World News | Olam Launches Climate-tech Platform to Help Companies in 'Net Zero' Journey

Singapore, Jun 9 (PTI) Singapore-headquartered Olam Group on Thursday launched its climate-tech venture "Terrascope" to empower companies to accurately and efficiently manage and reduce their carbon emissions.

Since the beginning of its commercial trials, Terrascope, also headquartered in Singapore, has measured over 230 million metric tonnes of Greenhouse Gas (GHG) emissions for companies from the industrial sector with complex supply chains -- Food and Beverage, Agriculture, Real Estate, and Consumer Goods -- across 15 countries.

Also Read | Aamir Liaquat Dies at 49: Pakistani Politician, TV Host Dies Under Mysterious Circumstances in Karachi.

Current commercial trials are underway with businesses across diverse industries and sectors in the UK, France, Indonesia, Japan, Malaysia and Singapore.

Terrascope's platform is an Enterprise-grade Software as a Service (SaaS) powered by Data Science and Machine Learning. It was born out of Olam's years of experience to address decarbonisation in its own operations.

Also Read | US Approves USD 120 Million Sale of Ship Parts To Maintain Taiwanese Warships.

“While a growing number of companies have started their journey to Net Zero in their operations, many face challenges tackling Scope 3 emissions which often comprises as much as 90 per cent of their total carbon footprint," Terrascope CEO Maya Hari said while speaking at Ecosperity Week 2022.

“Often the speed in which they can access internal and supply chain data as well as the integrity of that data impedes a quick resolution.

“That's where Terrascope's technology-led solution is able to help them take these challenges around speed, accuracy and repeatability head-on and accelerate their journey to Net Zero," Hari added.

Today, less than 10 per cent of companies are able to measure their emissions comprehensively and accurately, according to a survey by Boston Consulting Group.

Co-founder and Olam Group CEO, Sunny Verghese, said: “When we piloted this new measurement system at Olam, it showed that our measurement baseline was off by around 35 per cent."

“Only by understanding where we stand on the quality and granularity of our data, and by improving confidence in our measurement, will we be able to build a pathway to meet our 1.5 degrees Celsius targets,” said Verghese, who manages the food and agri-business that supplies food, ingredients, feed and fibre to 20,900 customers worldwide.

Terrascope aims to work with businesses across multiple sectors and geographies to assess and address carbon emissions in their operations and help them work towards Net Zero.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)