4 mid-sized business leaders on innovating for a sustainable future
While large corporations appear to dominate the narrative around corporate sustainability initiatives, innovation in this area is no longer exclusive to industry giants. Small and mid-sized businesses increasingly recognize the environmental and economic benefits of embracing sustainable practices.
As consumer awareness of environmental issues grows, they will look to responsible businesses. Those who embrace sustainability appeal to a growing segment of eco-conscious consumers and gain a competitive advantage.
Mid-sized companies from the Forum’s New Champions community strategically leverage tech to unlock growth potential and scale sustainability. These businesses are highly mission-driven, thus balancing profits with purpose. This exclusive community brings together over 100 members from 44 countries, fostering collaboration and sharing best practices in driving innovation and sustainable practices.
Several leaders from this community have shared their insights and experiences on scaling sustainability within their organizations. Here’s what they have to say.
‘AI can be a force for good in driving progress to a sustainable world’
“Alongside the global volatility of the last few years, we’ve seen a turbocharging of innovation and technology, from the rapid adoption of cloud computing during the COVID-19 pandemic to the explosion of generative AI.
What’s positive is that not only are we seeing this accelerated innovation, we are also seeing enthusiasm for using AI-led innovation to address climate and environmental challenges. Our Trust in AI Poll last year found that three in ten people (29%) globally placed environmental protection as their top priority for AI by 2050.
Take food security as one area AI can help meet the needs of people and planet. The UN predicts that 60% more food will be needed worldwide by 2050 to feed our growing population. However, agriculture already contributes to around a quarter of greenhouse gas emissions.
Leveraging AI in the food system offers the potential to bring benefits to food safety, nutrition and the environment. Innovators are now using AI to improve soil health, conserve water and reduce contamination risks. For consumers, AI offers the potential to improve shelf life and minimize food waste.
We are at the start of the world’s AI journey. Today, organizations have the opportunity to collaborate and innovate to leverage AI as a force for good and accelerate progress towards a sustainable world. For AI to realize its potential, building understanding and embedding trust will be fundamental.
BSI is therefore committed to ensuring AI’s safe and trusted integration into our everyday lives. We recently published the first international AI management system standard (BS ISO/IEC 42001), along with a package of measures designed to enable the safe, secure and responsible use of AI. We will continue to play a role in helping organizations adopt AI to shape a positive future for all.”
‘Innovation and sustainable development are intricately linked’
“With climate risk high on the global agenda, strategies for reducing carbon emissions are widely discussed. Although Africa has one of the lowest carbon footprints in the world, the continent is particularly vulnerable to climate change due to inadequate social infrastructure to handle natural disasters and high poverty levels, making climate change a lower priority for many African countries.
In 2017, to address this risk, Risk Insights utilized AI algorithms to gather ESG data from issuers listed on several major African exchanges. This led to the creation of the first ESG rating tool tailored for Africa, aimed at prioritizing climate risk for the continent. The goal is to highlight the value of Africa’s low climate risk to the global community, helping the continent raise finance through data and maintain its low risk profile to mitigate the effects of global warming.
Risk Insights algorithm collects sustainability narratives, data, related metrics and news sentiment using AI and machine learning algorithms. The homogenous data provides a baseline to measure transition risk of issuers for the exchanges thereby measuring the transition risk for each listed company.
Climate transition and physical risks can impact firms, influencing their social and environmental accounting and thus their ESG disclosure. Risk Insights seeks to solve this problem by mining data using AI for issuers on the major exchanges of South Africa, Nigeria, Mauritius, Kenya, Ghana, Botswana, Rwanda, Uganda and Tanzania etc.”
‘We aim to promote a sustainable future using data and technology to optimize energy use and increase efficiency’
“ENECHANGE is the first listed climate-tech company on the Tokyo Stock Exchange. It aims to promote a sustainable future by utilizing data and technology to optimize energy use and increase efficiency.
Our energy management platform allows consumers and businesses to compare and switch energy providers, thereby increasing market competition, reducing costs and improving service quality.
ENECHANGE is also actively involved in the electric vehicle (EV) sector, providing advanced EV charging solutions and infrastructure. By deploying a nationwide network of charging stations, ENECHANGE supports the growth of the EV market, reduces transportation’s carbon footprint and encourages the adoption of cleaner vehicle options.
Energy efficiency is also enabled through detailed analytics and insights to help users optimize their energy consumption. The company’s pioneering demand response initiatives – which support the balancing of electricity supply and demand through incentives to reduce or shift energy use during peak times – saves consumers money, enhances grid stability and supports the uptake of renewable energy.
Additionally, ENECHANGE has committed to advancing energy research by sponsoring initiatives with prestigious institutions such as the University of Cambridge. These partnerships focus on developing cutting-edge technologies and innovative solutions to further the global transition to sustainable energy systems.”
‘Sustainable living is not only possible but highly desirable’
“Oman Tourism Development Company (Omran) and Diamond Developers collaborated to develop The Sustainable City Yiti (TSC Yiti), a mixed-use coast-based project overlooking the Sea of Oman dedicated to social, environmental and economic sustainability.
The combination of innovative sustainability using cutting-edge technologies and sustainable practices with exceptional community living standards seeks to set a new benchmark for future developments in the region. The project is directed by some of the world’s foremost thought leaders in sustainability, offering research and learning opportunities. It empowers its residents to take charge of reducing carbon footprints, thus actualizing the goals of a sustainable future today.
TSC Yiti is Oman’s first net-zero energy city and emphasizes clean energy, water and waste recycling, food production, clean mobility and enhanced air quality. It aims to become one of the world’s largest operational sustainable communities, significantly reducing its residents’ per capita emissions footprint.
This ambitious goal is supported by the city’s reliance on 100% renewable energy, comprehensive water recycling, diversion of waste from landfills and achieving self-sufficiency in food production.
Centring community and collective action, residents are encouraged to participate actively in sustainable practices. By demystifying its strategies to achieve net-zero emissions by 2040, TSC Yiti serves as a model for other cities worldwide, demonstrating that sustainable living is not only possible but highly desirable.”
Companies can make significant strides towards a more sustainable future while positioning themselves as responsible businesses in an increasingly eco-conscious market. Our mission is to unlock gateways of growth to mid-size businesses by amplifying regional voices globally while maximizing impact.
Thriving on the collective power of diversity, the New Champions foster an environment where members come together to learn and share experiences. To learn more about our initiatives and see if there might be a good fit, feel free to visit our website and reach out to us directly.
