Goldman Sachs has partnered with the MIT-IBM Watson AI Lab to enhance biodiversity measurement using artificial intelligence. This collaboration aims to improve the application of AI in developing nature-based financial products and assessing corporate and financial institutions' nature-related demands.
Kara Succoso Mangone, Head of the Sustainable Finance Group at Goldman Sachs, emphasized the importance of accurate biodiversity measurement for conservation efforts. She stated, "Accurately measuring biodiversity is key to unlocking the finance needed for conservation of critical habitats around the world." She further noted that this partnership would develop actionable applications enhanced with AI for biodiversity-related finance.
Christina Shim, Chief Sustainability Officer at IBM, highlighted the challenge of quantifying nature's well-being. She said, "It is easy to understand that nature is vital to our well-being, but it is more difficult to quantify exactly how it is doing." Researchers from the MIT-IBM Watson AI Lab will apply advanced technology to address this issue and assist organizations in measuring and investing in biodiversity.
The World Economic Forum has identified biodiversity loss as a significant global risk over the next decade. With increased focus from regulators, advocates, and investors, corporations are keen on strategies to measure and restore biodiversity for "nature-positive" outcomes. The Global Biodiversity Framework estimates a $700 billion annual gap in biodiversity finance until 2030. Through this collaboration, Goldman Sachs aims to advance applications supporting activities like fundraising and reporting in biodiversity markets.
Researchers will use advanced AI models to analyze multimodal geospatial data for improved biodiversity monitoring strategies. The project will integrate data from satellites, drones, ground-based sensors, and other sources into effective ecological measurements.