Infosys, Economist Impact launch value chain navigator to address Scope 3 emissions
Infosys, a global leader in next-generation digital services and consulting, in collaboration with Economist Impact, an arm of The Economist Group, has unveiled the Value Chain Navigator (VCN). This groundbreaking platform is designed to assist businesses in comprehending and tackling their scope 3 emissions, a critical aspect of their environmental impact.
Scope 3 emissions encompass all indirect emissions occurring in an organization’s value chain’s upstream and downstream activities. These emissions can originate from various sources, such as purchased goods and services, employee travel, waste disposal, product usage, transportation, investments, leased assets, and franchises. Surprisingly, up to 95% of a company’s carbon footprint can be attributed to scope 3 emissions, yet only a quarter of businesses currently incorporate them into their net-zero plans.
The VCN offers an open digital platform featuring interactive tracking, tools, and tailored recommendations to help businesses navigate the intricate landscape of their scope 3 emissions. This platform is prominently featured on The Sustainability Project, an award-winning content and community platform developed by Infosys as the digital innovation partner in collaboration with Economist Impact. The project aims to promote sustainable solutions and drive transformative impact through a novel business-to-business model.
Infosys, Economist Impact launch value chain navigator to address Scope 3 emissions. Photo courtesy of Infosys Limited.
With the Value Chain Navigator platform, business leaders can:
1. Explore Comprehensive Scope 3 Emissions Data: Access data related to scope 3 emissions across seven distinct business activity levers, as defined by the Science Based Targets Initiative (SBTi). These levers encompass supplier engagement, product and service design, and investment strategy, among others.
2. Learn from Global Insights: Gain insights into how companies worldwide are addressing scope 3 emissions through a global survey encompassing 1,250 companies. Results can be segmented by region, sector, and business size.
3. Receive Personalized Recommendations: Obtain personalized recommendations for reducing scope 3 emissions via a self-assessment tool that delves into specific business challenges and opportunities.
4. Stay Informed with the Latest Trends: Stay abreast of the latest developments in scope 3 innovation and regulation through a dedicated tool that highlights recent media coverage.
5. Hear from Business Leaders: Gain a deeper understanding of the experiences, challenges, and decisions of business leaders as they share their personal scope 3 journeys in a spotlight film series.
The VCN survey reveals that only 53% of companies are presently collecting and monitoring their scope 3 emissions data. Technological advancements offer viable solutions for businesses to monitor, manage, and reduce emissions within their value chains. While supplier engagement remains a relatively untapped area, companies are increasingly focused on engaging customers to address their scope 3 emissions. Business-model innovation is also identified as one of the most effective means of reducing emissions in a relatively short time frame.
Ashiss Kumar Dash, EVP & Global Head – Services, Utilities, Resources, and Energy at Infosys, emphasized the significance of the Value Chain Navigator, stating, “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.”
Claudia Malley, President of Economist Impact, highlighted their mission, stating, “Our work with Infosys to create The Sustainability Project and now, the Value Chain Navigator, exemplifies the impact we can make in the world.” This initiative underscores their shared commitment to addressing pressing environmental challenges and advancing sustainable solutions.