In August, we reconvened the Perseus Steering Group, co-chaired by the British Business Bank and Icebreaker One.
Date: 27 August 2025 13:00-15:00 BST
Location: online
Secretariat: IB1
Meeting Aims
- Shared understanding and alignment of business model and how it will be leveraged
- Align on language and positioning for financing green vs greening finance
Summary:
- An AG1 vote approved and the SG discussed and positively received, that Perseus shift the strategic narrative from “financing green” (focused on a small subset of green-linked loans) to “greening finance” (using Perseus data across FSP solutions) both to broaden impact, the total addressable market, and address shifts in language in the market (e.g. transition finance, efficiency, cost reduction, improved productivity, and enhanced business resilience).
- It was discussed that the new Proposed Voluntary SME Sustainability Reporting Standard developed by B4NZ and the Broadway Initiative will be implemented by IB1 as Project Orion. It will connect and build upon Perseus with independent funding and governance that will be designed in 2025.
- The 2026 business model for Perseus was presented and discussed:
- Perseus will retain a multi-tiered membership model, with the aim to increase the number of members to drive down individual membership fees
- The plan is to make the scheme operational at scale with product enhancements, scope on greening finance, adding gas as a data category, a focus on comms and engagement, and investigation of future scope expansion (e.g. Orion).
- The Advisory Group updates noted that:
- AG1 will now focus on a long-term vision of greening finance, targeting high-impact SMEs, and reframing language to improve engagement. The group endorsed sharing information to aid the estimation of the Total Addressable Market (TAM), discuss potential corporation tax incentives with HMT, and support the greening finance vision.
- AG2 is transitioning from pilot to sandbox and production phases. AG2 members agreed a revised, simpler approach for technical security certificates better suited to cloud environments, and this will be used in both sandbox and production systems.
- AG4 has updated the core narrative and language in the customisable media pack (https://ib1.org/perseus/media-pack). Upcoming plans include communications for the sandbox launch and highlighting XBRL integration to demonstrate alignment with standard business reporting.
- AG3 & AG5 are due to hold workshops in September and AG meetings in October
- The Delivery Oversight Committee (DOC) noted that
- They are comfortable with the continued management of the project by the IB1 team, and broadly satisfied with Perseus’ financial situation, management, cash flows, risk management, and budgets
- New risks include:
- successful mitigation of the risk of dissipation of resources and focus due to the arrival of Project Orion,
- monitoring risks that could arise with broadening of the project’s scope from ‘financing green’ to ‘greening finance’.
- Increased risks include:
- volatile policy environment, including potential pushback against climate and environmental initiatives
- managing challenges associated with payment schedules from large companies (and cashflow)
- J Geldart will be temporarily stepping down as Chair of the DoC. The SG acknowledged his material effort and support to the programme. T Greenham will take up the interim Chair of the DOC for 2025.