The second best thing to making a full-circle pivot to zero emission is to reduce your current footprint – with miles that are not driven, flights that are not taken, and energy that is not consumed. Indeed, while we transition to a completely emission-neutral world, enterprises need to focus on efficiency. And not just because it is good for the environment, but because it is good for business too – as reflected by the move from top-line growth objectives in 2022 to bottom-line efficiency objectives in 2023.
The LoRaWAN ecosystem has already proven to be mature and ready for this task in 2023, and can directly bring you benefits shortly after implementation. For example, Connexin’s water metering solution has helped save millions of liters of water through more accurate measurement and detection of leaks. Dryad’s LoRaWAN-enabled sensor for ultra-early wildfire detection has prevented 1.7 billion CO2 emissions. Both Lucy Zodion’s smart street lighting solutions and Deutsche Bahn’s use of LoRaWAN to optimize energy usage in trains have helped cities and businesses save energy and reduce consumption.
As an enterprise, it is increasingly important to prioritize and meet Environmental, Social, and Governance (ESG) goals in order to remain competitive and responsible in today’s business landscape. One way to achieve these goals is through the implementation of LoRaWAN and IoT technology. While there remains a level of skepticism among large corporates and investors towards IoT investments, there is also a lot of excitement and value being created on the ground through real deployments at scale.Â
The market is heading towards consolidation, with a few large companies looking to grab the scalable parts of the market, while smaller companies focus on niche industries that can be profitable. Since the IoT industry is moving towards more niche and profitable solutions it may be more realistic to target those specific solutions or industries and find new solutions to address ESG challenges through IoT.
Let’s first look at the benefits of putting ESG agenda on your business’ strategy:
1. Financial impact | Reducing resource consumption can lead to cost savings, while investments in sustainable projects can yield returns. Additionally, companies that prioritize ESG goals are more likely to be viewed favorably by investors.
2. Reputation impact | Customers, employees, and stakeholders are becoming more conscious of the environmental and social impact of business practices and are increasingly looking for companies that prioritize these issues. A strong ESG record can help attract and retain customers, employees, and partners and build trust.
3. Compliance and regulation | Many countries and regions have laws and regulations related to environmental and social issues that companies must comply with. Failure to comply with these regulations can lead to fines, penalties, and reputational damage.
4. Business sustainability | As resource scarcity, population growth, and climate change continue to put pressure on businesses, those that are able to adapt and find sustainable solutions will be better positioned to succeed in the long run.
5. Competitive advantage | Companies with a strong reputation and focus on ESG are better positioned to attract and retain the best talent, customers, and partners. It also gives a competitive edge, making them more appealing to customers and investors.
LoRaWAN is a low-power, low-bandwidth solution that offers a secure and cost-effective way for businesses to manage and reduce their environmental impact. This technology has been utilized in various industries to optimize operations and improve sustainability initiatives.
The LoRaWAN technology features that make it well-suited for meeting ESG goals include:
1. Long-range | LoRaWAN technology allows devices to communicate over long distances, making it well-suited for remote or hard-to-reach areas. It is particularly useful for monitoring and detecting issues such as water leaks and wildfires, as well as for monitoring and controlling resource consumption in buildings and vehicles.
2. Low-power | LoRaWAN devices are designed to operate at low power, which helps to reduce energy consumption and prolong the life of batteries up to 10 years.
3. Low-bandwidth | LoRaWAN technology uses a low-bandwidth protocol, which reduces the data rate and air interface requirements, making it possible to connect more devices to the network and monitor more data with the same network infrastructure, resulting in cost savings.
4. Network security | The technology has built-in security features that protect data in transit and at rest. It maintains the confidentiality of organization’s data and protects against unauthorized access.
5. Easy scalability | LoRaWAN network servers like The Things Stack can be easily integrated into existing systems, making it easy for businesses to adopt and expand their use of LoRaWAN technology.
With LoRaWAN, businesses can monitor and control resource consumption, detect and prevent issues such as water leaks and wildfires, improve building energy efficiency and overall optimize their operations in line with their ESG goals.
Meeting ESG goals is crucial for enterprises as it not only addresses environmental concerns but also improves long-term business sustainability, builds customer trust and can also have positive financial impact. In order to successfully use IoT to meet ESG goals, it may be beneficial to focus on identifying specific opportunities and challenges within niche industries and highlighting the tangible benefits and real-world impact of these types of projects.
It’s worth remembering that technology is not the only solution, but it can play an important role in reducing resource consumption, improving efficiency, and ultimately helping to meet ESG goals.
