Matterport Unveils Reporting Tool to Showcase Carbon Reduction Achieved Using Digital Twins
Matterport announced the launch of avoided emissions reporting for select enterprise customers to measure carbon savings via its digital twin platform. Developed with independent carbon accounting experts, the reports help companies understand emissions avoided by remote collaboration instead of on-site visits. These reports support businesses' sustainability goals by showcasing reductions in Scope 3 emissions. They also highlight cost savings and productivity gains. Currently available to select customers, the reports will be broadly released later this year, with enhancements based on feedback.
- Launch of avoided emissions reporting tool demonstrates Matterport's commitment to sustainability.
- Reports developed with independent carbon accounting experts ensure credibility and accuracy.
- Digital twins help reduce Scope 3 emissions, aligning with UN Sustainable Development Goals.
- Potential for significant cost savings by reducing business travel.
- Enhances productivity by enabling remote collaboration.
- Reports tailored to primary use cases like property marketing, insurance, and facilities management.
- Broader release planned later this year indicates future scalability and customer feedback integration.
- Current availability to select enterprise customers.
- Potential emissions from creating and hosting digital twins may offset some carbon savings.
- No specific financial growth metrics or revenue impacts provided in the announcement.
Insights
The introduction of Matterport's new reporting tool providing insights into carbon reduction through the use of digital twins is a significant step towards sustainability in the corporate world. Digital twins simulate real-world entities digitally, which can reduce the need for physical travel and thus decrease associated carbon emissions. This tool quantifies these reductions, aligning with growing corporate trends to adhere to the United Nations’ Sustainable Development Goals.
In terms of emissions, the largest reductions will likely come from enterprises with substantial property portfolios and those requiring frequent inspections. The ability to virtually inspect facilities reduces Scope 3 emissions, which are often the hardest to control because they occur from sources not owned or directly controlled by the company, like travel. By clearly measuring these avoided emissions, companies gain a clearer picture of their environmental impact, potentially driving further adoption of digital solutions in other areas.
This initiative also helps validate the environmental benefits of digital twins, encouraging wider adoption and support from sustainability-focused investors. The availability of tailored reports offers a detailed view, which is essential for transparent and accurate sustainability reporting.
The launch of avoided emissions reporting by Matterport is likely to have a positive impact on its business operations and stock valuation. By providing tangible evidence of carbon savings, Matterport offers added value to its enterprise customers who are increasingly focused on sustainability goals. This not only enhances the attractiveness of Matterport's digital twin solutions but also supports customer retention and potentially attracts new clients committed to reducing their carbon footprint.
Financially, the ability to showcase the sustainability benefits can differentiate Matterport from competitors, offering a unique selling proposition. It could also open up new revenue streams as corporations invest in technologies that assist in meeting environmental, social and governance (ESG) criteria. Additionally, the cost savings from reduced travel expenses can be substantial for large enterprises, making the investment in Matterport's technology even more compelling.
For investors, the long-term potential of such innovations to drive profitability while aligning with global sustainable goals represents a dual advantage, reflecting both financial growth and environmental responsibility.
Using aggregate digital property data, Matterport offers detailed insights into carbon emissions savings enabled by its digital twin platform
SUNNYVALE, Calif., May 15, 2024 (GLOBE NEWSWIRE) -- Matterport, Inc. (Nasdaq: MTTR), announced the launch of avoided emissions reporting for select enterprise customers, measuring the emissions savings associated with the use of Matterport’s digital twin platform. Developed with independent carbon accounting experts, the reports enable enterprise customers to understand the impact of emissions avoided by collaborating remotely instead of traveling to inspect facilities onsite.
There has been a growing expectation from corporations to operate climate-consciously. Organizations of all sizes are making ambitious commitments to reduce their carbon footprint (GHG emissions) by pledging alignment with the United Nations’ Sustainable Development Goals and setting science-based targets to limit global temperature rise to below 1.5 degrees Celsius.
Matterport’s 3D digital twins are sustainability in action, providing tools to help businesses to reduce Scope 3 emissions for tasks that traditionally require travel to complete, such as tours, inspections, progress monitoring, change management, and more. The more 3D digital twins are incorporated into day-to-day operations, the greater impact they can drive towards an organization’s sustainability goals. For businesses with significant property portfolios and those that are globally dispersed, this life-like virtual collaboration also offers the ability to significantly reduce costs, while freeing up team members to work more productively remotely.
“Enterprises increasingly need proof-of-value that their technology investments are both driving impact to the bottom line, and their overall carbon footprint,” said Qadira Harris, Senior Director of Global Responsibility at Matterport. “These new reporting capabilities quantify the sustainable impact of digital twins, empowering enterprises to streamline their property decisions with results they can stand behind.”
A Fortune 100 Matterport customer said, “As a product owner, I want to provide users with sustainability benefits of my digital twin solutions. The avoided emissions report is informative with a concise format that contextualizes our aggregated impact.”
Emissions avoided are calculated based on the reduction in business travel enabled by digital twins, taking into account factors such as the number of digital spaces created, geographic location, and site visits. Customer reports are tailored to their primary use cases—like property marketing, insurance, design and construction, or facilities management. These considerations are then balanced against the estimated emissions from creating and hosting each digital twin to determine the total emissions avoided.
Matterport’s avoided emissions reports, currently available to select enterprise customers, allow for a comprehensive assessment of sustainability gains. These reports will be broadly released later this year, with customer feedback informing further enhancements and scalability.
To learn more about Matterport’s sustainability commitments at matterport.com/esg.
About Matterport
Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking digital twin platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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This document contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the benefits of the business combination, the services offered by Matterport, Inc. (“Matterport”) and the markets in which Matterport operates, business strategies, debt levels, industry environment, potential growth opportunities, the effects of regulations and Matterport’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “expected,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the expected benefits of Matterport’s avoided emissions reporting and the impacts of Matterport’s sustainability efforts as described in this release, and Matterport’s ability to help businesses reduce Scope 3 emissions or meet sustainability goals as well as implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.
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