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Decarbonizing energy projects : a five-step approach to data analysis
Achieving this demands a more developed structure in terms of the type of data required and how it is to be analyzed . This is something we have been working on as a cornerstone of how KBR can help to raise the bar in the reporting and analysis of carbon emissions , resulting in the following five-step approach :
Hindsight – what has happened Descriptive analytics , like reviewing a company ’ s past consumption , offers a historical perspective on emissions and enables organizations to set a benchmark . With this in place a company can then strive for reduced emissions in future energy projects .
Oversight – why has it happened Understanding the past is just the first step . Companies must also be clear on the wider scope of specific emission levels . Diagnostic analytics can play a significant role in this . Leveraging data sources and utilizing graphical visualizations provides clarity on trends and patterns .
Foresight – what will happen Predictive analytics , enhanced by machine learning , can highlight possible future outcomes and can be used to show the environmental impact should a current project design come to fruition . McKinsey & Company have often emphasized that the design phase is a determining element in the final emissions of any venture . Armed with this foresight , companies can weigh the repercussions of continuing with their current project blueprints .
Using a data-driven solution is a positive step
Insight – what should be done It ’ s important to pinpoint what the actionable insights are . Prescriptive analytics are useful here enabling professionals to refine project designs to minimize carbon footprint . By utilizing simulations and providing suggestions , it paves the way for robust decarbonization strategies .
Right sight – ‘ what if ?’ As with all science , it ’ s essential to explore alternatives . Cognitive analytics – the final level of data analytics – allows companies to explore ‘ what if ’ scenarios . Such exploratory thinking can foster better understanding to inform operational decision and guide companies to adopt more sustainable , lowcarbon energy solutions .
Being able to accurately analyze the different levels and sources of data , from descriptive through to cognitive , however , requires tools , software and a proven methodology to become universally accepted .
KBR has invested in the development of technologies to accurately report on emissions as well as designing bespoke solutions to gather and analyze lifecycle data on carbon emissions and act as a vital tool in enabling businesses to make better informed decisions on how these can be reduced .
The future of emission reporting
The extent of emissions reporting and declarations required from organizations is rapidly growing and evolving . The impending deadline for large UK organizations to report on Scope 3 emissions and the significant financial and reputational risks if they fail to do so , will undoubtedly drive improvements in the accuracy , accountability , and reporting of emissions . The manufacturing industry must therefore find a better standard in carbon calculation and analysis to meet these demands , and
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