Global push for net-zero: Nations embrace technology to combat climate change

The recently held 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly known as COP28, in Dubai from November 30 until December 12, featured the 'Global Stocktake,' a comprehensive assessment of the world's progress on climate change in alignment with the Paris Agreement. As countries evaluated their greenhouse gas (GHG) emissions, there has been a notable shift towards the prominence of digital software. Decision-makers in various sectors, like aluminium, oil and gas, etc., and governments are increasingly relying on digital solutions to aid both developed and emerging markets in achieving their net-zero objectives. According to a report from the World Economic Forum, integrating digital technologies can cut global emissions by as much as 20 per cent.

In a collaboration earlier this year, GE Vernova, the organisation with a mission to electrify the world while simultaneously working to decarbonise it, joined forces with Reuters to produce a report titled 'Digital Energy Report 2023: Without Software, the Energy Transition Stalls.' The report emphasises the current availability of software that significantly expedites the energy transition. This software incorporates artificial intelligence (AI) and/or machine learning (ML) to provide actionable insights into emissions data. Moreover, it can orchestrate entire power generation fleets, ensuring a balance between demand and emissions. The report's findings underscore the consensus that the energy transition is a crucial corporate priority and assert that it is practically attainable by integrating sophisticated software solutions.

Linda Rae, the General Manager of Power Generation and Oil and Gas at GE Vernova Digital, said, “Digital software is already making a difference across industry and the globe when it comes to reducing emissions as these technologies exist today. However, digital software adoption is not happening fast enough and at scale to move the emissions needle, especially in the hard-to-abate sectors.”

Digital transformation in the power utility sector, encompassing the utilization of software like Asset Performance Management (APM), aims to improve efficiency in operations for both power assets and fleets. This approach addresses sustainability concerns and aligns with revenue objectives for power utilities in the Middle East. Rae added, “One of the most effective ways to drive operational efficiencies is to pursue digital transformation. Digitising operations has helped customers in quality, safety, performance improvements, and emission management.”

Leveraging digital solutions for global scalability

Achieving widespread implementation of digital solutions worldwide necessitates collaboration between private and public sectors, facilitating the integration of digital solutions for decarbonization through well-defined policies and frameworks. Emerging software tools are pivotal in ensuring compliance with European regulations, such as the Corporate Sustainability Reporting Directive. This directive mandates companies to submit reports using machine-readable text for data tagging. Meanwhile, in Washington, the US Securities and Exchange Commission (SEC) is anticipated to finalize climate disclosure rules later this year.

Rae said, "As we see the rise of environmental reporting across the energy supply chain by regulators, stakeholders, and investors, software will be a game-changer for power utilities if applied at speed and to scale."

To address the imperative of mitigating emissions, key players in the energy industry require cutting-edge digital software for precise reporting, tracking, and monitoring of emissions data. Notably, GE Vernova's Digital business has innovated a carbon emissions management software solution to assist its energy clients in acquiring accurate emissions data. This tool, known as CERius™, is an AI-driven platform tailored to aid the energy sector in obtaining emissions information and formulating strategic decarbonization plans. Essentially, CERius™ serves as a vital instrument to guide the energy industry toward achieving net-zero emissions.

Rae noted that CERiusTM allows customers to obtain more accurate data. As a result, energy utilities can get away from estimations and understand the specific emissions coming from direct or indirect assets more quickly. “This technology will help the energy sector, especially the hard-to-abate industries, identify where and when are the best opportunities to apply those abatement strategies and spend money most effectively.”

Explore the transformative impact of digital technologies on the global landscape of the manufacturing sector, specifically in the aluminium industry, by delving into AL Circle's specialized report titled "Digital Transformation in the Aluminium Industry." This comprehensive report provides insights into the evolving digital landscape and its implications for the aluminium sector.