Coriolis Technologies, a producer of trade and supply chain data, analytics and insight, has launched a new innovative solution for measuring company ESG activity. Coriolis Technologies released the product to a non-competitive working group, including banks, insurers and professional bodies.
Over 40 organisations are participating in the Kosmos Working Group (KWG), including Lloyds Banking Group, Santander, Demica, International Trade and Forfaiting Association (ITFA), and the institute of Export and International Trade (IoE&IT). The group aims to develop ‘for the industry by the industry’ standardised ESG scoring criteria, solutions, and methodologies, with this release being the product’s first iteration.
The automated ESG scoring system means that the KWG has access to a tool that measures country, supply chain and company activity against Sustainable Development Goals defined by the United Nations and the European Union.
Coriolis Technologies and the KWG are now looking to build on this innovation to include broader aspects of ESG and sustainability, including more comprehensive governance and regulations, carbon emission data, and individual company information.
Dr Rebecca Harding, Coriolis Technologies Chief Executive, said “When we set out on the journey to create an automated ESG scoring system, our central objective was to create a collaborative and inclusive group through which we were able to address the most significant issues facing global sustainability. Today’s announcement is an essential milestone in delivering that vision, with some of the biggest firms in the market joining, testing and implementing our product that is unique to the industry. We have the first iteration of a solution that will have a tangible impact on the marketplace and the world beyond. In the coming months, we will continue expanding, developing, and growing the system to integrate more sustainability metrics and provide an overall accuracy score.
Gwynne Master, Managing Director and Head of Working Capital Solutions for Lloyds Bank Commercial Banking, said “We’re excited to support the development of a standardised ESG scoring methodology, essential for the adoption and expansion of sustainability-linked solutions. A transparent and trusted ESG score for SMEs – particularly for those companies without dedicated internal resources to do this themselves – will be transformational. Here, we have the opportunity to enable customers to gain greater understanding of their supply chains and to access funding to invest in a net-zero future.”
John Carroll, Head of International and Transactional Banking, Santander UK, said ‘’This initiative to develop a platform which provides the industry with reliable insight into their ESG activity could be a game changer for the SME sector, where there is a real desire and focus to become more sustainable. The Kosmos Working Group participation across banks, industry associations, insurers, and intergovernmental organisations demonstrates the effort to make this a success ‘for the industry by the industry’, but most importantly with a real and practical benefit for internationally trading SMEs and as such Santander is delighted to be part of this journey to drive a sustainable economy in the UK and beyond.’
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Editor, International Trade Magazine
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