Nextbitt's AI Reduces Scope 3 Emissions Tracking Complexity

Following the rise of the sustainability and ESG regulations, Nextbitt of Portugal released a carbon-emission tracking tool in Lisbon, Portugal, in October 2024 to track carbon emissions used by businesses in computing and managing their Scope 3 emissions. The tool also analyzes Scope 1 and Scope 2 emissions, making it an all-rounded solution for companies seeking to meet regulations under sustainability and ESG. Tracking Scope 3 Emissions Indirect carbon emissions that a company receives through its value chain are Scope 3, such as supplying processes, transportation, and collection of waste. These are notoriously the most difficult to calculate because they relate to activities not directly controlled by the company. They encompass upstream and downstream processes, raw material extraction, distribution of the final product, and disposal. Although they account for a huge portion of an organization's total carbon footprint, most organizations find it difficult to measure such emissions. According to a new report, only 16% of companies are actually able to fully disclose Scope 3 emissions; firms have difficulty tracking these due to a fragmented supply chain and myriad industry standards plus the challenge of dealing with outside data sources. Nextbitt's AI-Powered Solution New from bitt: Artificial intelligence helps companies overcome such issues by reading supplier documents and invoices to collect critical information on indirect emissions. The tool makes it easy for companies to track Scope 3 emissions rapidly and accurately, thanks to automation. AI provides quite a few benefits in automating the same. First of all, it saves time and resources that would otherwise be spent on manually tracking emissions in an extended supply chain. Automated systems ensure better accuracy in reporting so that there may be no hidden errors or omissions made in manual reporting. This is because data is something companies need when they want to comply with growing regulatory demands to present sustainability and ESG reporting. Monitoring Scope 1 and Scope 2 Emissions Apart from this reporting of Scope 3 emissions, Nextbitt's platform also allows real-time tracking of Scope 1 and Scope 2 emissions. While Scope 1 refers to direct emissions from sources under the control of a company, such as consumption of fossil fuels on its premises, Scope 2 represents indirect emissions via purchased electricity, heat, or steam. This tool, Nextbitt's, utilizes the IOT technology to capture data directly from a company's equipment. The system also integrates IoT-enabled real-time information on energy consumption and more resources for companies that allow them to track and manage continuously their carbon footprint. The real-time function of this tool provides businesses with the ability to quickly determine areas where high energy consumption exists and allows them to work towards reducing it, thereby decreasing both emissions and costs. Nextbitt's carbon tracker addresses an ever-widening gap of sustainability solutions with a rising pressure from regulators and investors on the reduction of carbon footprints. Particularly, complex supply chains make it difficult for any given company to measure Scope 3 emissions in an effective manner. Then, it becomes quite close to impossible for such a firm to set meaningful sustainability targets or even prove progress toward reducing emissions. With Nextbitt's solution, companies can track and report Scope 1, 2, and 3 emissions. The solution also supports more general environmental objectives. So it is an enabler that can help businesses collect the right information to inform their choices of where to place focus on sustainability efforts-from upgrading to renewable sources to working with more environmentally responsible suppliers. Support ESG and Sustainability Compliance Good visibility into and management of emissions are important to companies seeking to cut the carbon footprint by following ESG standards and regulations. Regulatory bodies worldwide are increasingly introducing legislation that requires businesses to report their carbon emissions and show reductions. For instance, Corporate Sustainability Reporting Directive (CSRD) of the European Union calls for greater clarity and transparency into company sustainability disclosures. By using Nextbitt's carbon tracking tool, companies can streamline compliance with these requirements. The data generated would be appropriate for sustainability reporting, and thus, the companies can easily display their environmental performance to stakeholders. This can enhance the reputation of a company in the leadership of sustainability, attract environmentally conscious investors, and strengthen relationships with customers who care about sustainability in their purchasing decisions. Conclusion Nextbitt's carbon tracking tool is going to be a gargantuan leap for companies interested in measuring and cutting their carbon footprint. Considering the AI-based Scope 3 emissions tracking system coupled with IoT technology-based real-time monitoring of Scope 1 and 2, the tool aims to give a one-stop-shop solution to businesses with an eye on fulfilling their sustainability and ESG objectives. A gap like that will prove vital for companies under rising scrutiny over their environmental impact to achieve meaningful emissions reduction through such tools. Source: Nextbitt