New tool aims to simplify sustainability process
If big corporations knew exactly how much money they could save by making sustainable decisions, they would be more likely cut emissions, source responsibly and reduce waste.
That is the principle behind CoClear, a new online sustainability tool which shows companies the correlated environmental and financial impacts of their operations.
The tool, which is aimed at sustainability officers of large companies, can quickly show users the benefits of switching to alternate ingredients or different packaging.
"It's the ability to see sustainability in action that enables companies to make better decisions," said Sally Paridis, CEO of the Harlem-based CoClear, which developed the calculator in partnership with Columbia University.
"We use existing company data to calculate greenhouse gas emissions, water and energy consumption, as well as solid waste. We also track the company cost associated with these metrics, making it easier to identify efficiency opportunities for products and brands."
Due for release in June, the tool is based on an algorithm which can be used to calculate the impact of just one product or a whole portfolio. The company says it will help specifically in reducing emissions and improving resource efficiency.
"Resource efficiency is a path to corporate success," said the company. "As global resources deplete, their prices will go up. Companies that don't manage their resources will fall behind their competitors that do."
The CoClear website also highlights the CDP leadership index for companies that have demonstrated a comprehensive response to climate change, adding "In recent years these climate change leaders have generated double the returns of the global 500 companies".
The CoClear product is the latest in a line of systems designed to simplify and inform the decision-making process for sustainability officers.
Just last week, the Ellen MacArthur Foundation revealed its EU Circularity Indicators Methodology, which measures how effectively a business is making the transition from 'linear' to 'circular' models, by analysing the material flows of its products and processes.