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Project Gaia

Why is it in the news?

  • Central banks unveiled Project Gaia to assess climate financial risks comprehensively.

 More about the news

  • It’s a collaboration between Bank for International Settlements Innovation Hub Eurosystem Centre, Bank of Spain, etc.
  • Utilizes generative artificial intelligence (AI), particularly Large Language Models (LLMs), for analysing climate-related risks in the financial system.
  • Enables examination of firm carbon emissions, green bonds, and optional net-zero commitment disclosures.
  • Enhances accessibility to climate-related disclosures and facilitates efficient data extraction.
  • Aims to establish harmonized climate metrics for consistency and comparability in risk assessment.
  • Offers scalability and reliability in analysing large volumes of data for comprehensive insights into climate financial risks.

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