Technology: An Enabler Of A Sustainable Future
Technology plays a crucial role in driving sustainability and has become indispensable to the business strategies of tackling Environmental, Social, and Governance (ESG) challenges.
Despite the increasing awareness, many organisations are yet to fully transition to energy-efficient and environment-friendly practices. This necessitates the creation of a new framework enhancing the energy and material efficiency of the technologies in use while enabling sustainability through traceability, analytics, renewable energy, and artificial intelligence (AI). The framework can also empower organisations to deploy IT solutions that assist customers in achieving their sustainability objectives. With the new framework in place, organizations can leverage technology in different ways to meet their sustainability targets and enable a greener future.
Leverage Emission-measurement Tools
Accelerating the transition to net-zero goal, companies must measure and decrease their greenhouse gas emissions (GHGs) that would propel them toward a low-carbon future. This is where innovation becomes paramount, shaping not only the present but also the future. Companies are now using tools that provide transparent insights into the carbon impact of projects. These tools assess a project's potential for reducing emissions, considering factors such as business travel, remote work, commuting, office energy consumption, and the digital or data centre footprint. They also examine the carbon impact associated with project delivery. This allows companies to gain a deeper understanding of the environmental effects of their operations and projects, which drives them to make informed decisions and prioritise sustainable practices.
Blockchain-enabling Sustainable Technology
Blockchain technology can unlock new financing sources and create reliable supply chains. Blockchain aims to lower infrastructure project costs, improve liquidity, transparency, and expand access to finance. Additionally, blockchain brings visibility to sustainability goals by standardising data, assessing asset performance, and enhancing compliance with ESG standards. Furthermore, the technology acts as a transaction-enabling infrastructure for new market models, incentivizing institutions and consumers to contribute to long-term sustainability. It drives changes within industries, ensuring they adapt to the evolving demands of consumers.
The Role Of Green Hydrogen
Though the benefits of green hydrogen as an alternative and low-carbon fuel are well known, its widespread adoption and optimization needs the integration of technologies such as AI, machine learning (ML), the Internet of Things (IoT) and digital twins. Technology companies play a crucial role by providing the expertise and resources to develop innovative solutions, collaborate with industry partners, and advocate for policy support. Therefore, the need to invest in research and development to enhance the efficiency and scalability of green hydrogen technologies is key. By leveraging digital technologies, the deployment and optimisation of low-carbon hydrogen projects can be accelerated, paving the way for a greener and more sustainable future.
Sustainable IT infrastructure
As environmental regulations tighten and the demand for sustainable buildings, infrastructure, products, and services increases, organisations find themselves at a crossroads. They must rethink their operations to meet these expectations. However, sustainable IT acts as a panacea and brings several important business benefits. Today, consumers expect companies to align their business goals with ESG concerns – this is where sustainable IT can act as a tool to enhance a company’s brand image and be a catalyst to gain employee loyalty. Sustainable IT also reaps financial advantages. By embracing eco-designed products, implementing low energy-intensive services, and adopting a responsible IT policy, organisations can significantly reduce their energy bills.
Need Of The Hour – Aligning ESG Objectives With Business Goals
Today, companies have a remarkable opportunity to harness the power of technology and address ESG challenges head-on. By utilising deep-data analytics, designing sustainable IT architectures, and implementing eco-friendly strategies, businesses can meet the demands of clients, investors, and regulators while making a positive impact. IT assumes a critical role in delivering the eco-credentials that stakeholders expect. It is crucial for organisations to carefully consider how these technological advancements align with their broader sustainability and business goals. Consequently, tech leaders and companies have a responsibility to educate and empower their employees and communities, fostering a culture where individual sustainable actions become the norm. Recognising that sustainability is a challenge that transcends any one organization, collaboration among tech companies, clients, and sectors is essential to collectively build a sustainable future.
