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illuminem summarizes for you the essential news of the day. Read the full piece on iAfrica or enjoy below
🗞️ Driving the news: By leveraging AI, businesses can efficiently track their carbon footprint, offering real-time data management and framework-specific reporting to shape their ESG strategies
• This technology not only highlights inefficiencies and emission hotspots for actionable sustainability plans but also streamlines the ESG report creation with prompts tailored to specific framework criteria
🔭 The context: At COP28, world leaders are convening to discuss environmental issues, yet the responsibility to address climate change extends from governments to individuals, as underscored by Salesforce research which indicates that 78% of consumers consider a company's environmental practices when making buying decisions
🌍 Why it matters for the planet: Transitioning from voluntary to mandatory ESG disclosures means businesses have to tackle new complexities
• Generative AI can help streamline ESG reporting and offer organizations ways to reduce costs, simplify operations, and achieve better outcomes for the environment
⏭️ What's next: Companies can utilize AI to manage their ESG data more effectively, ensuring real-time data management and producing actionable reports
• This will assist them in meeting evolving regulatory standards and advancing their sustainability initiatives
💬 One quote: “Harnessing the power of AI, companies can better track their carbon footprint and help ESG managers shape their company’s ESG program and reporting strategy more effectively” (Zuko Mdwaba, Salesforce Area VP)
📈 One stat: A 2022 EY survey highlighted the challenges companies face in ESG reporting: 60% reported their ESG info was scattered across multiple software applications, 55% stored ESG data in spreadsheets, and 51% said they had invested substantial effort in ESG data handling in the last year
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