Using Artificial Intelligence (Al) to cut down carbon footprint in the energy sector

Abstract

Businesses across the world are under increasing pressure to work towards sustainable business models and embrace sustainability in their operations. The firms are in a situation where they have to meet the expectations of various stakeholders like regulators, international bodies, investors and consumers. Merely paying lip service to this initiative is not enough today. They are being forced to take concrete and measurable goals in this direction. On January 2020, the chairman and CEO of the Blackrock sent out a letter to CEOs informing them that full disclosure of the environmental, social and governance performance of the companies is now expected by the investors. Blackrock being the largest asset manager in the world highlights the fact that world business setting is progressing to a phase where sustainability goals are being taken seriously. One of the main reasons for the delay in achieving sustainability goals is the difficulty associated with effectively measuring the carbon footprint and finding way in which this can be effectively reduced. Artificial intelligence can help in this regard by providing innovative solutions to this problem. AI can provide deep and meaningful insights into the carbon footprint and fast cost cutting measures into the carbon footprint associated with various operations of the firms and help in enabling quick and economically viable means to attain sustainability goals.