you cannot manage what
you do not measure.
Between 2020 and 2021, over 85 more companies on the S&P 500 published sustainability reports. India's regulatory body (SEBI) stated that a disclosure framework called Business Responsibility and Sustainability Reporting (BRSR) will become mandatory for the top 1,000 companies in FY 2022-23. However, the methodologies used to quantify the environmental impact of business practices continue to be murky. Firms voluntarily disclose their ESG data, and their data is rarely audited and is often incomplete. This creates an industry filled with confusion and a lack of transparency. These problems arise due to immense costs involved in quantifying holistic data and the challenges in comprehending certain sustainability criteria.
GIST has fused big data analytics with sustainability to create a product that is comprehensive and efficient at quantifying firms' true ESG impact. GIST's software is peer-reviewed and is being used by some of the largest stakeholders in the world, including the Kingdom of Norway, Japan's Sovereign Wealth Fund, BASF and Wipro. It has also been picked up by MSCI in January 2022 to roll out across their global corporate base. GIST complements its impact measurement with an advisory service to provide a one-stop shop for firms looking to quantify emissions and decarbonize their corporations.
We're big believers in the power of reliable and granular data in making better climate decisions. This holds especially true for large corporates, whose decisions have a natural impact that is magnitudes larger than other businesses. GIST's data analytics platform is tremendously powerful, helping corporations identify critical areas of potential improvement and understand hard-to-measure areas like Scope 2 and 3 emissions. Pavan has established credibility in this field, from his work UNEPs TEEB Report, and positions as President of WWF International, and Winner of the Tyler Prize for Environmental Achievement (2020), which enhanced our confidence that GIST will become a market leader in climate analytics.