In the keynote and Q&A session titled ‘What is the role of AI in sustainable finance as we consider the role of satellite-based geospatial data in city design?’, Donna Lyndsay, strategic market lead for environment and sustainability at Ordnance Survey, discussed the application of data analytics and geospatial technology in green urban planning.
Ordnance Survey operates with over 230 surveyors in the field, providing 20,000 updates daily, and employs drone technology alongside satellite data. Lyndsay emphasized that satellite data keeps information current and can enhance data attribution through multi-spectral characteristics. She highlighted how data science can detect water pollution using Smart Biospheres powered by geospatial technology, noting the challenges involved:
“We initiated a project to identify key pain points and explore possible solutions. In collaboration with CGI, we conducted trials and built models to detect sewage from space. The initial findings indicate it’s a complex task, but by integrating various data sources, we can develop tools to predict pollution events. We’re now testing a promising model in North Devon, where over 50 sensors monitor one river catchment to validate the accuracy of our predictive algorithms. Transparency is crucial; we need to avoid black box technologies that obscure the inputs and outputs.”
Lyndsay underscored the importance of satellite-collected data in addressing climate change by leveraging historical information for ongoing monitoring and understanding. She explained that open data can identify thermal signatures critical for urban planning, allowing cities to optimize natural cooling and strategically place health services. This combination of data and insight is pivotal for informed planning and the development of nature-based solutions.
She also mentioned Ordnance Survey’s aim to democratize data by utilizing ChatGPT, enabling communities to monitor local climate change impacts. The application allows users to interpret thermal signatures, identify flood zones, and gain environmental insights.
Lyndsay articulated her vision: “We can make information accessible and meaningful to everyone, regardless of their expertise in geospatial data. By ensuring data quality and clarity, we can help people trust the outputs.”
While discussing the advantages and applications of AI and data, Lyndsay cautioned against potential misuse of AI technology that can lead to misinformation, bias, and data distortion. She noted that individuals could manipulate data to present a false reality when emissions are tracked by satellites.
In conclusion, Lyndsay stressed that Ordnance Survey is leveraging accumulated knowledge on a global scale, focusing on data collection that provides tangible value and uncovers hidden emissions based on location.
Following the keynote, Darshna Shah, director of innovation at Elastacloud, moderated a panel on the integration of behavioral science in achieving sustainable finance goals as cities evolve. The panel consisted of Guillaume Levannier from Lombard Odier Investment Managers, Walid Al Saqqaff from ReBalance Earth, Jannika Aalto of the Green Digital Finance Alliance, and Adrian Sargent from Castle Community Bank.
Drawing from her expertise in neuroscience, Shah offered insights into sustainability, emphasizing the necessity of engaging decision-making processes to establish new habits. “We encounter overwhelming amounts of data, and to facilitate genuine change, we must engage our cognitive functions and cultivate emotional regulation,” she explained. Shah highlighted key studies from the World Resources Institute that demonstrated how subtle behavioral changes, such as altering menu descriptions or raising awareness of neighbors’ energy use, can lead to significant sustainable outcomes.
The discussion then shifted to the pivotal role financial institutions play in fostering this shift. Al Saqqaff pointed out that understanding local communities and their behaviors is critical to effectively supporting biodiversity efforts. He advocated for aligning with UN Sustainable Development Goals as a guiding framework for community priorities.
Al Saqqaff further stressed that while data from satellites and drones is valuable, “citizen science” represents a vital source of information for refining AI models. Sargent echoed this sentiment, emphasizing the need for local support and funding to facilitate these changes.
Aalto reinforced the idea that early engagement with local communities not only adds value but is also essential for successful co-creation processes. Levannier concluded by urging banks to balance community engagement with an understanding of the risks involved for small to medium-sized businesses when introducing new ideas.