Sustainable Development Goal 7
Ensure access to affordable, reliable, sustainable and modern energy for all
2017 October 16, 2017
XBRL-CET advocacy for open standards to enable data interoperability aligns with the United Nations 2030 Agenda for Sustainable Development, particularly Sustainable Development Goal 7: Ensure access to affordable, reliable, sustainable and modern energy for all
Many people seek to contribute towards a successful global approach to sustainability, and to contribute to solutions that have a significant impact, the challenge for many is not a lack of interest, it is too many interests competing for attention, and there are too many commercial interests selling a solution.
Finding a single solution for individuals, companies and trade associations along with regulatory and public agencies that are fragmented and with separate needs is a daunting challenge, but there are ways to meet the challenge.
The XBRL-CET group of industry leaders volunteer their time and expertise towards promoting data interoperability based on open machine readable international data standards, like XBRL and FIBO, enabling secure stakeholder to stakeholder communication and reliable data exchange regardless of what system is used, or platform, or even what country.
The XBRL-CET working group has been engaged with the US Department of Energy Orange Button initiative for expanding the XBRL taxonomy to include a wide range of data elements that support the construction and operations of solar facilities.
Where XBRL was originally established for public companies to report to the US Treasury Securities and Exchange Commission, it can now be used for data exchange for reporting how construction is progressing and how solar systems are performing.
A public resource without license restrictions or similar constraints, with consistent data definitions and structure that is internationally recognized and available worldwide will not only enable efficient communication, it will promote innovation as entrepreneurs new and old leverage the ability for data analytics, along with predictive analytics, to improve administration, reduce costs and better manage risk.
Reducing both the cost and risk for construction of infrastructure will have the greatest impact on attracting competitive financing, which in turn will accelerate the construction of clean reliable energy by the private sector, and streamline public policies.
The DOE Orange Button has blended the XBRL international financial reporting standard with the The International Electrotechnical Commission(IEC) IECRE OD-407 data standard for energy systems, freeing communications from geographical constraints and demonstrating how data standards can be synergized across industry segments to promote efficiency and remove barriers.
Banks, insurance companies, contractors and manufacturers are beginning to utilize this new functionality to not only make clean energy more bankable, but how it applies to construction of any kind, in any place.
Standardized data can be used for more accurate reporting across industry segments, and nations. Enabling data monitoring, accountability and transparency that aligns with the 2030 Agenda for Sustainable Development, UN Fundamental Principles of Official Statistics, UN Global Sustainability Index Institute, and the Task Force on Climate-related Financial Disclosures (TCFD)
Goal 7: Ensure access to affordable, reliable, sustainable and modern energy for all