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Houston, we have a problem: Can satellite information bridge the climate-related data gap?
Central banks and international supervisors have identified the difficulty of obtaining climate information as one of the key obstacles impeding the development of green financial products and markets. To bridge this data gap, the utilization of satellite information from Earth Observation(EO) systems may be necessary. To better understand this process, we analyze the potential of applying satellite data to green finance. First, we summarize the policy debate from a central banking perspective. We then briefly describe the main challenges for economists in dealing with the EO data format and quantitative methodologies for measuring its economic materiality. Finally, using topic modeling, we perform a systematic literature review of recent academic studies to uncover in which research areas satellite data is currently being used in green finance. We find the following topics: physical risk materialization (including both acute and chronic risk), deforestation, energy and emissions, agricultural risk and land use and land cover. We conclude providing a comprehensive analysis on the financial materiality of this alternative source of data, mapping these application domains with new green financial instruments and markets under development, such as thematic bonds or carbon credits, as well as some key considerations for policy discussion.
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