The Longevity Key for Business

Key findings from the 2024 survey include:

•  Data and AI can help companies create new, sustainable business models: There are opportunities for sustainable value creation. Data and AI can help companies create new, sustainable business models, making them more efficient and valuable in the long run. For example, a company that manufactures and manages wind turbines, is successfully using AI to maximise energy yield by analysing wind conditions and boosting energy output.
• Improve economic impact: The adoption of AI and data technologies on sustainability data could generate up to €600 billion globally in annual cost savings across various industries, demonstrating the financial viability of sustainability initiatives. Some examples include:
  • Using data and AI in farming could reduce consumption of fertiliser and save €19 billion globally per year.
  • Using AI and data for cooling buildings globally could reduce energy consumption and save around €90 billion per year.
  • Using AI and data for air transport globally can reduce fuel consumption and save €2 billion per year.
  • Using data and AI in factories has the potential to reduce power consumption globally by 20% and save €330 billion per year.
• Considerable emissions reduction potential: AI could help reduce global carbon emissions across a variety of high-emission sectors, such as energy, transportation, and manufacturing, with the potential to achieve reductions of up to 2 gigatonnes (Gt) annually. For instance, AI tools helped a battery manufacturer reduce energy consumption and optimise production processes, contributing to lower emissions.
• Data and AI helping increase energy output: In the energy sector, data and AI are already being used to increase the output of renewable energy sources. One recent case study showed that using AI to analyse real-time wind data and turbine performance enabled a 20% increase in energy output from wind farms, translating to an additional 425 terawatt-hours (TWh) of clean energy annually.
• Reduce energy consumption in manufacturing: AI-driven solutions have enabled companies in the manufacturing sector to reduce energy consumption and increase output, leading to both environmental and economic gains. For example, one company’s AI-based optimisations not only cut energy use but also increased factory productivity, showing both environmental and economic gains.
• Advances in agriculture: The report highlights the potential for AI to transform agriculture. In one case, AI-based predictions and recommendations made it possible to control the fertilisation of fields more efficiently leading to a 20% reduction in fertiliser use, lowering emissions and improving resource efficiency.

David McGee, ESG Leader, PwC Ireland, said: "This report highlights a critical point: the integration of AI and data into sustainability strategies is not just a possibility, it is a necessity for companies looking to remain competitive. The ability to unlock significant cost savings and new revenue streams, while also reducing emissions, presents a compelling case for businesses to act now."

Ronan Geraghty, Chief Operating Officer, Microsoft Ireland, said: "By integrating AI-driven solutions, organisations across every sector can boost efficiency, reduce costs, and create new, sustainable business models. AI-powered insights can help optimise power management, predict energy demand, and improve water management, enabling businesses to achieve their sustainability goals more effectively. We see time and again that our customers want to meet their sustainability commitments while driving transformative growth so a great first step for organisations is to identify a business challenge where existing data can provide innovative insights.”

Professor Michael Obersteiner, Director, Environmental Change Institute, University of Oxford: "The findings of this report should inspire businesses across all sectors to embrace AI as a tool for sustainability. The potential of data and AI to drive economic growth while fostering sustainable practices presents a compelling vision for the future of business."

Future outlook: responsible practices

The report highlights that data and AI offer transformative opportunities for sustainable growth across industries. However, as AI technologies continue to evolve, it is crucial for businesses to adopt them with a focus on responsible practices. This includes considering the energy demands of AI and data centres, ensuring that their deployment contributes positively to both economic value and environmental sustainability. Companies must prioritise AI deployment in ways that not only drive economic value but also contribute positively to environmental sustainability and societal well-being. This dual approach will be essential in leveraging AI's full potential to support a more resilient and sustainable future.

Ends

 About the report

The Longevity Key for Business explores how data and AI are reshaping the landscape of sustainability and business. It features real-world examples of how companies are using data and AI to enhance their sustainability efforts, reduce costs, and create new business models. The report is available for download below.