The Bank of Spain has recently released a report outlining the potential of satellite data to make a difference in collecting climate-related data.
The report covers how obtaining reliable environmental and climate data is difficult, and is necessary for creating a green market. Satellite data, or earth observation (EO) data can solve this challenge by supplying real-time, accurate climate-related data gathered from satellites.
Satellite data can help capturing information on deforestation, energy, emissions, agricultural risk, land use, GDP growth forecasting, urban mobility tracking, oil reserve estimation, and more. There is challenges in the usage of space and satellite data, however, as there are limitations of data formats and spatial resolution.
Central banks and financial organisations have the choices between various satellites, such as Landsat and MODIS, both of which collect EO data that can be applied in sustainable developments. The availability of different satellites can vary due to location, and can be difficult to access for cloud-prone regions. The quality of data collected also varies depending on satellite.
There are still developments being made in space and EO data, and there is a wealth of potential for these technologies to make a significant contribution to green finance development.
Learn more about climate-related data and natural capital at this year’s Sustainable Finance Live event at Events@No6 in London, taking place October 8.