Industrial Sectors Embrace ESG Initiatives
Today is Earth Day in the US, a day set aside since 1970 to show our support for environmental protection. Companies in energy and manufacturing are answering the call to be more sustainable and embracing environmental, social, and corporate governance (ESG).
Wind energy just surpassed coal and nuclear power in energy output. Big energy companies are pursuing lower-carbon energy sources. By 2024, 70% of manufacturers will invest in software tools that support sustainability.
While publicly-traded industrial companies are transforming their organizations to be stewards of the environment and transparent in their operations, it’s a steeper challenge for the market majority and laggards to change and meet ESG reporting requirements. In fact, in one global study, nearly half of 1,000 institutional and whole investors surveyed said a lack of robust data is holding back their organization’s further adoption of ESG goals like net-zero and lower carbon. The Securities and Exchange Commission (SEC) is also proposing a sustainability disclosure.
Fortunately, as this video shows, industrial companies in energy and manufacturing can combine solutions from Uptake and Microsoft to be in a better position for ESG reporting requirements. What better day to highlight it than Earth Day?
ESG Checklist
Put industrial asset data in the cloud
For a consistent system of record, your asset data must transfer from source systems to a cloud environment that is ideal for advanced analytics.
Keep data confidential
There is a cyber security risk with data. Look for technology that can protect your data on its journey to the cloud and can leverage the privacy of your own cloud environment.
Deliver on providing an audit trail
With data from sensors to the boardroom verifiable, it’s much easier to attest to the accuracy of the numbers cited in ESG reports. Don’t be accused of greenwashing.
Organize data for specific ESG requirements
ESG requirements vary from industry to industry. Depending on your company’s situation, you need data organized to your specific ESG requirements.
Achieve data granularity for smarter decision making
Data granularity refers to the detail in data structuring like time intervals in time-series data. Granularity is critical to the deeper understanding required for decision making.
Bring accountability to sustainability without giving up profitability
On this Earth Day, we celebrate business efforts to be more sustainable. Energy and manufacturing are just two industries undergoing dramatic changes to operate cleaner and greener. The way forward is to bring accountability to sustainability, so your company can advance sustainability initiatives and meet ESG requirements, while also pursuing profitability goals.