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SINGAPORE, Feb. 27, 2023 /PRNewswire/ — At the recent World Economic Forum Annual Meeting 2023 in Davos, the International Centre for Industrial Transformation (INCIT) launched its Consumer Sustainability Readiness Index, or COSIRI. The first of its kind, COSIRI is an independent, manufacturer-centric framework that is set 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 on sustainable transformation based on COSIRI-system-generated proposed next steps. Additionally, the COSIRI framework 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, INCIT. "Through the use of COSIRI, manufacturers will be better able to set, monitor and track their progress towards sustainability goals."
To help businesses become more sustainable and gain a competitive advantage, COSIRI allows for a neutral, quantifiable assessment of an organisation’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 organisation. The COSIRI Prioritisation Matrix is built upon Greenhouse Gas Protocol (https://ghgprotocol.org/) standards and the 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 process is designed to be quick and easy, spanning a mere two days. Its rigour and structure enable businesses to consistently monitor and track transformation progress over time; businesses will also be able to benchmark sustainability performance against peers globally.
Francisco Betti, Head of Manufacturing and Production, World Economic Forum added, "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."
Roshan Gya, Chief Executive Officer, Capgemini Invent and Group Executive Committee Member, Capgemini commented, "The launch of COSIRI is right on time to provide a transparent and constructive view about the progress achieved in sustainability. 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."
Co-development Partners that helped INCIT with the final feasibility iteration of COSIRI include Glendale, Ball, Viessmann, Coherent, Eldor and HP.
About INCIT (INCIT.org)
Founded with the goal to spearhead global manufacturing transformation, the International Centre for Industrial Transformation (INCIT) champions the Industry 4.0 journeys of manufacturers, and advocates for the global rise of smart manufacturing. INCIT is an independent, non-government institute that develops and deploys globally referenced frameworks, tools, concepts and programmes for all manufacturing stakeholders, in order to help spark digital transformation.