Low-Carbon Fuels (LCFs) and Carbon Capture, Utilization, and Storage (CCUS) technologies are critical to achieving Net Zero Emissions (NZE). These decarbonization solutions are expected to see significantly wider adoption throughout the decade as government policies mandate sustainability goals and organizations aim to promote a positive brand image in customers' eyes.
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One of the greatest global challenges we face today is the need to decarbonize. Environmental regulations and standards, rising energy costs, and increasing stakeholder expectations for sustainable operations are placing pressure on companies globally to establish sustainability targets and curb emissions. In particular, the industrial sector contributed around 30% of global emissions in 2023 according to the World Economic Forum, due to its significant energy requirements for industrial processes. As global economic growth and population rises, there is a greater need for companies to do more with what they have as materials and resources become scarcer.
If you’ve ever walked through a manufacturing plant or a utility site, you can’t help but notice how much is going on. Various equipment and machinery are constantly in use to keep production flowing. To power every one of these processes, industrial companies typically use fossil fuel-based energy sources that generate carbon emissions and harm the planet. To highlight this sustainability challenge, industrial emissions have increased by roughly 70% since the turn of the millennium. Besides the equipment and machinery used in industrial buildings, emissions pile up from the transportation of goods and components along the supply chain as well.
It’s no secret that sustainability weighs heavily on the minds of corporate executives in virtually every industry. A recent Honeywell survey found that more than 4 in 5 companies plan to increase their budgets for environmental sustainability. There is external pressure to “go green” from eco-conscious consumers, trend-watching investors, and governments developing carbon tracking regulations. There is also internal pressure to reduce operational costs (e.g., energy consumption, packaging, etc.). One of the most effective ways to reach these sustainability goals is to use Life Cycle Assessment (LCA) software to analyze the environmental impact of a product, good, or service.
Note to reader: This list of leading fleet telematics companies was part of a competitive ranking from 2022. A more updated summary of ABI Research's commercial telematics company rankings can be read in this research highlight.
From the onset of the COVID-19 pandemic to now, there’s been a seemingly never-ending array of supply chain hindrances. From staff shortages to rising freight costs, and a shortage of raw materials to war in Europe, a slew of issues is negatively affecting logistical capabilities. While some of these issues have carried over from the worldwide pandemic, others have only recently surfaced in 2022. Making the necessary pivots to remain viable will necessitate companies to get clued in on all the latest global supply chain trends. Remaining out of the loop will lead to a failure to improvise, which will result in a loss in customer loyalty when demands can’t be met on time.
The information found in this post comes from ABI Research’s Commercial Telematics market data report.