WASHINGTON–The Treasury department’s research arm said a new climate data and analytics platform will be operational in the second half of this year.
According to Treasury’s Office of Financial Research (OFR), the platform is designed to help financial regulators assess potential risks to financial stability stemming from climate change. While the platform is informally referred to inside Treasury as the “hub,” its formal name will be the “Joint Analysis Date Environment (JADE).
The agency said a pilot of the program, launched in July 2022, was successful.
The initial version of JADE will be released during the second half of 2023, Treasury said, with the OFR adding that it plans to gradually expand the hub for use by other Financial Stability Oversight Council (FSOC) regulators and will include additional data.
“Once fully operational, JADE will support comprehensive financial-stability research by providing a platform to integrate and analyze a broad spectrum of financial and other relevant data,” the agency said in a release.
What Hub Will Do
In mid-2022, when the initiative was announced, the OFR said the hub would allow participants to integrate wildfire, crop condition, precipitation, and other climate-related data with financial data for a more precise view of the relationship between climate change and financial stability risk.
According to the OFR, it is also equipped with statistical and visualization applications that will allow regulators to share data and collaborate on analysis, the agency said then.
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