Tackling the Hidden Carbon emissions using Infosys & Economist Impact’s new tool
Infosys (NSE:INFY) is a global leader in digital services, and Economist Impact is a part of The Economist Group, known for working with organizations to advance their missions. Together, they have launched the Value Chain Navigator (VCN), a platform aimed at helping businesses tackle a critical environmental issue – scope 3 emissions.
What Are Scope 3 Emissions or Hidden Carbon Emissions?
Scope 3 emissions are indirect emissions or hidden Carbon Emissions that occur in the activities connected to a company’s value chain. These emissions can come from various sources-
- including the goods and services a company buys
- business travel
- employee commuting
- waste disposal
- product usage
Surprisingly, up to 95% of a company’s carbon footprint is made up of scope 3 emissions. However, only a quarter of businesses currently consider them when planning for a net-zero future.
Value Chain Navigator (VCN): A Solution for Businesses
The VCN represents an open digital platform designed to help businesses navigate the intricate nature of their scope 3 emissions through interactive tracking, tools, and tailored recommendations. The goal is to promote sustainable solutions and drive impactful change through a new business-to-business model.
Key Features of the Value Chain Navigator
The VCN platform provides business leaders with several valuable features-
- The platform allows the user to explore scope 3 emissions data using seven different business activity categories defined by the Science-Based Targets Initiative (SBTi). These categories include supplier engagement, product and service design, and investment strategy.
- Discovering how companies worldwide are addressing scope 3 emissions through a survey of 1,250 companies. One can filter the results by region, sector, and business size.
- Getting tailored suggestions for reducing the company’s scope 3 emissions by using a self-assessment tool. This tool takes into account the company’s specific business challenges and opportunities.
- Keeping up with the latest trends related to scope 3 emissions by using a tool that aggregates recent media coverage. This helps the firm to stay updated on innovations and regulations.
- Gaining insights into the experiences of other business leaders as they share their personal journeys in reducing scope 3 emissions through a spotlight film series.
Scope 3 Emissions Survey Findings
The VCN survey reveals some interesting findings:
- Only 53% of companies are currently collecting and monitoring their scope 3 emissions data.
- Companies are less likely to focus on engaging suppliers but are more likely to engage with customers to reduce scope 3 emissions.
- An impressive 97% of companies across all sectors have taken at least one initiative to engage with customers.
- The research suggests that, on average, business-model innovation is seen as one of the most effective ways to reduce emissions in a relatively short period of time.
Infosys & Economist Impact’s New Tool, The Value Chain Navigator is a valuable tool for businesses looking to understand and reduce their scope 3 emissions. These emissions, often overlooked, play a significant role in a company’s environmental impact. So, addressing them is crucial for achieving sustainability goals. The platform offers a user-friendly way for companies to take action and contribute to a greener future.