Economist Impact, an arm of The Economist Group that works with organisations globally to further their missions, and Infosys a global leader in next-generation digital services, announced the launch of the Value Chain Navigator (VCN) to help businesses understand and address their scope 3 emissions.
Scope 3 includes all indirect emissions that occur in the upstream and downstream activities of an organisation’s value chain. These can include emissions from purchased goods and services, business travel, employee commuting, waste disposal, use of sold products, transportation, distribution, investments and leased assets and franchises. Up to 95% of a business’s carbon footprint consists of scope 3 emissions, but only a quarter of businesses account for them in their net zero plans.
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The VCN is an open digital platform that helps businesses understand the complex nature of their scope 3 emissions through interactive tracking, tools and tailored recommendations. It will be featured on The Sustainability Project, the award-winning content and community platform created by Economist Impact and built by their Digital Innovation Partner, Infosys, to advance sustainable solutions and drive world-changing impact through a new business-to-business model.
The Value Chain Navigator platform allows business leaders to:
- Explore scope 3 emissions data across seven different business activity levers as defined by the Science Based Targets Initiative (SBTi), including supplier engagement, product and service design and investment strategy
- Discover how companies worldwide are tackling scope 3 emissions through a global survey of 1,250 companies; results can be segmented by region, sector and business size
- Get personalised recommendations for reducing scope 3 emissions through a self-assessment tool that asks about business specific challenges and opportunities
- Track the latest trends through a tool that surfaces the latest media coverage of scope 3 innovation and regulation
- Understand the challenges and decisions of business leaders as they talk about their personal scope 3 journeys in the spotlight film series
According to the VCN survey, only 53% of companies are currently collecting and monitoring their scope 3 emissions data. Technological innovations can help businesses monitor, manage and reduce emissions in their upstream and downstream value chains. The research showed that companies are least likely to focus on engaging suppliers, but they are most likely to be engaging with customers to reduce their scope 3 emissions. A healthy 97% of companies across all sectors have undertaken at least one initiative to engage customers. Out of all possible initiatives companies could take, the research showed that business-model innovation is, on average, believed to be one of the most effective ways to reduce emissions in a relatively short period of time.
Claudia Malley, President of Economist Impact, says: “At Economist Impact we focus on addressing pressing issues and providing the necessary insights to advance sustainable solutions. Our work with Infosys to create The Sustainability Project and now, the Value Chain Navigator, exemplifies the impact we can make in the world.”
Ashiss Kumar Dash, EVP & Global Head – Services, Utilities, Resources and Energy, Infosys, says: “The Value Chain Navigator will be pivotal in driving collaborative action at scale to tackle scope 3 emissions, supporting businesses along their value chains to reduce their carbon footprint. With this solution, we further strengthen the tools delivered through The Sustainability Project to empower stakeholders to navigate a changing landscape through data and insights, and chart their course for a better future.”
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