Business leaders don’t trust each other’s climate claims – Inmarsat Research

January 25, 2023 0 Comments


London–(business telegram)–Most business leaders (76%) across major industries doubt the environmental, social and governance (ESG) reporting of their peers, 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 appointed by the company. It explores the views of over 1,000 senior technology and ESG decision-makers across agriculture, mining, transportation, utilities and oil and gas firms. The survey asked professionals about their perceptions on ESG and whether they believe that data provided by ‘Internet of Things’ (IoT) solutions can help improve reporting transparency.

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

However, despite skepticism about their peers’ motivations, most business leaders are confident in their initiatives: 81% are convinced that their company is more sustainable than its competitors.

Lack of trust due to lack of data

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

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

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

While a majority (83%) agree they can do more to effectively leverage IoT solutions to produce ESG data, the resistance attached to sharing data creates an additional barrier to progress.

Only 47% said they would be comfortable sharing all their ESG data with third parties over the next 1-3 years to improve industry reporting and benchmarking, improving trust to ensure better results are achieved It would be important to do

Satellite Connectivity Key to IoT

With big data at the heart of IoT effectiveness, nine out of ten (91%) agree that satellite connectivity is critical 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 of all people expected to use it within this time frame.

IoT-enabled data isn’t the only way satellite technology can help improve environmental outcomes. Inmarsat’s recent ‘Can space help save the planet?’ The report showed that accelerating the adoption of space and satellite technologies could get the world to net zero by 2040 – ten years ahead of schedule.

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

Jatt Brainach, Chief Commercial and Product Officer, Inmarsat, said: “You can’t manage what you can’t measure, so it’s heartening to see so many organizations turning to IoT to measure 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 real collaboration and undermining real progress on sustainability.” There are no quick fixes, but creating methodological benchmarks based on actionable data and sharing the results will play an important role in re-establishing trusted ESG reporting.

“The IoT is nothing without connectivity. Yet terrestrial coverage often cannot reach the remote locations where our most valuable data points often originate. By using satellites to close that connectivity gap, organizations can Can access data to make decisions. If we are to achieve net zero quickly, we need to make the most of that opportunity.

David Hill, Executive Director, IoT Communities, said: “Connected IoT solutions are the key to sourcing, analyzing and sharing aggregated ESG data in a compliant and secure way. Just as we use wearable devices to measure our personal health, businesses must rely more heavily on IoT solutions to monitor progress, reduce costs, improve security, and maximize sustainability. Strong data will support their ESG claims and can be used for reporting across all areas of their operations, especially in remote locations with challenging conditions.

“To achieve true success, we need to change our mindset regarding data sharing and connectivity. Once businesses are comfortable sharing their ESG insights to improve broader industry reporting and benchmarking, they will become a key enabler. As satellites prioritize connectivity, will we start to see real progress on sustainability.

ends

Notes to Editors

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

The report is based on independent research conducted by SenseWide on behalf of Inmarsat, which surveyed 1,000+ senior technology and ESG professionals by business size (sole trader, 1-9, 10-49, 50-99) stability in decision making power. , 100-249, 250-500 and 500+ employees). Survey respondents spanned the agriculture, mining, oil and gas, utilities and transportation sectors across Europe, North America, South America, Africa and Asia. As such, the results represent a wide range of businesses at different stages of their sustainability and Industrial IoT adoption journeys. The data was collected in August/September 2022.

About Inmarsat

Inmarsat provides pioneering, innovative, advanced and exceptionally reliable global, mobile communications around 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 a planned combination of the two companies, creating a new leader in global communications.

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