COP29 is well underway in Baku, with sustainability leaders and experts worldwide cautiously anticipating improved outcomes over last year’s summit.
Finance and technology are at the forefront of the agenda, with crucial discussions and negotiations centered around innovative models and the application of technologies that can drive real climate impact.
This shift aligns well with IFS’s sustainability strategy and our focus on where we can have the most impact given our position as a leader in industrial AI.
Excellence in Business
At IFS, sustainability isn’t just a buzzword—we’re excited about the change we can enable through our technology. We’re committed to building a greener economy and tackling climate change, creating lasting value for our customers, planet, and society. For us, sustainability is neither a trade-off nor a compromise; it’s an opportunity and a responsibility.
Our corporate climate action is firmly rooted in science. IFS has set science-based, near-term emission reduction targets:
- 42% reduction in absolute Scope 1 (direct) and Scope 2 (indirect) greenhouse gas (GHG) emissions by 2030.
- 25% reduction in absolute Scope 3 (value chain) GHG emissions by 2030, focusing on purchased goods and services, business travel, and employee commuting.
These targets are approved by the Science Based Targets initiative (SBTi), representing a key milestone for IFS in our climate journey.
Achieving these global targets is a challenge we’re ready to meet. Our decarbonization strategy focuses on three key areas:
- Reduce: Lower emissions across our operations.
- Replace: Transition to greener energy alternatives to minimize Scope 1 and 2 emissions.
- Engage: Collaborate with customers and suppliers to cut value chain emissions (Scope 3).
In 2023, we switched to 100% renewable electricity across our operations and appointed a Global Climate Strategy Manager to oversee our decarbonization journey.
Supporting Customers
IFS, along with the broader technology sector, plays a crucial role in shaping a greener future. We’re committed to empowering our customers to meet their sustainability goals and commitments. In 2023, we took significant strides in this direction, developing new products and offerings centered around Environmental, Social, and Governance (ESG) principles and further embedding sustainability into our IFS Cloud product suite.
In collaboration with Climatiq, we launched the IFS Cloud Emissions Tracker for Scope 1 and 2 emissions. Additionally, this year we unveiled ESG Lobbies, enabling our customers to seamlessly integrate and visualize ESG data in their daily operations.
To empower our customers further, we’re introducing a dedicated management module: Sustainability Management. This powerful tool includes out-of-the-box CSRD metrics and select IFS Cloud data mapping, approval workflows and target setting for streamlined governance, insights and a library of KPIs, including quantitative metrics with built-in calculation logic, all supported by PwC’s ESG team to ensure credibility and CSRD readiness.
With IFS Cloud, our customers can harness data across their entire value chain, from design to service, to measure and enhance their sustainability performance.
One success story is Rolls-Royce, which has made significant strides in reducing emissions with IFS technology. By integrating our software with their ‘Blue Data Thread’ program, they’ve extended engine overhaul intervals by up to 45%. Doing so, they can avoid up to 200 shop visits a year, reducing carbon footprint by 10 to 30 million kgs of CO2. Real-time data exchange and predictive maintenance capabilities have made this possible, demonstrating the power of IFS solutions in driving meaningful sustainability outcomes.
In March, we unveiled the winners of our annual Change for Good Sustainability Awards, celebrating IFS customers who demonstrate sustainable practices. Alongside the main award recipients, Farrow & Ball, a UK-based paints and wallpaper manufacturer, was commended for setting ambitious science-based carbon reduction targets and embedding a comprehensive sustainability strategy within their organization. A long-term IFS customer, they are using IFS technology to support their sustainability goals and help them deal with the challenge of managing data.
Making Broader Impact
Have you ever wondered how a company can make a tangible difference in the world? At IFS, we strive for good corporate citizenship, expanding our global outreach to create a lasting impact through our activities. We harness the global fundraising potential of IFS for our charity of choice, the IFS Foundation. The IFS Foundation is a group of independent charities established to reduce poverty in rural Sri Lanka, investing in projects to address access to clean water, sanitation, healthcare, education and employment opportunities.
Throughout the year, we’ve been dedicated to raising funds for the IFS Foundation through various initiatives. These have included releasing the IFS Foundation Album, supporting the Global Get Fit Challenge, and promoting the IFS Foundation at our annual sales kick off and numerous customer events. Each of these efforts has contributed to our goal of making a positive impact in our communities.
The CSR Volunteer Day is another way in which we enable colleagues to play an active role in directly supporting our Sustainability strategy. In 2023, 1010 employees volunteered via IFS, contributing to 947 days donated to local causes. Projects like refurbishing the Welasiya Government School in Puttalam, Sri Lanka, where 130 volunteers painted desks, chairs, and new classroom buildings, exemplify our impact.
Discover more about IFS’s commitment to sustainability here!
Read more in our 2023 Sustainability Report and ESG Fact Sheet.
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