shape decarbonization in Japan.”