Catching Up with Europe: Global Trend Favors Greentech, and Canada Lags Far Behind

Green labels were everywhere in all the solutions offered. If someone had gone there intending to integrate eco-responsible practices into their business processes, they would have returned with a gold mine of information and a vast network of contacts. The most impressive thing about this story is that most environmental solutions were doable and demonstrated with figures and case studies.

And you can guess where we're going with this: they can absolutely be applied to Canadian companies.

The big companies are on board

The message is clear and being promoted by major companies. For example, at Microsoft, half of the solutions were labeled as greentech. At the Siemens booth, everything on display had an ecological focus. This is quite impressive, considering their space was a quarter of the size of a pavilion.

Among other things, they showcased their smart factories, which are designed to reduce CO2 emissions and energy consumption. For instance, their factory in Amberg used the Internet of Things, artificial intelligence and digital twins to reduce production errors, improve energy efficiency and lower CO2 emissions. The Chengdu facility leveraged advanced automation, robotics and real-time data analysis to increase production flexibility, minimize energy consumption and optimize resources.

They also showcased their various supply chains, highlighting cost-saving elements for each stage, such as transport and inventory management, as well as emphasizing reduction and reuse. They even claimed that Siemens would be carbon neutral by 2030!

A study published in the journal Nature shows that the costs of climate change are already 6 times higher than the cost of limiting global warming to 2 degrees above pre-industrial levels, as required by the Paris Treaty. That's right, the bill would amount to $38 billion a year by 2049.

Why? Extreme weather conditions, worsened by climate change, are a hidden cause of inflation. Heavy rainfall resulting in flooding, heat waves impacting human health, hurricanes, rising sea levels, and droughts jeopardizing agriculture all contribute to disruptions in the supply chain. These factors exert upward pressure on prices for everything from food to electronics to clothing.

It is estimated that AI could help reduce global greenhouse gas emissions by 5 to 10% by 2030.

A survey conducted by Capgemini, encompassing 2,000 business leaders from 15 countries across various industries, focused on organizations' investment priorities for 2024. As we could have predicted, sustainability emerged as a key priority.

Companies are now investing more in clean technologies to protect themselves from the impact of natural disasters caused by climate change, as these disasters can disrupt their production chains. This risk is real, and the lack of sustainable practices is now considered a threat to investors.

The discussion around the initial investment required is quite significant. As we all know, clean technologies are often costly. But what if they could ultimately lead to cost savings or even profits once implemented?

According to a survey of 5,000 senior executives across 22 industries and 22 countries, the IBM Institute for Business Value found that businesses that adopt sustainable practices can increase their overall value.

The statistics supporting this are astonishing! The same study says that implementing such measures would result in an average revenue growth of 16%, and the company would be 52% more likely to outperform its competitors in terms of profitability. Why? Because these new practices are accelerating the company's transformation.

There are many examples of how business leaders have worked to make their company's various processes sustainable while ensuring positive financial returns. Want an example?

Flyscan has developed a unique platform for detecting pipeline threats and oil leaks. With the help of cameras attached to aircraft flying over the infrastructure, an AI system can spot dangers autonomously without involving humans. In collaboration with the company, we developed a mobile app to enable plane pilots to receive real-time alerts when a threat is detected nearby. This project significantly reduces maintenance costs, minimizes the risk of accidents, and prevents environmental disasters caused by oil leaks, natural gas, or other products.

Those who still need to transition to Industry 4.0 (which involves digital processes and interconnected and intelligent machines) will be surprised to realize just how far behind they have fallen! Beyond Industry 4.0 and 5.0, Industry X is emerging, emphasizing the interconnectedness of the entire supply chain.

In essence, after a company completes its digital transformation, it shares its data with suppliers and customers, allowing everyone to collaborate to create the most efficient supply chain possible. This collaboration helps in reducing costs, improving efficiency, and decreasing carbon footprints.