What’s Next for Sustainability in 2023? Top Green Trends

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Sustainability and ESG (environmental, social, and governance) goals are top of mind for companies this year. With sustainability-focused legislation like the US’s Inflation Reduction Act provisions for a clean energy economy, the UK’s Environment Act 2021, and the EU’s “Fit for 55” plan, governments are taking clear steps forward to a green future. Along with legislation, new frameworks (like GRI standards and CDP Guidance) and technologies (like smart meters and recycled plastic roads) are emerging to meet growing sustainability concerns and carbon-zero goals. 

It’s not just about building a better future for our societies. Enterprises that lead on ESG can see benefits like cost reduction, energy savings, increased consumer confidence, and asset optimization. Keep reading to learn more the ways sustainability can improve not just your company’s carbon footprint but your business outcomes.

Prepare for the Data Capture and Reporting Needed

With a greater focus on net zero emissions and carbon reduction, companies will not only need to track their carbon consumption to manage this change—they’ll need to track that of their suppliers. Scope 3, indirect emissions by suppliers or consumers, accounts for a large majority of emissions, so this reduction is critical for overall net zero goals. 

For companies to track their supplier’s carbon emissions, they will need access to third-party and partner data—and a secure way to transfer this information. And they will need to collect their own data through IoT devices and sensors. This data needs to be high quality and reliable so companies can make informed, real-time decisions. An enterprise-scale integration platform will help your organization access the data it needs, wherever it resides.

According to IDC, “By 2024, 80 percent of G2000 companies will capture their carbon data and report their enterprise-wide carbon footprint using quantifiable metrics compared with 50 percent today.” 

Companies are already starting to report this data, and legislation is beginning to enforce it. The CSRD requires companies operating in the EU to publicly disclose ESG reporting. To understand and present this data, companies will need advanced analytics solutions that seamlessly connect to their data sources. ESG reporting software is critical to accurately report metrics across environmental, social, and governance concerns—like carbon reduction over time, energy usage, and equipment efficiency.

More Business Value

Investors are looking for companies with a long-term vision focused on positive ESG outcomes. A PWC survey notes that, “investors say it’s important for companies to report the relevance of sustainability to the company’s business model (69%) and the costs of meeting sustainability commitments (73%).” Investors are interested in climate technology and the impact it can have on businesses—investments in this area have grown 52 percent.

In addition to interest for investors, sustainable choices can have immediate business value for enterprises. Smart planning for cloud use can bring companies major energy savings close to 80 percent, according to a leader at Deloitte. And advanced analytics can help your company decide where to cut costs effectively for greater energy savings, too.

“We found TIBCO’s Spotfire software to be one of the most powerful tools for our program to increase energy efficiency. We’re impressed with the results and the use of data science that helped us get there,” said Keith Carey, CIO at Hemlock Semiconductor.

Market Leaders Think Green with TIBCO

In every industry, market leaders are planning how they can reach ESG goals while reducing costs and optimizing operations. It’s more than just reducing emissions and waste for the greater good—companies can streamline their costs and provide better service while implementing sustainable initiatives.  

Waste Management built ENSPIRE, a cloud-based data analytics platform, with TIBCO solutions. ENSPIRE tracks environmental sustainability metrics by aggregating and repackaging raw data into a useful, interactive dashboard so customers can make better, smarter environmental and business decisions.

Hemlock Semiconductor used TIBCO visual analytics to manage its energy usage data. With this information and a goal to reduce energy consumption, Hemlock reduced energy costs by over $300,000 per month and reduced emissions by ten percent. 

The Scottish Environmental Protection Agency (SEPA) revolutionized the way it collects, analyzes, and reports data. With TIBCO, SEPA built and rapidly deployed a range of new, customizable solutions for visualizing climate trends, ecosystem health indicators, and air quality. Its now equipped with a powerful, mobile-friendly analytics platform supplemented by data science and visualization.

Learn more about how leading companies are going green with TIBCO solutions and three ways you can make long-lasting change.