Against the backdrop of the 2022 United Nations Climate Change Conference (more commonly known as the Conference of the Parties of the UNFCCC, or ‘COP27’) having concluded in Egypt recently, COP27 technology partner IBM has expressed its continued commitment to sustainability and the need to create better pathways to conserve natural resources, reduce pollution, and minimise climate-related risks.
According to an Institute for Business Value (IBV) study which surveyed more than 3,000 CEOs worldwide, sustainability is rising higher on corporate agendas, and CEOs recognise sustainability as a business imperative and growth driver. Yet as CEOs face growing pressures from boards and investors, more reliable data insights are needed to ensure their ability to take action, added the report.
The study also found that nearly half of respondents rank sustainability as a top priority for their organisations — an increase of 37% from 2021. However, more than half (51%) also cite sustainability as among their most significant challenges in the next two to three years, with a lack of data insights, unclear ROI, and technology barriers, as hurdles.
IBM Malaysia managing director and technology leader Catherine Lian said that the company is aiming for environmental leadership in all of its business activities, from its operations to the design of its products and use of its technology.
“IBM’s corporate policy on environmental affairs is supported by our global environmental management system to achieve results consistent with environmental leadership,” said Catherine.
“Technology is key to the implementation era of decarbonisation, being a fundamental driver, playing a crucial role in mapping out commitment progress and driving decarbonisation across critical industries to protect our planet,” she added.
At its end, IBM is also helping its customers turn sustainability ambition into action through data-driven innovation with industry-leading consulting and technology capabilities.
“Data is vital to climate risk assessments. Only when armed with the right data can organisations create realistic plans giving rise to the need for the right tools and technologies to unlock data and discover actionable insights in real-time,” said Catherine.
She explained that assessing climate risk demands a dynamic process of continual data capture and analysis, using intelligent data architecture and technology such as automation and artificial intelligence (AI), to ensure the most relevant and valuable insights are revealed – and that the right action is taken as soon as possible.
IBM’s various technology solutions can interpret data and determine action quickly and efficiently.
Earlier this year, IBM acquired Envizi, a leading data and analytics software provider for environmental performance management.
This acquisition builds on IBM’s growing investments in AI-powered software, including IBM Maximo asset management solutions, and IBM Environmental Intelligence Suite, to help organisations create more resilient and sustainable operations and supply chains.
Envizi’s software automates the collection and consolidation of more than 500 data types and supports major sustainability reporting frameworks. Its user-friendly and easily customised dashboards enable companies to analyse, manage and report on environmental goals, identify efficiency opportunities and assess sustainability risks.
“Envizi’s solutions help streamline the management of these tasks as part of broader Environmental, Social and Governance (ESG) reporting initiatives while also providing users with valuable sustainability insights to inform business strategy,” said Catherine.
“By using Envizi with IBM’s broader AI-powered software, organisations will now be able to automate the feedback generated between their corporate environmental initiatives and the operational endpoints being used in daily business operations – a crucial step in making sustainability efforts more scalable.”
IBM Malaysia is also sharing sustainability expertise and technologies with local companies, such as Numa Solution Sdn Bhd (Numa), a member of the BAC Group involved in the renewable energy industry sector. Numa also owns world’s first integrated palm waste management facility in Perak, producing solid biomass fuel and generating green electricity through the harnessing of bio-methane from palm oil waste.
Now with IBM’s latest technologies, Numa is set to take its value proposition to the next level, in particular through providing ‘end-to-end’ ESG solutions dor local businesses, whilst helping them meet their de-carbonisation and green agenda targets.
Catherine concluded that climate change, dwindling natural resources, and ever-increasing demands on our energy and food supply are disrupting business operations and supply chains in unexpected ways.
“It is more important than ever for private and public organisations to rethink how they function fundamentally,” she said.
“Transforming into a successful sustainable business requires new levels of resilience and agility, rooted in responsible practices that preserve our planet – and IBM is fully committed to helping and empowering our customers on their sustainable journeys ahead.”
