Over recent months, people around the world have been experiencing the impact of climate change first-hand. It’s no surprise that we’ve seen an increased drive for businesses to meet growing expectations for environmental accountability.More and more, investors, customers, employees, and partners want to know that corporations are living up to their environmental, social and governance commitments.
The world has shifted from voluntary to mandatory ESG disclosures, and while this is still daunting for most businesses, generative AI will become a key partner in meeting these challenges. In a 2022 EY survey, 60% of respondents indicated that their ESG information is found across a patchwork of software applications, while 55% of respondents are housing their ESG data in spreadsheets. 51% percent also reported that within the past 12 months they had spent “substantial time and effort” addressing ESG data collection, aggregation, and disclosure.
They can, for instance, manage their data in real time and easily generate framework-specific reports. Delivering actionable reports, forecasting, and visual dashboards to easily identify areas of inefficiencies and high emissions can create tangible plans to become more sustainable and adapt and prepare for evolving regulatory standards.
While technologists want to act, however, they report little knowledge or training around sustainable development at their job. Nearly half surveyed confess they don’t know how to develop software applications that do less harm to the environment.