What is ESG and why is it more important now than ever? In recent years, climate change impacts and extreme weather events has led to an increase of rising sea levels, droughts, wildfires and floods. In response, Spacept was founded to provide an AI-powered sustainable solution to increase infrastructure resilience. Our mission is to modernize infrastructure management with the use of satellite and aerial imagery. In the meantime, we strive to incorporate environmental, social, and governance (ESG) practices as an approach to sustainable operations. Ultimately, we aim to preserve the planet’s natural resources while creating a positive impact on our core values and long-term growth.
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ESG is the umbrella framework for a set of criteria used by conscious investors to evaluate a company’s performance on its social, environment, and governance factors. The three pillars of ESG are based on the United Nations (UN) 17 Sustainable Development Goals framework. Although each pillars have their own sets of standards, together they create an overall dedication contributing a greater value towards a sustainable future. Thus, we define the individual elements of ESG as:
- Environmental practices measure the company’s broad impacts on the environment in relation to its carbon footprint. Examples include greenhouse gas emissions, renewable energy, infrastructure management, water conservation, and more.
- Social practices measure the company’s response on challenging social issues. Such includes labor relations, diversity and inclusion, social justice, safe and healthy treatment to employees, and more.
- Governance practices measure a company’s internal management of its organization. It relates to the responsibilities a company takes to comply with the law and meet the needs of external stakeholders. Examples include executive pay, transparency with shareholders, diverse management, and more.
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Why is ESG important?
Spacept believes that by implementing ESG practices to daily business operations, companies can further achieve the common goal of building a sustainable and resilient future. Specifically, it is important to create a positive impact to the environment while ensuring ethical and sustainable operations that benefits employees, regulators and communities.
Our Approaches to ESG
Thus, we take in consideration of all ESG criteria, starting with our core product solutions. Following is the list of our ESG practices:
Recent extreme weather events caused by climate change are placing enormous pressure on critical infrastructures and threatening communities. However, traditional inspection methods have not been able to meet the growing demand. Yet, it increases the contribution of greenhouse gas emissions (GHG) while remains time and cost consuming. As an industry disruptor, Spacept modernizes infrastructure inspection by fusing machine learning techniques and satellite imagery to provide key insights to infrastructure operators. Moreover, different solutions are made in response for a variety of management needs. Such includes faulty street light inspection, leak detection, vegetation management, and damage assessments. As a result, our solutions are time and cost efficient while preventing greenhouse gas emissions, conserving nature, and ultimately save lives in the process.
With a focus on social sustainability, Spacept embraces having a diverse and inclusive culture. Hence, we actively recruit people from all ethnic and social backgrounds. We believe that a diverse workforce brings efficient insights and maximizes productivity when solving challenging problems. Additionally, Spacept also promotes flexible working opportunities and support to local communities. To summarize, we believe that by putting close attention to the health and wellbeing of our people, we can achieve a collaborative and sustainable company culture.
Governance lies at the core of how Spacept’s internal structure can be efficiently, transparently, and ethically managed. We strongly promote gender diversity and women representation on our team. Furthermore, we adopt a transparent communication framework with all stakeholders including employees, shareholders, and customers. Lastly, Spacept adheres to all compliances and avoids any illegal practices. By having a strong governance structure, we can empower not only leaders, but also collaborators and stakeholders to work towards a healthy management system. As a result, it can further fuel a positive attitude of creating higher values and contributions to society.
In wake of the COVID-19 pandemic along with rising social challenges, ESG practices have been the central focus in creating business approach of value creation and long-term growth. At Spacept, we are committed to implementing our ESG practices as well as helping other companies achieve theirs to combat climate change and create a sustainable future.
Learn more about Spacept
Spacept is a Swedish startup with solutions that lie at the intersection of infrastructure inspection and climate change management. The solution aims to modernize infrastructure inspection by fusing machine learning techniques and satellite imagery together, providing key insights to infrastructure operators.
Our main product is an inspection solution for above-ground transmission and distribution lines. In addition, we also have other products for oil and gas pipelines, street lights, railways, buildings, and roads.
Our trailblazing work in Geographic Information Systems (GIS) has been recognized by Copernicus, the European Space Agency (ESA), Digital Tech 50 (DT50), the Swedish government, Google’s SDGs Startup Accelerator, and Oslo’s Innovation Week.
Our technological expertise has led us to become one of the most innovative Swedish based AI companies at Futurology. Furthermore, we are one of the most promising companies impacting the ASEAN energy ecosystem in Initiate’s Future of Energy Start-up Challenge in Asia.