Press release
26 Oct 2022 

How Space Tech can transform the way we monitor, measure and report ESG metrics

Press contact

- ESG requirements are broadening and require richer data with greater assurance 

- Space Tech to become central to business operations for accurate ESG reporting

EY Space Tech Lab leaders urged all sectors to consider how Earth Observation technologies would factor into their ESG reporting.

Hosting a panel discussion at the Australian Space Forum titled The Future of ESG and Space, EY Space Tech Lab leader Anthony Jones told attendees:

“The breadth of ESG requirements mean companies need to better understand everything from emissions to biodiversity, from water use to health and safety – and a whole lot more.

“Earth Observation data is already so detailed and improving all the time.  I know how powerful EO data is going to be in helping our clients achieve their ESG goals because we’re already using it. We’ve used Earth Observation to help one client discover water leaks without manual inspection, and another to monitor vegetation growth around remote infrastructure which has helped them improve fire management.

“Space Tech has made operations for both companies exponentially more efficient and of course improved environmental outcomes.”

Mr Jones advised the audience of attendees to “embed Space Tech into ESG reporting from the get-go”.

“If we agree that Space is something of a greenfield for humans, from the point of view of governance what do we need to prioritise to make sure we learn from past mistakes? What do we need to do to make sure we are on the front foot to operate responsibly in space, knowing that a lot of companies are today in a position of playing catchup to meet ESG requirements on Earth.

“It’s a prime opportunity to target solutions that help ESG measuring, monitoring and reporting. It’s also a golden moment where you can make sure your own business models and practices include the ESG implications of Space Tech – not because it’s regulated but because you know you can do it, and you know you should,” said Mr Jones.

Forum panellist and EY Data Science Lead Dr Jack White said Earth Observation data is playing a critical role for the ‘S’ in ESG.

Dr White’s team creates data and modelling for risk mitigation strategies designed to save human life and future damage to water quality and vegetation.

“Our team has been working closely with clients on the inherent societal impact of Natural Disasters,” Dr White told attendees.

“If you think about how multilayered and long the damage from wildfires lasts; there has been human deaths, housing, wildlife and vegeatation destruction, and the economic impact lasts years to the Agriculture supply chains and the Power & Utilities networks.

“Our wildfire detection data product uses Earth Observation technologies to better understand bushfire conditions, improve future detection, and enable better risk mitigation planning to minimise impacts.

“For instance we can take regular satellite images and provide assessments on moisture content and see if there is high growth and low moisture in vegetation around your infrastructure – and subsequently advise on appropriate maintenance requirements.

“Those efforts are often done manually involving time intensive site visits to assess maintenance requirements, but these are shifting to become a virtual exercise, which improves safety outcomes for crews that face harsh and dangerous conditions.”

Dr White said ESG reporting still has a long way to go to take advantage of technologies that will provide accurate data assurance that markets and regulators are demanding.

“State of the art ESG reporting is currently mostly done using spreadsheets and manual input,” Dr White said.

“So there is a huge disparity between that mode of reporting and what emerging technologies can provide and companies are now looking whether they have rich enough data that is properly audited in order to meet their ESG legal requirements.

“We are working with satellite providers who have a competitive interest in adding hyper spectral imagery capabilities to allow clients to see greenhouse gas molecules, such as CO2 and methane, and estimate their volume.

“This allows us to identify hotspots where Green House Gas emissions being produced, so for any GHG emitter they can get accurate estimates of the volume being produced at their location.

“Technology like this is another data layer providing accuracy for clients responding to ESG legislations globally. These tools are quickly becoming intertwined with ESG reporting to ensure there is audited accuracy as mandated by global requirements to report your carbon footprint. It is a literal and visual interpretation of the GHG being produced by your organisation, so the ESG agenda is becoming so innately tied to what Space Tech has to offer,” Dr White said.

Mr Jones said he hoped all sectors began to embed Space Tech into ESG principles in a way that supports modern expectations of ESG on Earth, rather than having to fix mistakes later.

“Let’s take our terrestrial learnings into Space,” Mr Jones said.

“I believe we’ll all be surprised by how quickly Space Tech will become central to business operations, beyond the already critical role GPS plays in our financial system.

“Now it’s up to all of us to uplift our values and those of our organisations on Earth and in Space.”

To find out more about our EY Space Tech Lab, visit ey.com/au/space-tech


- ends -

About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young Australia, a member firm of Ernst & Young Global Limited.

Liability limited by a scheme approved under Professional Standards Legislation. 

Key Contacts:

Garth Montgomery

EY Oceania Media Relations

Tel +61 408 864 851

garth.montgomery@au.ey.com

Related news

Global IPO divergence widens as Americas and EMEIA surge and Asia-Pacific slows

LONDON, 27 JUNE 2024. Globally, in the first half (H1) of 2024 there were 551 listings raising US$52.2b in capital, a 12% decrease in the number of IPOs and a 16% drop in proceeds raised year-on-year (YOY).

27 Jun 2024 Eric Minuskin

EY transforms global sales operation by equipping workforce with Microsoft client management tools and AI capabilities

LONDON, June 18, 2024 — The EY organization today announces a significant milestone in the launch of Microsoft Dynamics 365 Sales for EY people across the globe, paving the way for how global professional services organizations establish more unified, customer-focused sales operations.

18 Jun 2024 Barbara Dimajo

EY announces alliance with Esker to offer solutions to help automate customer and supplier invoices

LONDON, 13 June 2024. The EY organization today announces an alliance between Esker, a leader in AI-driven process automation solutions for Finance, Procurement and Customer Service functions, and EY Services France to help provide clients with a cloud platform that automates the full Source-to-Pay and Order-to-Cash cycles, with a strong footprint in supporting and digitalizing customer and supplier invoices.

13 Jun 2024 Barbara Dimajo

EY announces alliance with Docusign to offer clients intelligent agreement management

LONDON, 11 June 2024. The EY organization today announces an alliance between Docusign, an intelligent agreement company, and Ernst & Young LLP (EY US), to provide technology solutions that help businesses to transform agreement data into actionable insights, accelerating contract review cycles and boosting productivity organization-wide.

11 Jun 2024 Barbara Dimajo

EY announces alliance with SAP Fioneer to help deliver broad and large-scale financial transformations

LONDON, 30 April 2024. The EY organization today announces an alliance between SAP Fioneer, a world-class software solution provider for financial services, and EY ifb SE to help facilitate software selection, business transformation, training and change management in the financial services industry.

30 Apr 2024 Barbara Dimajo

EY launches OpsChain Contract Manager solution to support secure private business agreements on public Ethereum

LONDON, April 17, 2024 – The EY organization today announces the launch of EY OpsChain Contract Manager (OCM), a transformative blockchain-enabled solution for contract management. EY OCM helps enterprises to execute complex business agreements, supporting confidentiality, helping improve time efficiency, and achieving cost reduction, with automatic adherence to the agreed terms.

17 Apr 2024 Barbara Dimajo

Major shift in global IPO market share from the past five years

London, 28 March 2024. The year kicked off on a cautiously optimistic note, marked by a selective thaw following a quieter period. The Americas and EMEIA IPO markets had a bright start in 2024, increasing global proceeds. However, the Asia-Pacific region started on a weak note, weighing down the overall global volume.

28 Mar 2024 Lauren Mosery

EY announces alliance with MoneyLion to help banks accelerate their digital transformation and extend financial services

LONDON, 6 February 2024. The EY organization today announces an alliance between MoneyLion Inc. (NYSE: ML), a leading enterprise and consumer FinTech company, and Ernst & Young LLP (EY US), to help drive innovation and growth within the banking sector.

06 Feb 2024 Barbara Dimajo

EY announces alliance with Reveal to offer clients AI-powered solutions to advance data discovery and compliance needs

LONDON, 29 JANUARY 2024. The EY organization today announces a global alliance with Reveal Data Corporation, a global provider of leading artificial intelligence (AI)-powered eDiscovery – a review and investigations platform that helps clients better manage their data discovery needs using automation and deep analytics.

28 Jan 2024 Barbara Dimajo

EY and ServiceNow expand strategic alliance to provide solutions for Generative AI compliance, governance and risk management

NEW YORK, 24 JANUARY 2024. The EY organization and ServiceNow (NYSE: NOW), leading digital workflow organizations making the world work better for everyone, have announced an expansion of their strategic alliance to provide solutions for generative artificial intelligence (GenAI) compliance, governance and risk management.

24 Jan 2024 Barbara Dimajo

Tech industry outlook brighter than 12 months ago, with GenAI emerging as top opportunity for 2024

LONDON, 7 DECEMBER 2023. Following a challenging start to 2023 for the technology sector, characterized by macroeconomic weaknesses and cost-savings, company strategies centered on generative artificial intelligence (GenAI) have triggered a rebound in confidence.

07 Dec 2023 Michael Curtis

EY announces alliance with Moody’s to bring together software, data and services to help improve how clients measure and manage risk

LONDON, 07/12 2023 . The EY organization today announces an alliance between Moody’s Analytics, Inc. (Moody’s), a provider of industry-leading financial intelligence and analytical tools, and Ernst & Young LLP (EY US), to help organizations make better data-driven business decisions and manage risk.

07 Dec 2023 Barbara Dimajo

The emergence of GenAI is reshaping the 2024 telecoms risk radar

LONDON, 30 NOVEMBER 2023. Changing imperatives in privacy, security and trust emerges as the top risk facing telecoms companies in 2024.

30 Nov 2023 Michael Curtis

EY announces alliance with Aspen Technology to support clients’ sustainability initiatives, improve manufacturing operations and modernize utility grids

LONDON, 27 NOVEMBER 2023. The EY organization today announces an alliance between Aspen Technology, Inc. (NASDAQ: AZPN), a global leader in industrial software, and Ernst & Young LLP (EY US).

27 Nov 2023 Barbara Dimajo

EY announces strategic alliance with BlueVoyant to help enterprises deploy Microsoft 365 E5 advanced security tools

LONDON, 20 November 2023. The EY organization today announces a strategic alliance between BlueVoyant, a leading cyber defense company, and Ernst & Young LLP (EY US) to provide proven cyber risk management design.

20 Nov 2023 Barbara Dimajo

EY launches ‘The Face of the Future,’ a creative marketing campaign that puts people at the center of AI to boost confidence

LONDON, 30 October 2023 – The EY organization (EY) today announces the launch of a new and fully integrated marketing campaign entitled “The Face of the Future.”

30 Oct 2023 Eric Minuskin

CEOs bet big on generative AI to gain competitive edge despite hurdles to adoption and M&A challenges

LONDON, 24 October 2023. CEOs globally recognize the potential of artificial intelligence (AI), but most are encountering significant challenges in formulating and operationalizing related strategies, according to the latest EY CEO Outlook Pulse survey.

24 Oct 2023 EY Global

EY wins 2023 CrowdStrike Global System Integrator of the Year award

London, 23 October 2023. The EY organization today announces that it has been named as the 2023 CrowdStrike Global System Integrator of the Year during the Partner Summit of Fal.Con 2023. This annual conference recognizes organizations that have consistently built successful client relationships, as well as delivered innovation and business outcomes leveraging the CrowdStrike Falcon® platform.

23 Oct 2023 Barbara Dimajo

EY announces first enterprise user to leverage EY Blockchain’s SaaS platform using fourth generation EY Blockchain Analyzer: Reconciler

London, 17 October 2023. The EY organization today announced that the fourth generation of EY Blockchain Analyzer: Reconciler, which supports organizations’ needs to derive wallet addresses and query on-chain data from an independent third party to augment internal risk management.

17 Oct 2023 Barbara Dimajo
    You are visiting EY aus-nzl (en)
    aus-nzl en