29, August, 2024: B4NZ is delighted to announce that Experian, a global data and technology company, has officially joined the B4NZ ecosystem. This partnership marks a significant step forward in our shared mission to enhance the flow of high-quality sustainability data within the UK’s financial system.
With over half of U.K. small and medium enterprises (SMEs) agreeing reducing their environmental impact was a top priority but only 22 percent[1] reported measuring their emissions, a priority area will be creating an industry wide SME sustainability data standard. The current challenge is a lack of uniformity, with SMEs having to share different sustainability data information in different forms to lenders, insurers and corporate procurement functions. This creates a lack of consistency, comparability and reliability so creating a single, practical standard tailored to SMEs will improve the overall quality of sustainability data in the market.
To help drive this standard, Experian is also looking to build a sustainability bureau. This new sustainability bureau will be a trusted data exchange where businesses can submit information regarding their omission levels in a standardised way, helping them meet environmental obligations and helping lenders get a complete picture. This approach serves as a key enabler in helping adopt a common data standard and trusted data sharing in the UK.
David Bates, Managing Director of Credit & Verification Services at Experian UK&I, said:
“The Achilles heel of corporate sustainability reporting is the serious gap in data on SMEs in the value chain. Without market coordination SMEs feel the burden of individual requests for their sustainability credentials by their bank, their insurer, their corporate customers, with each asking for a different set of metrics, using different reporting platforms, unsurprisingly with limited success in terms of the data returned. We want to help change this; creating the mechanism for sustainability data to flow as an enabler of the transition to a sustainable economy.”
Heather Buchanan, Co-Founder and Chief Executive of B4NZ, said:
"We are thrilled to welcome Experian to the B4NZ ecosystem. Their commitment to enhancing the flow of high-quality sustainability data within the UK’s financial system is an important step in our collective journey toward a sustainable future. With the pressing need for a standardised approach to SME sustainability data, Experian's expertise will be invaluable in driving the creation of a comprehensive industry-wide standard. Together, we can ensure that the UK's financial system plays a pivotal role in supporting businesses to reduce their environmental impact and achieve net zero."
We are excited to collaborate with Experian on this important journey toward achieving net zero emissions and warmly welcome them to the B4NZ ecosystem.
ENDS
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics, and software. We also assist millions of people to realise their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agribusiness, insurance, and many more industry segments.
We invested in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
[1] https://www.iod.com/news/sustainable-business/make-carbon-reporting-easier-faster-and-more-rewarding-for-small-businesses/