The Consumer Sustainability Readiness Index will help manufacturers to make more informed decisions on sustainable transformation.
The International Centre for Industrial Transformation (INCIT) has launched an index to benchmark the sustainability maturity of global industrial players and their environmental, social and governance (ESG) transparency and reporting.
The Consumer Sustainability Readiness Index (COSIRI) is an independent, manufacturer-centric framework. The World Economic Forum, INCIT and technology services and consulting company Capgemini and development partner McKinsey & Co. will join forces to scale and accelerate COSIRI.
“The launch of COSIRI is right on time to provide a transparent and constructive view about the progress achieved in sustainability,” said Roshan Gya, CEO of Capgemini, in a release. “COSIRI will not only foster awareness and engagement across industries, it will also help enable the required acceleration around Scope 3 decarbonization to support the broader industrial community in this challenge. The objective is to create a global movement of companies intensifying their efforts towards net zero.”
It will guide manufacturers to make more informed decisions on sustainable transformation based on next steps generated from the framework. Additionally, it includes a sustainability star rating system that indicates the manufacturer’s reduction in carbon dioxide equivalent. Carbon dioxide equivalent is a metric that measures greenhouse gases’ climate effects.
“A pioneering independent, manufacturer-focused sustainability framework, COSIRI is a powerful tool that will change the game for the manufacturing industry globally with significant impact,” said Raimund Klein, CEO and founder of INCIT. “Through the use of COSIRI, manufacturers will be better able to set, monitor and track their progress towards sustainability goals.”
COSIRI allows for a neutral, quantifiable assessment of an organization’s sustainability performance. Maturity is assessed across four dimensions: strategic climate risk mitigation, sustainable business processes, clean technology and the implementation of ESG function in the organization.
The COSIRI Prioritisation Matrix is built upon Greenhouse Gas Protocol (https://ghgprotocol.org/) standards and each company’s unique business objective to calculate and recommend the next step of GHG reduction actions and overall sustainability journey.
COSIRI is also an unbiased, structured framework that provides a holistic view, incorporating all sustainability elements. The COSIRI assessment takes two days and will enable businesses to consistently monitor and track transformation progress over time; businesses will also be able to benchmark sustainability performance against peers globally.
“The COSIRI framework is a major step forward in fostering smart, sustainable manufacturing globally. It is a powerful tool to help governments, businesses and stakeholders enhance transparency and visibility across manufacturing value chains. COSIRI has the potential to significantly enhance the competitiveness of businesses in the global market,” said Francisco Betti, Head of Manufacturing and Production, World Economic Forum, in a release.
Based in Singapore, INCIT is an independent, non-government institute that develops and deploys globally referenced frameworks, tools, concepts and programs to help spark digital transformation.
