Businesses can accelerate their net zero journeys by implementing efficiency and carbon reduction strategies discovered through energy data analysis. The challenge for many businesses, however, is retrieving this data. Data and energy and carbon management technologies can provide businesses this data.
The Bank of England recently analysed the financial implications of different climate scenarios and measured the impact on banks and insurers. The analysis warns of a great loss of capital as investments fail to materialise, loans increase and climate-based legal action becomes more commonplace.
The underlying issue creating losses of capital is attributed to one recurrent theme found in the analysis: a lack of data on key factors that entities need to understand and manage climate risks. Without carbon emissions and energy consumption data, businesses cannot effectively create action plans to reduce their emissions and energy waste. Brendan Garvey, Chief Commercial Officer of ClearVUE.Business, engages with numerous business leaders who are passionate about net zero, but they face uncertainty on how to achieve it because carbon and energy data is insufficient or completely absent from their purview.
“When I get the chance to talk to customers, the first thing I am asking is about their business and what they’re trying to do to reduce their climate impact. Every time I get into that conversation, customers are very passionate about it. But the one thing that stands out, is that the majority of organisations do not know where to start. They are really struggling to understand how to get from where they are currently to where they need to get to.”
The Bank of England’s survey confirms this issue. The surveyed financial institutions in the report collectively expressed that incomplete data is a disruptive force in many business’ pursuit of a decarbonised and more sustainable business. The report states:
“The inability to capture appropriate and robust data in certain areas is a common limitation, which means many climate risks are only being partially measuredÂ… Examples of gaps include information about the location of corporate assets to permit physical risk assessment, and a lack of standardised information about value chain emissions relating to corporate counterparties.” Producing data-driven sustainability and climate action reports is no easy task, admittedly, but the presence of such a report serves as an invaluable, transparent reference point for stakeholders. It enhances consumer and investor buy-in. “Businesses are becoming increasingly aware that net zero and sustainability are only going to become more important in ensuring the longevity of their business model,” said Brendan Garvey. “What businesses need help with is understanding that having a focus around their Environmental, Social, and Governance (ESG) strategies can really help as they develop their net zero plans and begin their net zero journey.”
Digital and data technology play a significant role in facilitating net zero strategies. Next-generation smart meters are powered by cutting-edge and scalable computing technologies that enable advanced data streaming. Systems utilising this tech can deliver a business’ energy and carbon consumption in real time. “As we explain to customers, the first step starts with knowing their baseline emissions, and using the data from their business to help them design a plan to achieve net zero.”
Brendan Garvey says. Real-time data equips businesses to make proactive decisions. Loganathan Bose, the Head of Products at ClearVUE.Business who develops the hardware of the ClearVUE.Zero system, says that energy and carbon data give “businesses a head start with accurate readings of where they are now. Businesses can measure real progress, project future targets and course correct with constant, consistent, reliable and readable data. In a climate of changing regulations, businesses can not only seamlessly adapt and comply, but also exceed targets.”
Dan Smith, Director of Energy Services at ClearVUE.Business, adds: “By implementing a high-quality energy management and carbon accounting system, businesses will be able to identify and reduce their energy consumption, and give them an advantage in terms of cost and carbon reduction at the same time. This really does provide a win-win scenario for both businesses and the world we live in – ensuring businesses have the means to create a lasting planet for future generations.
