Informatica and Snowflake have extended their partnership to help our mutual customers address their ESG sustainability data challenges using our best-of-breed data platforms. Informatica and Snowflake are working together to enhance the customer journey by facilitating more socially and environmentally conscious decision-making.
Hundreds and hundreds of joint Informatica and Snowflake customers have been using the Informatica Intelligent Data Management Cloud (IDMC) and currently process trillions of rows of data every month.
Tyler Prince, Senior Vice President of Alliances and Channels at Snowflake, said, “We are excited about this ESG partnership with Informatica, which will help our customers across all business verticals accelerate their strategic ESG and sustainability priorities.”
And Rik Tamm-Daniels, GVP of Ecosystem Alliances and Technology at Informatica, said, “We are pleased with the expansion of our partnership with Snowflake to help customers with their ESG requirements. This builds on years of joint innovation with Snowflake and showcases the effectiveness of our purpose-built integrations to bring immediate customer value. With IDMC, Informatica offers a 100% SaaS solution to enable Snowflake customers to solve all their data management needs in one single platform and enables them to make the best decisions around ESG.”
How Informatica and Snowflake Help Customers Solve ESG Sustainability Imperatives
Informatica and Snowflake enable customers to solve the following ESG sustainability business priorities:
1. Comply with ESG Regulations. IDMC for ESG Sustainability enables compliance teams to leverage clean, valid and transparent data in regulatory report submissions and respond quickly to regulatory requests. This allows companies to build a clean, trusted, fit-for-use ESG data hub. This hub can feature nearly all the appropriate controls to satisfy new and evolving industry regulations, such as:
- The U.S. Security and Exchange Commission’s upcoming Taskforce on Climate-Related Financial Disclosures (TCFD) ESG reporting and Green House Gas (GHG). Reporting requirements across Scope 1, 2 and 3 are expected to go live in January 2024 in the US.
- The European Union Taxonomy, Sustainable Finance Disclosure Regulation (SFDR) and Financial Services and Corporate Sustainability Reporting Directive (CSRD). These regulations will be effective in January 2024 for all large, publicly listed companies.
- International Sustainability Standard Board (ISSB) and TCFD now mandate that organizations across G7 and G20 countries comply with sustainability-related financial reporting standards and meet investors’ needs.
2. ESG Supply Chain Due Diligence and the Circular Economy. IDMC for ESG Sustainability helps deliver complete visibility into the supply chain with practices that allow companies to share data across the entire value chain in a transparent, frictionless, low-latency and fully governed way, including zero copy sharing between customers of the Snowflake Data Cloud. Among these practices are:
- Product traceability, which enables upstream and downstream components of a product to be captured for Scope 3. One example is battery traceability within the automotive sector.
- Data collection, data governance, data quality and mastering of Scope 3 carbon emissions data in the supply chain from an “environmental” perspective.
- Self-service capability built into a supplier portal to help manage supplier-related ESG data. This enables better visibility for supplier practices related to the United Nations (UN) 2030 Agenda for Sustainable Development. This can help organizations monitor supplier performance in forced or child labor following the UN Global Compact (UNGC).1
- Data collection, data governance, data quality and mastering of third-party data such as ESG rating agency data and publicly available datasets to augment data collected from corporations for better due-diligence decision-making.
- Data collection, data governance, data quality and data mastering of product lifecycle management data. This allows organizations to find opportunities to decarbonize supply chains in waste management and end-of-life treatment with circular economies across the “4Rs” of reduce, reuse, recycle and remove.
Snowflake helps organizations overcome challenges by enabling an enterprise-wide approach to ESG, allowing seamless ESG data access and integration into workflows. Users can access ESG data, run unstructured data processing on ESG reports, and integrate ESG workloads into workflow applications and tools. Organizations can accelerate data pipeline development by seamlessly accessing ESG data and other data sets via Snowflake Marketplace to power front-to-back-office workloads.
3. ESG Integration. IDMC for ESG Sustainability helps integrate clean, trusted, fit-for-use ESG data into decision-making processes to decarbonize the “target operating model” of the business and make data-driven decisions in mitigating climate-related risks. Examples are the “physical risk assessment” scenarios recommended by TCFD as well as the “regulatory climate stress testing” (“hot-house”) scenarios for the financial services sector.
4. ESG Impact Measurement. IDMC for ESG Sustainability helps companies link their activities and data to measure ESG performance and alignment with the 17 sustainable development goals (SDGs) established by the UN.2
5. Net-Zero Carbon Emissions. IDMC for ESG Sustainability helps companies that have established targets with the Science-Based Targets Initiative (SBTI) to measure progress against clean, trusted ESG data to achieve net zero carbon emissions.
Architecting Unified ESG Sustainability Master Data Governance on Snowflake
IDMC for ESG Sustainability helps chief financial and chief sustainability officers, chief data officers, chief procurement officers and chief risk officers embrace the power of cloud and AI to transform how they extract business value from ESG sustainability data. IDMC enables a clean, trusted ESG data hub such as Snowflake to meet compliance challenges while finding opportunities to innovate and modernize to stay competitive.
The Snowflake Data Cloud provides a robust data infrastructure for customers to build on their current ESG strategy. The ability for customers to integrate data from virtually all relevant sources using IDMC can enable a successful single view of all diverse datasets needed for ESG reporting.