Implementing a sustainable vision necessitates a collaborative, integrated approach across various organisational functions, including aligning financial and sustainability information and budgeting for decarbonisation and climate change mitigation efforts
The Net Zero revolution, which aims to cut emissions from grassroots levels to reduce the impacts of global warming, is picking up pace across the globe. India has set an ambitious goal of achieving global Net Zero by 2070, which demonstrates the country's commitment to reducing carbon emissions and contributing to a sustainable future.
Given that global economies are expanding rapidly and require vast quantities of energy consumption to sustain their growth rate, it is up to us, the pioneers of technology, to step in and bridge the gap through innovative tech-based solutions. In this evolving yet critical scenario, applying digital technology to realise our Net Zero ambition becomes one of our most robust and scalable options.
Equally positive is that the fast-developing tech industry has a bevy of tools that can be applied to redouble the progress towards this ambitious yet necessary goal.
Emerging Tech at Play
Global businesses consistently strive to reinvent their processes to mitigate their carbon footprints, and innovative technology is the right solution to mitigating the manifold challenges.
Emerging technologies, such as Artificial Intelligence and blockchain, have the power to optimise energy networks with innovations like integrated storage, distributed grids, and energy-efficient models for autonomous electric vehicles while also driving the discovery of new materials and ways of doing things.
These innovative solutions are poised to enable the entire Net Zero value chain, starting with the imperative transition from non-renewable fossil fuels towards more sustainable renewable resources and progressing into optimising resources and creating smart grids, aiming for holistic global deployment.
Embedding Net-Zero Goals
Even as technology is leading in enabling Net Zero targets, sustainability must fundamentally begin with the business strategy, with organisations envisioning a sustainable future and then methodically working backwards to make it a reality.
This approach highlights the need for a systematic transformation to achieve a lasting competitive advantage. Implementing a sustainable vision necessitates a collaborative, integrated approach across various organisational functions, including aligning financial and sustainability information and budgeting for decarbonisation and climate change mitigation efforts.
To effectively embed this transformation, it is essential to integrate the sustainability matrix throughout the organisation and monitor progress with coordinated oversight, ensuring accountability and collective responsibility across all business lines and C-suite stakeholders.
AI at the Forefront
Exploring the synergy between net zero goals and AI reveals how intelligent solutions can innovate and optimise resource utilisation for a carbon-neutral future. AI enhances energy efficiency by analysing data, enabling real-time energy optimisation.
As per a report, it is estimated that using AI for environmental applications could contribute up to USD 5.2 trillion to the global economy in 2030, and the application of AI levers could reduce worldwide greenhouse gas (GHG) emissions by 4 percent in 2030, an amount equivalent to 2.4 Gt CO2e.
AI plays a crucial role in renewable energy integration, using advanced algorithms to manage generation, storage, and distribution while predicting energy output based on weather patterns.
AI is also pivotal in innovative grid management, balancing supply and demand, and integrating decentralised renewable sources. AI-driven precision farming optimises resource use, minimises waste, and contributes to sustainable food systems. Additionally, AI aids in climate modelling and predictive analytics, simulating complex climate systems, providing insights for risk assessment and disaster management, and supporting informed decision-making in climate change mitigation efforts.
Organisations must take the Lead to make Sustainable Ambitions a Reality
Business process management and intelligence are vital in mapping and adapting business processes to support sustainability goals. This includes ensuring supply chain transparency for intelligent planning and emissions tracking, managing energy operations for optimised power generation, and implementing sustainable product lifecycle practices.
These efforts necessitate a digital transformation, with sustainability considerations woven into the fabric of business processes. For instance, a sustainability-driven approach to procurement should involve engaging suppliers to innovate and improve sustainable products and services. Essentially, business enterprises must undergo a comprehensive operating model redesign to become sustainable.
This consists of integrating sustainability value streams into all digital transformation initiatives and ensuring that sustainability data and insights are an intrinsic part of business processes to achieve short- and long-term sustainability objectives.
As the world strides towards fostering a more sustainable ecosystem, the optimal coalition of technology and organisational mettle will make our Net Zero ambitions a reality. We can create a cleaner and healthier planet for future generations by using the latest innovations and implementing effective policies and practices. By balancing our carbon emissions with the removal of excessive greenhouse gases, we can work towards a future where the environment is sustainable and thriving.
(Sandeep Chandna is Chief Sustainability Officer, Tech Mahindra.)