BIS and central banks develop AI tool to mine climate data
Hallucinations “do not seem” to impact results of initiative with Bank of Spain, ECB and Bundesbank
The Bank for International Settlements (BIS) and three central banks have developed a generative artificial intelligence (AI) tool to help measure climate risks in the financial system.
The Bank of Spain, European Central Bank (ECB) and Deutsche Bundesbank worked with the BIS Innovation Hub Eurosystem Centre to develop the application, which extracts unstructured climate-related data from PDFs. It builds on previous work by researchers at the Bank of Spain.
The BIS published the results of phase
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