Project Symbiosis – a collaboration between the BIS Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) – used cutting-edge technology to develop new ways for companies to track and disclose the environmental impact of their activities and those of their suppliers.
Project Symbiosis aims to encourage more sustainable practices by providing better insights into the sustainability performance of a company's supply chain.
It showed that AI and related technology approaches can help improve the speed, breadth and quality of data collection, and generate intelligent environmental impact results that are flexible with respect to a wide range of data availability scenarios. It can also highlight financeable emission reduction opportunities.
The lessons of Project Symbiosis, while applied in the context Scope 3 reporting, are of broader significance, illustrating how AI and related technologies may be applied in a range of contexts such as risk assessment, supply chain management, and reporting automation as its rapid evolution continues.