Harnessing big data analytics to revolutionize ESG reporting in clean energy initiatives
1 Independent Researcher, Fort Worth, Dallas, USA.
2 Independent Researcher, Lagos, Nigeria.
3 Nigeria LNG Limited, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 22(03), 574–585
Publication history:
Received on 01 May 2024; revised on 08 June 2024; accepted on 10 June 2024
Abstract:
The integration of Big Data Analytics into Environmental, Social, and Governance (ESG) reporting holds significant potential to revolutionize clean energy initiatives. This paper examines the current challenges in ESG reporting, such as data collection and integration, data quality, regulatory compliance, transparency, and standardization. Big Data Analytics offers advanced techniques, including machine learning, artificial intelligence, predictive analytics, and real-time data processing, which can address these challenges. By leveraging diverse data sources—both structured and unstructured—clean energy projects can achieve more accurate environmental impact assessments, social impact evaluations, and governance analyses. The applications of Big Data Analytics are exemplified through various case studies, such as renewable energy projects, smart grids, and carbon offset programs. The benefits of these applications are vast, including enhanced data accuracy, improved decision-making, increased transparency, better stakeholder engagement, and cost efficiency. However, implementing Big Data Analytics in ESG reporting also presents challenges like data privacy, technological requirements, skills shortage, ethical considerations, and system integration. The future of Big Data Analytics in ESG reporting looks promising with emerging trends like blockchain for data transparency, IoT and sensor technologies, advanced machine learning models, and collaborative platforms. This paper concludes with a call to action for stakeholders to embrace these technologies, highlighting the transformative potential of Big Data Analytics in creating more effective and accountable clean energy initiatives.
Keywords:
Big Data Analytics; ESG Reporting; Clean Energy; Environmental Impact; Social Impact; Governance; Machine Learning; Artificial Intelligence.
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0