Business Wire

Business Leaders Do Not Trust Each Others' Climate Claims - Inmarsat Research

Share

Most business leaders (76%) in major industries doubt their peers’ Environmental, Social and Governance (ESG) reporting, according to a new study by Inmarsat, the world leader in global, mobile satellite communications.

The findings come from a new global, independent research report Accelerating sustainable action through IoT commissioned by the company. It explores the views of over 1,000 senior technology and ESG decision-makers across agriculture, mining, transport, utilities and oil & gas firms. The survey asked professionals about their perceptions on ESG and whether they believed data provided by ‘Internet of Things’ (IoT) solutions could help improve reporting transparency.

Respondents also report concerns about their peers’ ESG priorities, with 80% saying their competitors are more focused on perception rather than achieving tangible sustainability outcomes.

However, despite scepticism about the motivations of their peers, most business leaders have faith in their own initiatives: with 81% convinced their company is more sustainable than their competitors.

LACK OF DATA DRIVING LACK OF TRUST

The results suggest that a lack of verifiable hard data – and the willingness to share it – is undermining trust and slowing progress on business sustainability.

Positively, however, many believe data collected via IoT solutions is critical to building trust (81%) and improving ESG outcomes overall (82%).

Four in five respondents plan to increase their use of IoT solutions over the next 12 months to measure and understand the impact of their sustainability initiatives more accurately. A similar proportion reported they are already seeing return on investment from IoT tools used to improve sustainability (78%).

While the majority (83%) agree they could be doing more to effectively leverage IoT solutions to produce ESG data, engrained resistance to data sharing creates an additional barrier to progress.

Only 47% said they would be comfortable sharing all their ESG data with third parties to improve industry reporting and benchmarking over the next 1-3 years, reinforcing that improving trust will be key to achieving better outcomes.

SATELLITE CONNECTIVITY KEY FOR IOT

With big data at the heart of IoT effectiveness, nine in ten (91%) agree that satellite connectivity is the key to harnessing the full potential of IoT solutions focused on improving sustainability.

Currently, just over a third of respondents (36%) rely on satellite networks for IoT connectivity. However, satellite is set to become the most popular method of connectivity over the next decade, with half expecting to use it within this timeframe.

IoT-enabled data is not the only way satellite technology can help improve environmental outcomes. Inmarsat’s recent ‘Can Space Help Save the Planet?’ report revealed that the world could reach Net Zero by 2040 – ten years ahead of schedule – by accelerating the adoption of space and satellite technologies.

Networks such as Inmarsat ELERA are central to this, providing ultra-reliable global connectivity which allows data sharing in industries like agriculture, electrical utilities, mining, oil and gas, and transport.

Jat Brainch, Chief Commercial and Product Officer, Inmarsat said: “You cannot manage what you cannot measure, so it is heartening to see so many organisations looking to IoT to assess and improve ESG reporting.

“To demonstrate progress, however, businesses must overcome their reluctance to share useful data and have the confidence to publish meaningful insights. Otherwise, they risk undermining genuine collaboration on sustainability and overshadowing the real progress being made. There is no quick fix, but creating methodical benchmarks based on actionable data, and sharing the results, will play a critical role in re-establishing trustworthy ESG reporting.

“IoT is nothing without connectivity. Yet terrestrial coverage often cannot reach the remote locations where our most valuable data points frequently originate. By using satellites to close that connectivity gap, organisations can access data to make the right decisions right away. We need to make the most of that opportunity if we are to achieve Net Zero quickly.”

David Hill, Executive Director, IoT Community, said: “Connected IoT solutions are the key to sourcing, analysing and sharing aggregate ESG data in a compliant and secure way. The same way we use wearable devices to measure our personal health, businesses should rely on IoT solutions more to monitor progress, reduce costs, improve safety and maximise sustainability. Robust data will back up their ESG claims and can be used for reporting across all areas of their operations, particularly in remote locations with challenging conditions.

“To achieve true success, we must shift our mindset with regards to data sharing and connectivity. Once businesses become comfortable sharing their ESG insights to improve broader industry reporting and benchmarking and prioritise satellite connectivity as a key enabler, will we start to see real progress on sustainability.”

ENDS

Notes to Editors

The report ‘Accelerating sustainable action through IoT’ focuses on challenges, opportunities and priorities businesses juggle as they work to improve their sustainability credentials and the role satellite-enabled IoT solutions will play in driving this change.

This report is based on independent research conducted by Censuswide on behalf of Inmarsat, surveying 1,000+ senior technology and ESG professionals with sustainability decision-making power across a range of businesses sizes (sole trader, 1-9, 10-49, 50-99, 100-249, 250-500 and 500+ employees). Survey respondents spanned agriculture, mining, oil & gas, utilities and transport sectors across Europe, North America, South America, Africa and Asia. As such, the results represent a broad range of businesses at various stages of their sustainability and industrial IoT adoption journeys. Data was collected in August/September 2022.

ABOUT INMARSAT

Inmarsat delivers world leading, innovative, advanced and exceptionally reliable global, mobile communications across the world – in the air, at sea and on land - that are enabling a new generation of commercial, government and mission-critical services.

In November 2021, Inmarsat and Viasat announced the planned combination of the two companies, to create a new leader in global communications.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Dana Dzubas
Email: press@inmarsat.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Planview Continues Acceleration with Record Revenue in FY’2230.1.2023 17:00:00 EET | Press release

Planview, the leading platform for connected work from portfolio planning to delivery, today announced record annual recurring revenue (ARR) for fiscal year 2022, continuing a trend of strong performance. Planview exceeded $380 million in total ARR for 2022, representing 17% growth year-over-year (YoY). “It was another record year for Planview, underpinned by our commitment to build the digital future of connected work through product innovation and customer success,” said Razat Gaurav, Chief Executive Officer, Planview. “The macroeconomic uncertainties and headwinds faced by organizations today make prioritizing product and project initiatives, and thoughtfully allocating constrained resources and capital, more important than ever. Our global customer base relies on our solutions to help them achieve productivity, efficiency, and positive business outcomes from transformation initiatives across the enterprise.” Fiscal Year-End Highlights Planview achieved record levels for the full fi

Owlin Launches End-to-End KYC Solution for Payment Service Providers30.1.2023 15:30:00 EET | Press release

Today, AI platform Owlin announced the launch of Owlin for KYC, offering Payment Service Providers (PSPs) a single solution for onboarding, monitoring, and offboarding merchants. With this new solution, Owlin helps PSPs with some of their most pressing priorities around meeting recent regulatory requirements and dealing with the insecurities that come from current economic developments. Owlin for KYC enables PSPs to screen their merchants against multiple data sources, including Adverse Media, Sanctions, Politically Exposed Persons, and Customer Reviews. This latest offering from Owlin will significantly enhance KYC processes, particularly when PSPs manually screen merchants against different data sources to check for risk within their merchant portfolio. Owlin for KYC supports seamless transition from the onboarding phase to continuous monitoring, with all data associated with the onboarding and monitoring steps being retained and available as an end-to-end audit trail. Sarah Lane, Ch

Samsung Electronics Achieves Life Cycle Assessment Verification on Product Carbon Footprint for Semiconductors30.1.2023 12:37:00 EET | Press release

Samsung Electronics Co., Ltd., a world leader in advanced semiconductor technology, today announced that it has established a Life Cycle Assessment (LCA) on the product carbon footprint of its semiconductor business and achieved verification from DNV, one of the world's leading independent certification bodies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230130005256/en/ Samsung Electronics Achieves Life Cycle Assessment Verification on Product Carbon Footprint for Semiconductors (Photo: Business Wire) LCA is a methodology for assessing environmental impacts throughout the lifecycle of commercial products, processes, or services, by quantifying the amount of energy, materials and waste discharge. In detail, on its semiconductors’ carbon footprint, Samsung's LCA covers raw material extraction to chip manufacturing, assembling, and testing. Its results are in accordance with ISO 14040, ISO 14044 and ISO 14067 to ensure cred

FourKites & cargonerds Partner to Bring Enhanced Cost & Time Savings to Global Freight Forwarders & Shippers30.1.2023 12:00:00 EET | Press release

Leading real-time supply chain visibility company FourKites today announces a partnership with cargonerds to enhance the digital freight platform with its market-leading supply chain visibility data. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230130005027/en/ FourKites & cargonerds partner to bring enhanced cost and time savings to global freight forwarders and shippers (Graphic: Business Wire) Armed with FourKites’ data and machine learning-driven estimated times of arrival, cargonerds can now ensure that its freight forwarders and their customers can track products across the end-to-end supply chain and know exactly when they’ll arrive at their destination. The integrated solution will track global shipments in real time across road, rail, ocean, air, parcel and last mile across the globe. “FourKites has the largest global network of supply chain data and powerful machine learning on the planet,” says Conrad Franchi, f

DEUTZ AG: DEUTZ enters into cooperation with Daimler Truck to develop and market medium- and heavy-duty engines30.1.2023 11:53:00 EET | Press release

The issuer is solely responsible for the content of this announcement. Today, DEUTZ AG (DEUTZ) and Daimler Truck AG (Daimler Truck) signed agreements giving DEUTZ access to Daimler engines by end of the decade. These include both medium-duty engines (Daimler Truck MDEG series), which are suitable for use in applications such as construction equipment, and heavy-duty engines (Daimler Truck HDEP series), which can be used to power heavy agricultural machinery, for example. As a result, DEUTZ will be able to attract new customer groups, save on development costs, expand its range of modern internal combustion engines, and thereby lay the foundations for further growth in this business. The cooperation between the two companies, which is supported by the stake Daimler Truck takes in DEUTZ, is focused on two areas: 1. DEUTZ will acquire the on-highway IP to Daimler Truck’s medium-duty MDEG engines so that it can further develop them itself, including for use in off-highway applications such

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom