Global tech powerhouse Microsoft and EY and leading consultancy Mckinsey have all announced new dedicated ESG-related products to help businesses accelerate sustainability efforts.
In light of surging demand to track – and navigate – the road to net zero targets the companies each announced new offerings in October.
Microsoft and EY have teamed up to develop environmental, social and governance (ESG) data management solutions, including an ESG IQ tool.
Meanwhile, McKinsey launched a Sustainability Academy to assist businesses with a capability-building program to helps “better equip talent” for the net zero transition.
McKinsey says capability building is critical to to solving the net zero equation.
It says scaling supply chains and infrastructure, developing analytics tools to assess climate risk and reskilling workers in highly carbon-dependent markets will play a massive role in massive impact in stabilizing global temperatures.
Pietro Sorrentino, who helps lead Sustainability Academy ,said private organizations have a central role in decarbonizing the economy. “But to do so they must build skills and capabilities that today they do not have,” he said.
The Microsoft-EY partnership offers tools including an ESG IQ service to standardise company rating data and calculate score gaps and make rating improvements – critical for end-to-end monitoring of supply chains,” it claims.
A Decarbonization Management Platform created by the duo helps users understand current state, monitor and report and enhance visibility into carbon footprints. Microsoft and EY says this service offering helps clients model and plan ESG strategies “and roll-out of end-to-end decarbonisation.” The tech solutions tap into predictive technologies, AI and machine learning capabilities.
“Climate change is no longer a risk event on the horizon, it is happening here and now,” EY Global climate change and sustainability services leader Dr. Matt Bell said. “Many organisations set ambitious targets to get to net-zero by 2050, or earlier, but face significant challenges to get there.”
McKinsey reported industry benchmarks in some sectors showed nearly 100 percent of companies had sustainability strategies, but less than half (40 percent) have knowledge and capabilities to achieve targets.
Two foundational programs are offered as part of its Sustainability Academy. These are an “Executive Masterclass” to align senior executives and “Sustainability Transformation Essentials” to develop enterprise-wide awareness of concepts such as solving the net-zero equation, and capturing new business opportunities.