The UK government has set ambitious target of achieving net-zero emissions by 2050, and whilst there are currently no mandatory assurance requirements on sustainability reporting in the U, to achieve the government’s targets, each and every business needs to play their part to reduce their emissions.
In this blog we discuss why it’s good practice for utilities to measure and report on sustainability practices and goals, and how Advizzo can help.
Investor and stakeholder expectations:
Reporting on sustainability is increasingly becoming a standard expectation from investors and other stakeholders, including customers, employees, and communities. Demonstrating a commitment to responsible practices reflects a company’s dedication to mitigating environmental impact and promoting public health.
It now only helps attract and retain investment, but also builds trust among those directly impacted by the utility sector’s operations.
Enhancing reputation and brand value:
A strong sustainability report can enhance a utility’s reputation, building trust with customers and the broader public. It positions the company as a responsible corporate citizen, which is particularly important in an industry closely tied to essential services and environmental impacts.
Operational efficiency and cost savings:
Focusing on sustainability isn’t just good for the planet; it’s also good for business. By identifying opportunities to reduce waste and improve energy efficiency, utilities can achieve cost savings and operational excellence. Reporting on these initiatives highlights the company’s commitment to long-term financial health and operational efficiency.
Alignment with Global Sustainability Goals
Sustainability reporting also aligns with global initiatives, such as the United Nations’ Sustainable Development Goals (SDGs). By reporting their contributions to these goals, UK utilities can demonstrate their alignment with international efforts to address critical global challenges, further enhancing their global standing.
How Advizzo helps utilities with SDGs and sustainability reporting
Advizzo’s SaaS solution is designed to help utilities transform customer’s consumption data into meaningful analytics and personalised actions. Our solution uses Behavioural & Data Science to help water and energy utilities deliver more sustainable operations and customer behaviours.
Our SaaS solution offers a set of interconnected cloud platforms connected to any data sources and linked to users to help them enjoy more personalised customer experiences, better customer service and relevant action to retrofit their homes, save energy, water, money and carbon emissions. It offers utilities significant savings compared to in-house development as well as a near immediate Return On Investment.
We can help water and energy companies with the following SDGs:
- Water Efficiency and Conservation:
- SDG 6 (Clean Water and Sanitation): Advizzo’s solutions promote water efficiency and conservation, helping utilities and customers reduce water usage, thereby contributing to sustainable water management.
- Leakage Detection: By implementing smart metering and data analytics, Advizzo helps in early detection and reduction of leaks, ensuring that water resources are used more efficiently.
- Energy Efficiency:
- SDG 7 (Affordable and Clean Energy): Advizzo’s data analytics can optimise energy usage in water and wastewater treatment processes, reducing the overall energy footprint of water utilities.
- Operational Optimisation: Advizzo assists in the optimisation of water utility operations, leading to reduced energy consumption and lower greenhouse gas emissions.
- Data-Driven Insights:
- SDG 9 (Industry, Innovation, and Infrastructure): Advizzo leverages advanced data analytics and behavioural insights to drive innovation in the water industry, enhancing infrastructure efficiency and sustainability.
- Customised Reporting: Advizzo provides utilities with detailed, customisable reports that can be used for sustainability reporting, showcasing progress toward various SDGs.
- Customer Engagement:
- SDG 12 (Responsible Consumption and Production): Advizzo’s platform engages customers by providing them with insights into their water usage patterns and encouraging responsible consumption through behaviour change programmes.
- Awareness Campaigns: Through personalised communication, Advizzo helps raise awareness about the importance of water conservation and sustainable practices.
Additional benefits: transparent reporting and compliance
Advizzo’s tools enable utilities to generate comprehensive sustainability reports that align with international reporting standards, such as the Global Reporting Initiative (GRI) and the Carbon Disclosure Project (CDP). For our clients, we have demonstrated a reduction in water usage by up to 8% per year, a combined carbon footprint savings of up to 14% CO2e per year (per user), and up to 50% of customers investing in energy and water-efficient products or services.
This commitment to sustainability has earned us the “Efficient Solution” label from the Solar Impulse Foundation, a recognition of our clean and profitable solutions that can be implemented on a large scale to achieve carbon neutrality and protect the environment.
An expert adjudicator from Solar Impulse Foundation judging panel concluded, “Each client has definite economic incentive by using the Advizzo service. A measurement of their consumption pattern in real time and the assisted ways in which they can further reduce their consumption or reduce wastage has a direct impact on their utility bill each month. The associated change based on behavioral insights will lead to long-term optimized and responsible consumption which is direct saving to client over a long-term.”
New sustainability reporting requirements are on the way
New sustainability reporting requirements are on the horizon. The UK government has said it expects to set out new sustainability reporting standards, aligned to international standards, early next year, paving the way for new regulatory obligations to be imposed on UK-listed companies in the first instance.
These UK Sustainability Reporting Standards are expected to become mandatory for UK-listed companies in the near future. There is already a framework for how these will be developed. A spring 2024 update on this work says that the government aims to make the new standards available in Q1 of 2025.
How are you measuring and reporting on your sustainability achievements?
As the landscape of sustainability reporting continues to evolve, now is the time for UK utilities to take proactive steps. By partnering with Advizzo, utilities can not only meet, but exceed future reporting standards, ensuring that they are at the forefront of sustainability in the industry. Get in touch today!