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WEF | 3 ways CEOs can take sustainability programmes to the next level

3 ways CEOs can take sustainability programmes to the next level

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  • The link between digital transformation and sustainability is often overlooked.

  • Digitalization can accelerate the path to a greener economy and society.

  • CEOs can make sustainability programmes even more effective.

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We are entering a post-greenwashing era with the necessary shift from talking and measuring to acting for serious impact. In response, many firms have established sustainability programmes and partnerships to address social and environmental issues.

At the same time, digital technology has matured to the point where it can serve as a force multiplier for social impact. Yet the opportunity to make corporate sustainability initiatives even more effective through the use of technology is too often overlooked.

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Many executives still view sustainability and technology as separate priorities and even opposing goals. The opposite is true, as the interplay between digitalization and sustainability opens up brilliant opportunities to create a greener economy and society.

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In fact, sustainability transformation could even become the biggest use case for digitalization and at the same time, digital transformation will radically alter all dimensions of global societies and economies and will therefore change the interpretation of the sustainability paradigm itself.

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Digital technologies can help deliver the Sustainable Development Goals

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  • Smart data for accurate sustainability progress: By acquiring data from diverse and disparate sources, transforming them towards consistent data taxonomies, and using advanced analytics capabilities, digital helps to set clear standards and measure sustainability progress. Marubeni, a diversified Japanese trading company, established in its IT and logistics division an overarching data acquisition, cleansing, and harmonization process, and gained a single source of truth for its complete environmental footprint in the form of a proof of concept. This included Scope 1 and 2 emissions, energy, water, waste, hazardous materials, etc. across 12 industries with 310 subsidiaries in 66 countries.

  • Blockchain enabled circularity: Turning the circular economy promise into reality requires closing and improving the loop and capturing value from the loop for all stakeholders. On a digital level, this requires sharing and tracking product information across distributed systems and ledgers with dispersed stakeholders. Indian aluminum producer Novelis recycles production scrap and materials returned by consumers, significantly reducing raw material consumption and carbon emissions. Smart contracts enable transactions along the supply chain between all actors,e.g. on CO2/t, without sharing sensitive and proprietary information on material composition. This strengthens customer confidence in the origin and authenticity of products and ensures compliance with regulations.

  • Digital twin for supply chain modelling: To achieve transparency and traceability of resources and products along the supply chain, digital twins – digital equivalents of the physical end-to-end value chain network – play a central role. Technically, this requires a shift toward integrated planning approaches, often supported by artificial intelligence. Such an “inside-out” modelling [modelling with ll] process often begins with Scope 1 and 2 emissions, environmental footprint. In a next step, a digital twin can enable the ability to explore production and transport processes to a high level of detail and allocate emission measurements to specific product carbon footprints. With this goal in mind, Japan’s JFE Steel has established tracking and management of the product carbon footprint using primary data from the steel-making process in form of an R&D initiative. In total, JFE plans to invest $7.2 billion in low-carbon technologies to meet its 2030 target of reducing CO2 emissions by 30%.

  • Green computing: Companies must also be aware of the environmental aspects associated with the increased use of technology, e.g. an increase in energy demand. For example, this needs to be mitigated through green data centres, green cloud technology services, and the reuse of technology components. On the last point, Google recycles and reuses its data centre system components at the end of their lifecycle. A digital twin and decision intelligence allows it to forecast and schedule the reverse flow of materials back into the supply network. Google’s refurbishment rate is about 23%, while the number of resold components has increased significantly.

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Three CEO opportunities for next-level sustainability

Digitalization, used responsibly, can significantly accelerate the path to true sustainability. These three often overlooked levers can help make today’s sustainability programmes even more effective.

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1. Rethink business model logic

There is no doubt that the CEO plays a central role in influencing and steering the integration of sustainability into the corporate strategy and the firm’s value creation system. With this in mind, it’s surprising that only 33% of employees said that their company’s top leadership leads by example. Employees want leaders who don’t just take a stand. Driving sustainability from the boardroom requires moving from commitment to action. If leaders can’t change, the organization cannot either.

The CEO’s natural role is to rethink the company’s business models and find new ways of creating, delivering, and capturing value. However, many incumbents are still relying on yesterday’s business model logic. The first assumption to be challenged is that sustainability comes at a cost. Following the traditional logic “I do my business, I have revenue, I have costs, I make a profit, and then after I make my profit, I decide how much of my profit to give to good causes” is no longer good enough. It means I am charitable if I spend some of my profit on something good. And if I am under pressure with my profits, there is nothing to do good with.

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CEOs can take sustainability programmes to the next level

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Green, pgf500 SaaS, PGF7T token

pgf500 has a token on the Ethereum network, called PGF7T, which you can use to pay for subscriptions and services within the pgf500 SaaS platform.

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Decentralized Web3 technologies could improve coordination around tackling climate change because they use local knowledge and actors to guide policies and put funding where it’s needed.

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Climate change is a global coordination problem.

The system has failed to coordinate effective policies and capital investment into the commitments necessary to address the most pressing threat to humanity.

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Race To Zero is a global campaign to rally leadership and support from businesses, cities, regions, investors for a healthy, resilient, zero carbon recovery that prevents future threats, creates decent jobs, and unlocks inclusive, sustainable growth.

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You will need to have Metamask to pay with PGF7T token.

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We have chosen to adopt blockchain technology for the launch of 2 innovative decentralized Dapps.

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We believe in Web3 and in the strength of communities.

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and the code is public at https://etherscan.io/address/0x9fadea1aff842d407893e21dbd0e2017b4c287b6#code

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PGF7T token will be listed on other Exchanges soon.

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What is the difference between climate tech and clean tech?

Climate tech includes some similar functions to clean tech, but climate tech primarily focuses on greenhouse gas emissions.

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This includes removing greenhouse gases in the environment and reducing future emissions.

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Climate tech initiatives include the following:

  • Agri-tech. Agri-tech helps mitigate greenhouse gases with initiatives such as reducing livestock manure, using less pesticides and improving crop-growing processes — for example, by using aeroponics.

  • Afforestation. To assist with carbon capture, afforestation creates new forests so that trees can reduce carbon dioxide and add oxygen to the air, reducing greenhouse gas emissions. Organizations work with the timber industry to help restore trees in degraded areas.

  • Carbon capture. The main gas contributing to climate change and global heating is carbon dioxide. Capturing carbon and preventing it from going into the environment can help mitigate the effects. Manufacturers are looking for clean energy using carbon capture technology, which takes carbon from the manufacturer, stores it, and turns it into hydrogen for power with minimal or zero greenhouse gas emissions.

  • Geoengineering. Also referred to as climate engineering, geoengineering’s goal is to alter the climate system to reduce the effects of climate change. One way to do this is to remove carbon dioxide from the atmosphere by capturing the gas and storing it below ground. Solar radiation management is another form of geoengineering that captures and reduces the sun’s rays to prevent warming the Earth.

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What’s the difference between climate tech and clean tech?

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Climate tech includes some similar functions to clean tech, but climate tech primarily focuses on greenhouse gas emissions. However, these emissions are only one portion of society’s effects on the environment.

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What’s the difference between climate tech and clean tech?

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State of Venture Q3 2022 Report

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The global venture ecosystem continues its slowdown in Q3’22 as funding decreases 34% quarter-over-quarter.

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Global venture funding reached $74.5B in Q3’22, hitting a 9-quarter low. The new funding level represented a 34% drop quarter-over-quarter — the largest quarterly percentage drop in a decade — and a 58% decline from the investment highs reached in Q4’21.

​Deal activity hit 7,936 deals total, marking a 9.5% quarterly drop and a 7-quarter low.  

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US-based companies raised $36.7B, accounting for just under half of global Q3’22 funding. Some of the quarter’s largest rounds in the region went to companies including TeraWatt Infrastructure, TerraPower, and EnergyX.

Other Q3’22 highlights across the venture ecosystem include:

  • Q3’22 saw only 25 new unicorns (private companies valued at $1B+) — the lowest unicorn birth count since Q1’20. The US accounted for the majority (14) of these births. Leading entrants include Zhiji Auto ($4.4B valuation), Tridge ($2.7B), and 21.co ($2B).

  • 100M+ mega-rounds collectively accounted for $29.6B in Q3’22, marking a 9-quarter low and a 44% drop QoQ. Mega-round deal count dropped in all major regions to hit 144 in Q3’22, also a 9-quarter low. 

  • Retail tech funding declined 33% QoQ to $8.5B, even as deals ticked up 5% to 776. Average deal size YTD clocked in at $24M, down 35% compared to 2021 averages.

  • The fintech sector also continued to contract. With $12.9B raised across 1,160 deals, Q3’22 was the weakest quarter the sector has seen since Q4’20.

  • Global digital health deals fell to their lowest levels in 5 years, with $5B raised across just 419 deals. The US led, accounting for more than half (58%) of total digital health funding at $2.9B.

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State of Venture Q3 2022 Report

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WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in Climate Change Battle

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The World Economic Forum (WEF) has launched the Crypto Sustainability Coalition, an initiative dedicated to assessing the role of Web3 technologies in the fight against climate change. The organization, which is composed of 30 companies, educative groups, and other institutions, will research the impact of the energy consumption of these technologies, and how they can be used to aid the current decarbonization efforts.

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WEF to Use Web3 to Fight Climate Change

Web3, a term that groups cryptocurrency and blockchain-based technologies, is currently in the spotlight of energy groups that seek to determine if the use of these technologies is pernicious for the environment. The World Economic Forum (WEF) has decided to take these technologies into account, launching an initiative to investigate if they can be useful to the current fight against climate change.

The initiative, which was announced on September 21, is called the Crypto Sustainability Coalition, and it is composed of 30 different companies, educative organizations, and other institutions interested in this issue. Among these are known cryptocurrency-linked projects, like Solana, Avalanche, Circle, NEAR Foundation, Ripple, and the Stellar Development Foundation, among others.

This coalition, as part of the Crypto Impact and Sustainability Accelerator, another bigger initiative launched this same year, will inquire about the different ways in which these companies can organize to help in this endeavor. Brynly Llyr, head of blockchain and digital assets of the World Economic Forum stated:

An important and unique aspect of Web3 is that it uses technology to support and reward direct community engagement and action. This means we can coordinate the work of many individuals directly with one another, enabling collective action without centralized control.

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Different Study Areas and Criticism

This new initiative has already created different workgroups to investigate three key subjects related to crypto, blockchain, and their usage. One of these points has to do with the energy usage of these technologies, and how these can impact the climate and nature in the future.

Another of the key points has to do with how these Web3 technologies can change and be leveraged in order to decarbonize current activities. These applications might include mining and other decentralized activities.

The third subject has to do with standardizing and putting carbon credits in the blockchain, making the issuance and management of these instruments more transparent and trustable, and opening the doors for more people to participate in these markets.

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WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in Climate Change Battle

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Web3 tech can be used to fight climate change. Here is how | World Economic Forum

How Web3 could help tackle climate change using regenerative finance – or ‘ReFi’

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  • The global fight against climate change is above all a coordination problem, with investment and policies not being allocated in the most efficient way possible.

  • Decentralized Web3 technologies could improve coordination around tackling climate change because they use local knowledge and actors to guide policies and put funding where it’s needed.

  • The World Economic Forum has launched the Crypto Sustainability Coalition, dedicated to spotlighting real-life use cases for Web3 technologies.

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Climate change is a global coordination problem. The system has failed to coordinate effective policies and capital investment into the commitments necessary to address the most pressing threat to humanity.

To avoid greater loss of life, biodiversity and infrastructure, accelerated action and ambitious climate policies are required to adapt to climate change and rapidly reduce emissions.

So far, progress on adaptation is uneven and the chasm between action taken and what is needed to manage the risks is growing. There are several reasons for this: concerns about the compatibility of decarbonization with economic development, the fairness of global burden sharing on climate mitigation and the risks of competitive disadvantage in both domestic and international markets — to name but a few.

Global coordination technologies that can transcend the mass bureaucratization of climate action are urgently needed. This is where Web3 innovation could help.

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Regenerative Finance

Web3, a new iteration of the internet that harnesses blockchain to “decentralize” management, has positioned itself at the heart of the regenerative finance movement, or “ReFi” — a new economic paradigm that operates at the intersection of climate action and Web3 communities.

ReFi is anchored in decentralized finance, or DeFi, and the theory of regenerative economics. DeFi refers to an alternative financial system focused on the democratization of financial goods and services. Regenerative economics focuses on the creation of systems that restore and preserve the physical resources essential for planetary well-being.

Today, ReFi is a call to action, galvanized by the need to address both the failure of traditional markets to account for the negative externalities of carbon emissions, and the inefficient allocation of resources. This is also a call to action for policymakers to provide legislative direction and support for Web3 innovation in applications as an impetus to positive environmental and social outcomes for all, not just the privileged few. Progress on this latter front is making some headway.

Recently, The White House Office of Science and Technology Policy (OSTP) released its long-anticipated report on Climate and Energy Implications of Crypto-Assets in the United States which provided a balanced and nuanced purview into the Administration’s climate priorities, as it relates to the potential of digital assets. President Biden’s Executive Order explicitly stated the nation’s interest in responsible financial innovation, and since then has reiterated the criticality of a discussion of the potential uses of blockchain that could support technologies for monitoring or mitigating climate impacts.

The emergence of Web3 technology, values and ideas inherent to the ReFi movement can mobilize capital to fund the climate crisis solutions currently being researched by the OSTP, and within the time and at the scale required for the United States to fulfill the Paris Climate Accord’s global commitments. As greater interest and research, as well as robust policy, is invested into the ReFi space, the more effective the incentive for individuals and businesses to take care of the planet.

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Using Web3 tech to reverse ecosystem degeneration

Among the most pressing challenges that Web3 could address are deforestation, land degradation and desertification — life-threatening issues causing food insecurity, biodiversity loss, forced displacement of local communities and the acceleration of climate change.

The planet loses upwards of 80,000 acres of tropical rainforest every day — that is the equivalent of approximately 60,000 football fields a day. This impacts endangered species and climate-vulnerable geographies more severely than others. Africa is particularly vulnerable to land degradation and desertification. Desertification affects around 45% of Africa’s land area, with 55% of this area at a high or very high risk of further degradation.

Similarly, indigenous people are also impacted by the degradation of our land, soil and water. And despite there being about 500 million pastoralists in the world, they are often excluded from the land restoration agenda pulled together by mainly those privileged with the resources to adapt to climate change. Indigenous peoples have no alternative resources. Their resource is the land itself.

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The Crypto Sustainability Coalition

The ReFi movement has provided a space for innovators, creatives and advocates to reconceptualize climate action at a pace uninhibited by the bureaucracy and politicization rampant across legacy sustainability systems. Web3 climate tools and services share values inherent to ReFi and are foundational to the scale of global coordination needed to tackle climate change. These values include building cooperatives, democratic ownership within communities, optimizing community benefit, creative sustainability, radical inclusion, non-extraction and intentional restoration.

The World Economic Forum has formed a new initiative — the Crypto Sustainability Coalition — dedicated to these values and aimed at facilitating a balanced, research-driven narrative shift that spotlights the positive externalities and real-life use cases that abound the ReFi space.

The Crypto Sustainability Coalition is focused on how to leverage blockchain tools to achieve positive climate action. The Forum is collaborating with a multi-stakeholder community of purpose to bridge the gap between traditional and emerging sustainability systems, as well as demonstrate evidence-based thought leadership in a multi-chain Web3 world.

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Web3 tech can be used to fight climate change

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