TradeSun, an AI-powered platform for trade compliance and automation, has partnered with data and analytics provider Coriolis Technologies to launch a new ESG solution.
The partnership will see the launch of an integrated solution for banks to measure and verify environmental, social and governance (ESG) performance across trade transactions.
This tool comes as a response to regulators applying pressure on companies to disclose more detail on ESG performance.
TradeSun customers will be able to leverage Coriolis’ ESG Tracker, an independent ratings-based platform developed with over 50 financial institutions to score, monitor and verify their trade finance transactions and activities against the 17 Sustainable Development Goals (SDGs), as defined by the United Nations.
Banks will also be able to view ratings against domestic and international regulatory frameworks, such as EU Taxonomy, Sustainable Finance Disclosures Regulation, and US Sustainability Accounting Standards Board Regulations. Financial institutions can also search and explore company ratings for governance purposes, including completing a personnel check.
TradeSun customers will be able to use the ESG Tracker in tandem with other integrated data partners, enabling greater flexibility and aiding financial institutions in offering financial incentives to their clients upon meeting specific ESG criteria.
TradeSun CEO Nigel Hook said, “Data analysis and better visibility across trade are core to meeting the UN’s SDGs. We are pleased to be working with Rebecca and her team to support more sustainable trade through thoughtful interpretation of data.
“Regulators are warning that increasing transparency of ESG risks must be a priority for companies – and the only way to achieve that is more quantitative ways of measuring risks across the global financial system.”
Earlier in the week, CaixaBank launched its Climate Risk Unit as part of its Sustainability Directorate, which has seen it bolster its commitment to sustainability.
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