Nextbitt Leverages AI to Simplify Scope 3 Emissions Tracking

• Nextbitt's carbon tracking tool reads supplier documents and invoices to collect data.
• The tool tracks and reports all three emissions, Scope 1, 2, and 3.

Nextbitt, a sustainable tech company based in Portugal, has developed a new, innovative tool to help businesses track their Scope 3 emissions.

Scope 3 emissions are carbon emissions that result from an organisation's indirect activities, such as emissions from the supply chain, transportation, and waste, which are not directly under its control. They are difficult to calculate and track.

Many companies often struggle to measure their Scope 3 emissions because collecting the right data from their entire supply chain is quite a challenge. A study reports that only 16% of companies are capable of fully tracking these emissions. Supply chain complexities and differences across industries are making it harder for them to measure and report.

Nextbitt’s new tool uses artificial intelligence (AI) to help enterprises track their Scope 3 emissions. It automates the process by reading documents and supplier invoices, making the data collection quicker and more accurate. This will also help companies meet their sustainability and ESG regulations.

For the other two emissions, Scope 1 and 2, Nextbitt’s platform employs IoT (Internet of Things) technology to gather data directly from a company's equipment in real time. So, energy consumption and other resources are continuously monitored.

Overall, Nextbitt’s carbon tracking tool measures and reports all three emissions (Scope 1, 2, and 3) for companies and helps them become more sustainable and meet environmental goals.

Follow KnowESG's Technology News for regular news and views.

Discover an extensive network of ESG providers here

Check out KnowESG's latest ESG Event updates

Source: Nextbitt