More sustainable economic growth with AI
A new study illustrates how artificial intelligence and data-driven technologies create the basis for decoupling economic growth from CO2 emissions. The report "The Longevity Key for Business", published by the auditing and consulting firm PwC Germany, Microsoft and the Environmental Change Institute at Oxford University, emphasizes the potential of artificial intelligence to enable sustainable business transformations and create new, innovative business models. The paper is based on extensive research and interviews with over 50 executives.
AI analyzes wind turbines
Data and AI can help companies to develop new, sustainable business models that make them more efficient and valuable in the long term. One example of this is a company that manufactures wind turbines and successfully uses AI to maximize energy yield. This is achieved, among other things, by analyzing wind conditions and increasing energy production.
Introducing AI and data technologies to utilize sustainability data could save up to 600 billion euros annually across industries. This illustrates the financial return on investment of sustainability initiatives. One stainless steel manufacturer, for example, used AI to reduce energy consumption in production by 10 percent. The result: less environmental impact and a better bottom line. AI could help to reduce global CO2 emissions in various emission-intensive sectors such as energy, transportation and manufacturing. The potential here is annual savings of up to two gigatons.
Data and AI in the energy sector
In the energy sector, data and AI are already being used to increase the performance of renewable energy sources. A recent case study showed that by using AI to analyze real-time wind data and turbine performance, wind farms were able to increase their energy production by 20 percent. This equates to an additional 425 terawatt hours (TWh) of clean energy annually.
Sustainability in manufacturing: AI-driven solutions enable companies in the manufacturing sector to reduce energy consumption and increase production. This leads to both ecological and economic benefits. One company, for example, has succeeded in using AI-based optimizations not only to reduce energy consumption, but also to increase factory productivity. The benefits: both ecological and economic gains.
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