The power of data analytics in sustainability initiatives

Could you please share insights into your professional background and your current role at Bank of Ireland?

I joined Bank of Ireland in 2018 to lead the Bank’s strategic transition from an outsourced Analytics operating model to an in-house Analytics Capability by establishing and growing agile, high-performance Analytics teams from the ground up.

These days I head up the Behavioural Insights team at Bank of Ireland, working with rich Big Data sets using the latest Data Science & Analytics tools to provide actionable insights and recommendations to senior stakeholders, supporting data-driven business transformation.

Prior to joining Bank of Ireland, I obtained qualifications as an ACCA-qualified accountant and Professional Scrum Master, amassing 20 years of experience across Financial Services, Data and Analytics using Agile Methodologies. My roles focused on helping clients understand relevant data and turn it into actionable insights that lead data-driven business transformation.

How does data analytics play a crucial role in providing actionable insights for companies to advance their sustainability initiatives, especially in meeting evolving reporting requirements and standards?

Sustainability has become increasingly important to companies across all industries as reporting policies and regulations encourage corporate transparency and accountability, with data analytics providing the actionable insights needed to progress sustainability initiatives.

Data plays an important role in helping companies satisfy the requirements of sustainability standards, such as the Greenhouse Gas Protocol accounting standard.

Further analysis of data can help organisations reduce costs while prioritising and allocating resources to initiatives that have the most impact in reducing carbon emissions in the shortest time. 

In managing the growing demand for data-driven technologies, how can industries and individuals strike a balance while addressing the environmental footprint associated with increased data collection, including considerations for energy consumption, waste production, and carbon emissions from data centres and cloud computing?

The volume of data being collected worldwide is increasing exponentially, and it is important that we understand the adverse environmental footprint created by the mass collection and storage of data. Data centres and cloud computing form the backbone of the data revolution, creating a heavy footprint via their high consumption of non-renewable energy, waste production and carbon emissions.

Similarly, our personal use of technology and consumption of data has soared since the onset of the pandemic, as we use a range of mobile and fixed devices to connect with each other, and consume large amounts of content from video streaming services such as Netflix. That, in turn, is increasing the energy output of the devices we use, the networks our devices connect to, and the data centres storing and serving up content.

It is clear that data has become a powerful tool in efforts to measure progress towards sustainability goals. Organisations can use this opportunity to develop skills in data analytics to uncover areas where environmental impacts can be measured and addressed and to help businesses embed sustainability by developing long-term strategies that build climate change resilience. Accurate measurement and reporting of sustainability activities is a key mechanism in communicating accountability to stakeholders.

How does the application of artificial intelligence (AI) in environmental initiatives contribute to sustainability goals, and could you provide specific examples where AI-driven projects have positively impacted the environment?

Artificial Intelligence (AI) can play a key role in addressing climate change by investigating and analysing data on greenhouse gas emissions, weather patterns, and other environmental factors. This analysis can support a data-driven approach to policies and strategies for reducing emissions and mitigating the impacts of climate change. The Global Enabling Sustainability Initiative (GeSI), which brings together leading global tech and communications companies to look at integrated social and environmental sustainability through digital technologies, predicts that using Artificial Intelligence for environmental applications could reduce global greenhouse gas emissions by 4% by 2030.

What trends are organisations currently adopting when it comes to leveraging data analytics for transparent and comprehensive reporting on their ESG performance?

Jamie Renehan is a Senior Analytics Manager, Professional Scrum Master and ACCA qualified accountant with 20 years experience across Financial Services, Data and Analytics using Agile Methodologies. Jamie leads the Behavioural Insights team at Bank of Ireland, working with rich Big Data sets using the latest Data Science & Analytics tools to provide actionable insights and recommendations to senior stakeholders, supporting data-driven business transformation.

About Bank of Ireland

Established in 1781, Bank of Ireland is the oldest bank in operation in Ireland. Bank of Ireland is headquartered in Dublin, and has operations in the Republic of Ireland, Northern Ireland, Great Britain, France, Germany, Spain and the United States.