Professional services firm KPMG LLP and enterprise data technology company Context Labs announced the launch of a new alliance aimed at helping companies to measure and reduce their environmental footprints using advanced climate data and analytics, enabled by machine learning, AI and distributed ledger technology.
Launched in 2016, Context Labs provides a family of technologies based on its enterprise data fabric platform, Immutably, which collects data from a wide of sources, from satellite images to enterprise systems, enabling the delivery of context-driven insights. The company raised $28 million last year for the launch of a blockchain-based platform for measuring and monitoring decarbonization in the energy sector, in a financing led by BP Energy Partners, with KPMG participating in the round as a strategic investor.
Dan Harple, Founder and CEO of Context Labs, said:
“In 2022, KPMG U.S. made an initial investment in Context Labs. Since then, we have worked together to help companies improve the sophistication and rigor of their emissions reporting. I am excited to announce the establishment of this alliance with KPMG U.S, which will enable Context Labs’ technology to further bolster the integrity, veracity, and commercial value of our customers’ data, leveraging KPMG’s best-in-class capabilities to help enhance transparency around environmental reporting and disclosure.”
According to the companies, the new alliance will combine KPMG’s capabilities in environmental monitoring, analytics and reporting for customers across market sectors with Context Labs’ technology, to support companies working to reduce environmental impact, analyze decarbonization efforts, and provide transparent and traceable data from investors, regulators and other stakeholders.
KPMG U.S. ESG Leader Rob Fisher, said:
“Accessing accurate and complete emissions data is key for effectively measuring a company’s carbon footprint. The type of data, analysis and insights provided by KPMG and Context Labs through this alliance will help companies accelerate their decarbonization efforts with specific actions they can take to reduce their environmental footprints.”