In May, we reconvened the Perseus Steering Group, co-chaired by the British Business Bank and Icebreaker One. This meeting aimed to provide members with an update on the progress of the programme as well as its finance and governance processes.


  • It was noted that AG Member attendance has been added to the SG Risk Register and that:
    • Steering Group Members will attend, delegate or proxy on voting matters where necessary.
    • Where appropriate, the Steering Group should strongly encourage AG Member attendance and delegates or proxies where necessary.
    • Quorum is defined as ⅔ of voting members present. This will be increasingly important as voting decisions will be posed to members at upcoming meetings.
  • It was noted, in B4NZ’s update, that:
    • Positive relationships in relevant government departments are being maintained.
    • Perseus was used as a case study in work with the Transition Plan Task Force.
    • B4NZ are conducting research on reporting and aims to make this available to the Perseus programme.
    • The University of Bath is offering a PhD programme mentioning Perseus, with a specialism in data and SMEs. More information about this will be circulated for discussion.
    • The Broadway Initiative and Planet Mark have launched an SME Carbon Census.
  • It was noted, in general updates, that:
    • The Smart Data Council has published a roadmap for smart data in the UK (link).
    • The BBB Carbon Calculator report (link) assessed the market (over 270 carbon reporting solutions) and surveyed UK SMEs to define their reasons for investing in them, with priorities including sustainability, helping other organisations assess them and aiding decision-making.
  • It was noted, in Perseus AG updates, that:
    • New banks and carbon accounting platforms will be joining.
    • AG1 (Market & User Needs) has established working groups in User Needs, Assurance, Ecosystem Map And Future Use Cases.
    • AG2 (Technical Requirements) is running working groups in Data Standards and Platforms & Systems. AG2 has posed questions to other AGs to inform the technical design of Perseus.
    • AG3/AG5 (Legal & Policy) has produced a strawman for the dispute resolution process and has launched working groups in Data Licensing, Dispute Resolution and Audit & Data Requirements.
    • AG4 (Communications) is focused on communicating the Perseus use case by developing and using strategic messaging at key project milestones. There are three working groups in AG4: Communicating Momentum; Communications Risks; and Government & Regulator Relationships.
  • It was noted, in the oversight summary, that:
    • The Delivery Oversight Committee (IoD, UK Finance, ICAEW, BBB) has reviewed the financials and fed back on future information needs.
    • Approximately 50% of the funding target has been secured so far, which is sufficient to proceed on an iterative basis. 
    • B4NZ has submitted a bid to DESNZ for three years funding for both IB1 and B4NZ. As a first step, DESNZ would be interested in an industry convening on the topic.
    • It was further discussed that an additional pipeline is being actively engaged to hit the target. The project will be rescoped at its internal review points to ensure delivery of the pilot is maintained at pace, descoping detailed design as appropriate (which would see some development into 2025).
    • It was discussed that an updated letter of support will be drafted by IB1 and B4NZ which, with sign-off from the SG, can be used by all Members to garner support.
  • It was noted there is an opportunity to capture future funding opportunities in the ‘future use cases’ track.

The next meeting will take place on July 24th 2024. 


Heather Buchanan, Bankers for Net Zero


Tony Greenham, British Business Bank

Gavin Starks, Icebreaker One