As technology, data and management systems continue to advance to help companies measure and report on their ESG efforts, Sphera has added a life cycle assessment automation software to give organizations a tool for sustainable improvements throughout their operations, including tackling Scope 3 emissions.
The software builds on Sphera’s existing life cycle assessment (LCA) platforms and will assist companies in addressing building investor and regulatory demands regarding sustainability and environmental, social and governance (ESG) performances. The system will give insight to a company’s entire supply chain, helping them reduce greenhouse emissions throughout their operations.
The company says that can be especially beneficial for sectors with complex supply chains, such as manufacturing, paints and chemicals.
The new system will help organizations focus on analyzing and improving sustainability results as opposed to simply creating targets, Sphera says. Sphera says the system can increase a company’s LCA abilities by a factor of 1,000.
Scope 3 emissions are the result of emissions produced from activities not controlled by an organization. It is estimated they make up more than 80% of emissions for large organizations, but their expansive nature makes reporting and standardization of the information more difficult. Despite that they are increasingly being addressed; sthe US Securities and Exchange Commission is including them on new disclosure rules, for example.
The need for improved data for ESG initiatives has led to increasing numbers of tools to help businesses. Sphera recently partnered with PwC to create an enhanced digital ESG system, for example, as did VelocityEHS and Frostbyte Consulting.
The LCA automation software produces current information with insights into the environmental footprint of a company’s products. It also helps companies immediately calculate their carbon footprint and model how adjustments for specific variables can impact emissions impacts, such as using clean energy or adjusting production processes.
Sphera says that in the past, LCAs were viewed more as add-ons to sustainability efforts but with increasing regulatory and investor demands, the tool can play a significant role in making sustainable improvements.