SINGAPORE – Olam has launched its climate-tech venture Terrascope to empower companies to accurately and efficiently manage and reduce their carbon emissions. Since the beginning of its commercial trials, Terrascope has measured over 230 million metric tonnes of Greenhouse Gas (GHG) emissions for companies from industry sectors with complex supply chains – Food & Beverage, Agriculture, Real Estate, and Consumer Goods – across 15 countries.
Current commercial trials are underway with businesses across diverse industries and sectors in the UK, France, Indonesia, Japan, Malaysia and Singapore.
Terrascope’s platform is an Enterprise-grade Software as a Service (SaaS) powered by Data Science and Machine Learning. It was born out of Olam’s years of experience to address decarbonisation in its own operations.
Speaking at Ecosperity Week 2022, Maya Hari, CEO of Terrascope, said:
“While a growing number of companies have started their journey to Net Zero in their operations, many face challenges tackling Scope 3 emissions which often comprises as much as 90% of their total carbon footprint. Often the speed in which they can access internal and supply chain data as well as the integrity of that data impedes a quick resolution. That’s where Terrascope’s technology-led solution is able to help them take these challenges around speed, accuracy and repeatability head-on and accelerate their journey to Net Zero.”
Today, less than 10% of companies are able to measure their emissions comprehensively and accurately, according to a survey by Boston Consulting Group1. Corporations that do measure have a 30% to 40% error rate on their emission baselines since carbon accounting is traditionally a complex, laborious, and error prone process.
Terrascope’s platform enables companies to both measure emissions comprehensively and accurately while giving companies the ability to track progress through centralised dashboards to better chart their decarbonisation journey. Pokka, Princes and Olam are three companies that were part of the commercial trials with Terrascope and commented on Terrascope’s smart carbon management platform.
Rex Macaskill, Group CEO of Pokka said: “Terrascope is a comprehensive platform with efficient baselining that enabled us to complete the exercise within a short period of time. Its ability to provide carbon footprint of finished products is unbelievably amazing, as we can see and identify potential carbon footprint drivers and procure goods and services in a sustainable manner.”
David McDiarmid, Corporate Relations Director of Princes Limited said: “We certainly appreciate the speed, expertise and comprehensive nature of Terrascope as we embark on our first steps in measuring scope 3 carbon footprint. Terrascope translates our emissions into reporting in a friendly way and across business sectors, allowing the data to be used beyond our sustainability team. It is particularly important that we could understand the confidence of the data and take actions to improve.”
Sunny Verghese, Co-founder and Group CEO of Olam said:
“When we piloted this new measurement system at Olam, it showed that our measurement baseline was off by around 35%. Only by understanding where we stand on the quality and granularity of our data, and by improving confidence in our measurement, will we be able to build a pathway to meet our 1.5°C targets.”
Terrascope aims to work with businesses across multiple sectors and geographies to assess and address carbon emissions in their operations and help them work towards Net Zero. To find out more about Terrascope, visit www.terrascope.com.
1 “Use AI to Measure Emissions—Exhaustively, Accurately, and Frequently.” – https://www.bcg.com/press/13october2021-only-nine-percent-of-organizations-measure-emissions-comprehensively
