Data Sharing Across Companies Can Jump-start Climate Action

Companies are willing to share their data to contribute to climate action.

Data is one of the most important assets of companies, it gives them a competitive edge over each other. So data sharing among companies may seem like it’s far-fetched.

Most companies shy away from data sharing because it’s complicated and to avoid unintended disclosure. 

In a TedTalk by data cooperation expert, Massimo Russo explained that companies don’t share their data because of ‘Fear of Missing Out on a Competitive Advantage’ (FOMA).

However, “Companies were more willing to share their data if it could serve a broader common purpose beyond commercial motivations.” Russo said.

More and more companies are taking action to help fight climate change, delivery services are starting to use electric vehicles to lessen their carbon footprint, companies are investing in renewable energy, and businesses are adopting the use of sustainable packaging.

Even small changes in companies’ environmental practices create an impact especially if it’s consistent, and if these companies work together it will lead to greater climate solutions.

Fighting climate change together with the other competing companies helps leaders conquer their FOMA. 

Companies that haven’t committed to accelerating climate action will eventually have to adapt business models with sustainable plans because at least 75% of the Filipino consumers prefer to support brands that care for the environment as they have experienced the consequences of climate change. 

According to the Green EDSA movement,

“Our country is one of the most affected by climate change with more record-breaking intense heat and drought during the dry months; unrelenting rains and stronger typhoons during the monsoon season with widespread flooding in and outside cities, and rising sea level causing many coastal areas in our country to disappear,” 

However, with the limited options of eco-friendly brands and expensive alternatives, 55% of Filipinos struggle to live an environmentally friendly lifestyle.

So it’s up to the companies to use their data to make accessible eco-friendly services and products to jump-start climate action and stop the irreversible effects of climate change.

Source: TedTalk, Business World, Manila Bulletin