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Sustainability professionals turning to AI for help with materiality assessments, Reuters Events survey shows

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters Events or enjoy below:

🗞️ Driving the news: Reuters Events' latest survey highlights an increasing trend among sustainability professionals towards using advanced technologies like AI, ML, and Blockchain for sustainability reporting and data management
• This shift is driven by the need for more accurate and compliant sustainability reporting, especially given new regulatory requirements

🔭 The context: The survey collected insights from over 3,000 senior sustainability professionals, revealing a significant investment in internal data analysis and emissions-accounting solutions
• However, technologies like supplier surveys and audits, essential for Scope 3 emissions reporting, are less effective and harder to implement

🌍 Why it matters for the planet: Enhanced AI and blockchain applications in sustainability practices can lead to more precise environmental impact assessments and improved compliance with environmental standards
• These technologies facilitate better data management and analysis, crucial for reducing organizations' carbon footprints and improving overall environmental sustainability

⏭️ What's next: The focus on sophisticated tools is expected to continue growing, with AI for materiality assessments and Blockchain for logistics seeing increased future investment
• These advancements may revolutionize how companies manage and report sustainability, potentially setting new industry standards

💬 One quote: “Demonstrating a clear ROI on sustainability investments can be challenging, especially in the short term,” noted one survey respondent, highlighting the complexities of financial justification in sustainability efforts

📈 One stat: 56% of survey respondents indicated that internal factors, primarily budget constraints, are the major barriers to further investment in sustainability technologies

Click for more news covering the latest on ESG

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