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SINGAPORE, March 10, 2023 /PRNewswire/ -- At the recent World Economic Forum 2023 Annual Meeting in Davos, the International Center for Industrial Transformation (INCIT) launched its Consumer Sustainability Readiness Index, or COSIRI. The first of its kind, COSIRI is a manufacturer-focused, independent framework that is set up to benchmark the sustainability maturity of global industry players and their ESG transparency and reporting. The World Economic Forum, INCIT and business and technology transformation company Capgemini will join forces to scale and accelerate COSIRI.
COSIRI guides manufacturers to make more informed decisions about sustainable transformation based on the proposed next steps generated by the COSIRI system. In addition, the COSIRI framework includes a sustainability star rating system that indicates the manufacturer's carbon dioxide equivalent reduction. Carbon dioxide equivalent is a metric that measures the climate effects of greenhouse gases.
"COSIRI, a pioneering, manufacturer-independent, and manufacturer-centric sustainability framework, is a powerful, game-changing tool for the manufacturing industry globally with significant impact," said Raimund Klein, CEO and founder of INCIT. "Through the use of COSIRI, manufacturers will be able to better set, monitor and track their progress towards sustainability goals."
To help companies become more sustainable and gain a competitive advantage, COSIRI enables a neutral and quantifiable assessment of an organization's sustainability performance. Maturity is assessed along four dimensions: strategic climate risk mitigation, sustainable business processes, clean technology, and the implementation of the ESG function in the organization. The COSIRI Prioritization Matrix is based on the Greenhouse Gas Protocol (https://ghgprotocol.org/) standards and the company's unique business objective, to calculate and recommend the next step of greenhouse gas reduction actions. GHG and the overall sustainability journey.
COSIRI is also a structured and impartial framework that provides a holistic vision, incorporating all the elements of sustainability. The COSIRI assessment process is designed to be quick and easy, taking just two days. Its rigor and structure allow companies to constantly monitor and track transformation progress over time; companies will also be able to compare sustainability performance with their peers globally.
Francisco Betti, Head of Manufacturing and Production at the World Economic Forum, added: "The COSIRI framework is a major step forward in fostering smart and sustainable manufacturing globally. It is a powerful tool to help governments, businesses and stakeholders to improve transparency and visibility across the value of manufacturing. COSIRI has the potential to significantly improve the competitiveness of companies in the global marketplace."
Roshan Gya, CEO of Capgemini Invent and Member of the Group Executive Committee, Capgemini, commented: "The launch of COSIRI comes just in time to provide a transparent and constructive view on the progress made in sustainability. COSIRI will not only raise awareness and engagement across industries, will also help enable the required acceleration around decarbonization of Scope 3 to support the broader industry community in this challenge.The aim is to create a global movement of companies that intensify their efforts towards zero net".
Co-development partners that assisted INCIT with the final feasibility iteration of COSIRI include Glendale, Ball, Viessmann, Coherent, Eldor, and HP.
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