New Value Chain Navigator Helps Firms Reduce Scope 3

Published on:
by KnowESG,

Infosys Ltd

KnowESG_New Value Chain Navigator Helps Firms Reduce Scope 3
Image courtesy of Freepik

Infosys, a global pioneer in cutting-edge digital services and consultancy, has joined forces with Economist Impact, a division of The Economist Group committed to aiding organisations in advancing their missions worldwide.

Together, they have unveiled the Value Chain Navigator (VCN), an innovative tool designed to assist businesses in comprehending and addressing their scope 3 emissions.

Scope 3 emissions encompass all the indirect emissions originating from both upstream and downstream activities within an organisation's value chain.

These emissions can arise from various sources, including purchased goods and services, business travel, employee commuting, waste management, product usage, transportation, distribution, investments, leased assets, and franchise operations.

Remarkably, as much as 95% of a company's carbon footprint is attributed to scope 3 emissions, yet only a quarter of businesses have incorporated them into their net-zero strategies.

The VCN is an open digital platform that provides businesses with a comprehensive understanding of their scope 3 emissions through interactive tracking, toolsets, and customised recommendations.

This platform is featured on The Sustainability Project, a distinguished content and community platform crafted by Economist Impact in partnership with Infosys as a digital innovation collaborator, aimed at promoting sustainable solutions and driving transformative change through a novel business-to-business approach.

The Value Chain Navigator platform empowers business leaders to:

  • Explore scope 3 emissions data across seven distinct business activity areas, as defined by the Science Based Targets Initiative (SBTi). This includes supplier engagement, product and service design, and investment strategies.

  • Discover how companies globally are addressing scope 3 emissions, based on insights from a global survey of 1,250 companies, with the ability to segment results by region, sector, and company size.

  • Obtain personalised recommendations for reducing scope 3 emissions through a self-assessment tool that delves into individual business-specific challenges and opportunities.

  • Stay updated on the latest trends through a tool that aggregates current media coverage on scope 3 innovation and regulations.

  • Gain valuable insights into the experiences and decisions of business leaders as they share their personal journeys in tackling scope 3 emissions through the spotlight film series.

According to the VCN survey, only 53% of companies are presently collecting and monitoring their scope 3 emissions data.

Technological advancements hold the potential to aid companies in the monitoring, management, and reduction of emissions within their value chains.

The research indicated that businesses are less inclined to engage with their suppliers, while they are more proactive in engaging customers to reduce their scope 3 emissions.

An impressive 97% of companies spanning various sectors have undertaken at least one initiative to engage with their customers. Notably, among all potential initiatives, business model innovation is widely perceived as one of the most effective means to swiftly reduce emissions.

Ashiss Kumar Dash, EVP & Global Head - Services, Utilities, Resources, and Energy at Infosys, remarked, “The Value Chain Navigator will play a pivotal role in fostering collaborative efforts on a grand scale to combat scope 3 emissions. It will support businesses throughout their value chains in mitigating their carbon footprint. With this solution, we further enhance the tools offered through The Sustainability Project, enabling stakeholders to navigate a shifting landscape through data and insights and chart a course toward a brighter future.”

Claudia Malley, President of Economist Impact, stated, “At Economist Impact, we are dedicated to addressing critical issues and delivering essential insights to advance sustainable solutions. Our collaboration with Infosys in creating The Sustainability Project and now, the Value Chain Navigator exemplifies the impact we can have on the world.”

To access the VCN and the associated report, please visit https://impact.economist.com/value-chain-navigator.

For more environmental news

To view and compare company ESG Ratings and Sustainability Reports, visit our Company ESG Profiles page.

Source: Infosys

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