Set among the boats and barges of a riverside pierhouse in London, Lloyds, Barclays, NatWest, British Business Bank, Tide, Santander and Unity Trust Bank came together over lunch to share ideas, challenges and opportunities. 

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Three themes stood out from the conversation:

1. “Perseus is like open banking for sustainability.”

Open Banking has already delivered an estimated £8.3bn for the UK economy, with the potential opportunity, once it reaches full maturity, estimated at £43bn per year.

Its success has come from giving consumers greater control over their financial data, enabling better financial management, creating productivity gains for businesses and improving access to finance.

The model at the heart of Open Banking is simple: your financial data stays with your bank, while authorised third parties can access it securely through standardised infrastructure. 

Perseus follows the same principles. 

Sustainability data can remain with the organisation that holds it,  whether that’s a utility, data provider, carbon accounting platform or smart meter provider, while authorised organisations can securely access it when they need to.

You don’t need to move all your data to one platform, and you don’t need to build the infrastructure yourself. Perseus provides the shared infrastructure that enables data to flow between organisations, unlocking new products and services and helping to realise its own £5–10bn opportunity in sustainable finance.

The parallels with Open Banking don’t end there. Perseus and Open Banking share many of the same users and stakeholders, and the project is exploring integration with Open Banking to enable greater cross-sector interoperability.

2. “If you're happy for us to access the data, you can use any Carbon Accounting Provider you choose.”

Open Banking doesn’t require everyone to use the same bank. You can bank with whoever you chose and still access third-party financial services.

Perseus works in the same way. It isn’t about choosing one platform or picking a ‘winner’. It’s about interoperability: allowing customers to use different providers while enabling data to flow securely between them.

Perseus demonstrates the value of an interoperable approach to smart data sharing, connecting energy data providers, carbon accounting platforms and financial service providers through common governance.

3. “Collaboration across the sector is the only viable path.”

Collaboration is the business model.

Icebreaker One’s governance structure is designed to enable that collaboration. It gives members the opportunity to shape how Perseus is built and who it benefits. 

By bringing members together through Advisory Groups, Steering Groups and an independent Delivery Oversight Committee, Perseus creates a collaborative, and precompetitive environment, all crucial elements to help develop the UK’s first cross-sector Smart Data Scheme. 

The alternative is individual organisations building proprietary approaches and contributing to the creation of a fragmented ecosystem. Instead, Perseus provides shared infrastructure that gives FSPs the opportunity to experiment, innovate and develop new services, while reducing duplicated effort.

Get involved now: if you want to be one of the members shaping the future of Perseus and sustainable finance, join now. 

Will Goodhart, started his new role as Executive Director of the Future of Sustainable Data Alliance (FoSDA) towards the end of April this year, following 18 years as Chief Executive at the CFA Society of the UK.

We caught up with Will to hear his perspective on the next phase of sustainable finance – where sustainability is set to become embedded in every financial decision – and to discuss the role of data, the evolving regulatory landscape and what the recent Data Act means for businesses and consumers.  

Ross: Will, you spent nearly two decades at the CFA, much of it focusing on sustainability. What brought you to FoSDA?

Will: For the last 5 to 10 of those years at the CFA, we had a focus on sustainable investing and educating people on how to invest sustainably. So we developed the CFA certificate in ESG investing, now called the CFA Certificate Sustainable Investing. Following this, we developed a certificate in climate and investing and the certificate for impact investing at the beginning of 2024. 

I wanted to apply my experience more directly – helping people use their skills and knowledge to advance sustainable finance. So, joining FoSDA felt like a natural fit because of my understanding of the market, the connections I had and the potential FoSDA has as an organisation. It has an important role to play in empowering financial markets to tackle environmental and social challenges through the provision of high-quality, comprehensive data.

Ross: So, what are the barriers to making the market for sustainable data work?

Will: I think improving the consistency, comprehensiveness, and interoperability of data are key. As well as highlighting the value of data and demonstrating the importance of a competitive market in the provision of sustainable data and sustainable analytics.

Of course, FoSDA is not here to solve everything ourselves, but also to convene stakeholders and support the ecosystem. 

There are still data gaps out there to work on. For example, real estate data can be fragmented across markets. And even with nature and biodiversity data, which has grown significantly thanks to geospatial analysis and AI, we need to ensure the methodologies are transparent and robust.

Ross: That point on nature data is interesting – it feels like a fast-growing but complex space?

Will: Yes, someone recently called nature data a “jungle” and I think that’s a bit extreme but still apt. There’s tremendous innovation and growth in biodiversity and nature-related indicators, but understanding how that data is derived and making sure the market for nature data functions properly is crucial. 

Ross: I think it’s also finding that link to impact as well. 

Will: Yes, one of the problems with that nature and impact is knowing your baseline. Getting a baseline for nature is quite challenging. To know that you’re creating impact, you have to know what the situation was beforehand and then be able to measure it in the same way after to see if there has been any positive impact. 

Ross: Do you think, as sustainability becomes more embedded in finance, that FoSDA’s work will become easier?

Will: We’re entering a new phase where sustainability is becoming part of every financial decision and that naturally creates pushback from those invested in the old ways. But the integration of sustainability indicators into policy, regulation and standard-setting will intensify, because the challenges are no longer in the distance, they are here, now. That makes it critical to ensure regulations are targeted, proportional, and effective. 

Ross: I wanted to get your thoughts on the Data (Use and Access) Act and how this might influence FoSDA’s work?

One positive is that it may change how people think about data – not just as an asset for producers but as something that should benefit consumers more directly. Like with Open Banking, it could open up markets, give consumers more choice, and spark a wider conversation about governance and value sharing.

I think the more that it happens, now that there’s a common framework for it, the more people expect that they should be able to share their data with others in situations where it’s going to be beneficial to them. 

Ross: The Data Act also touches on Artificial Intelligence (AI) and how this is being used to analyse data and automate decision making. What are your thoughts on this?

Will: We see a lot of claims of AI-powered models analysing unstructured data to deliver sustainability insights. And while the technology is exciting, it needs to be used appropriately. Consumers of AI-generated data should question its provenance and understand the processes behind it.

Ross: And finally Will, what’s next for FoSDA?

Will: A key priority is making standardisation and machine-readability fundamental to financial reporting and systems, so data can flow seamlessly and effectively. We’re looking forward to working with others to frame that problem and drive progress.

It means the project will receive £750k in UK Government funding to continue developing a standard that all organisations in the energy data ecosystem can use to search, share and access data. It’s also developing a prototype governance platform to make sure data is shared securely. 

Icebreaker One will host a webinar on 16 February at 10am to share more information about its progress so far and plans for the future.

Open Energy aims to transform the way organisations exchange the information they need to phase out fossil fuels and implement renewable energy technology. Icebreaker One is aiming to roll out the Open Energy standards, guides and recommendations across the energy sector over the next year.

Open Energy has been guided by industry advisory groups across the UK which include representatives from Ofgem, Scottish Power and SSE. It’s led by Gavin Starks, one of the key figures behind the Open Banking Standard that has revolutionised the banking sector over the past five years.

Icebreaker One worked with project partners Open Climate Fix, Raidiam and PassivSystems, to win the Modernising Energy Data Access (MEDA) competition, run by Innovate UK as part of the Industrial Strategy Prospering from the Energy Revolution programme. 

Gavin Starks, founder and CEO at Icebreaker One, said,

“We’re delighted to have this backing to continue developing the data infrastructure to help unlock access to data to deliver efficiency and innovation across the energy sector.

This will have a material impact on the UK’s ability to make the most of decentralised energy supply and consumption, help address the coming challenges of the transition to electric vehicles and catalyse the delivery of our net-zero targets.

Our work will help unlock data discovery by enabling energy data search and usage by delivering a trusted ecosystem for decentralised data sharing.”

Rob Saunders, Challenge Director, Prospering from the Energy Revolution at UKRI, said:

“The MEDA competition was designed to accelerate innovative ways for energy data to be open-sourced, organised and accessed, providing a platform for new technology, services and more agile regulation within the energy sector. 

“The Icebreaker One project showed exactly what can be achieved through collaborative thinking and will help create a framework for all stakeholders to share data further for the common benefit – and ultimately for the UK’s net-zero ambitions. We are looking forward to working with them closely as the project develops further.”

David Manning, Head of Data Management at SSE plc, said: “At SSE we recognise that becoming a data driven organisation is critical to our role in helping achieve a net zero world.”

“Readily accessible and trusted data will be essential to building the decarbonised energy system of the future; ensuring flexibility, customisation and personalisation for energy users, large and small. It’s exciting to see the progress being made in this space.”

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