Dmitry Aksenov, co-founder of Net0, is feeling the pressure as the clock ticks down to COP 28, the international climate change summit set to begin in Dubai on November 30th. Aksenov and his partner Sofia Fominova have been invited to work with world leaders, diplomats, and businesses at the summit, and they understand the magnitude of the task at hand.
Net0, a business launched by Aksenov and Fominova 18 months ago, aims to be part of the solution to the climate crisis. Their core mission is to confront the biggest challenge facing the world today: climate change. Utilizing the power of artificial intelligence (AI), Net0 has developed an AI engine that enables organizations to accurately measure their carbon emissions and effectively reduce them in a cost-effective manner.
Aksenov’s track record speaks for itself. Forbes first recognized him in 2016 when he was featured in their 30 Under 30 Europe list, which highlights young business leaders and entrepreneurs to watch. Back then, Aksenov was building DigitalGenius, an early adopter of AI solutions that raised over $25 million under his leadership. Now, with Net0, Aksenov is focusing on a problem that is not widely understood: when organizations report their carbon emissions, they are often making rough estimates.
“They can get good figures on energy consumption, but almost everything else is a guess,” says Aksenov. Without accurate data on their emissions, organizations struggle to develop credible emissions reduction plans and are at risk of potential regulatory issues. Governments and environmental campaigners are increasingly pushing for more stringent reporting requirements, which could lead to organizations being exposed for operating based on best guesses.
Net0’s solution addresses this problem by using AI to capture real-time data from all systems and vendors that an organization utilizes, including its supply chain. This data is then combined on a single dashboard that provides continuous monitoring of carbon emissions. Additionally, the platform runs thousands of simulations to evaluate the impact of potential initiatives in terms of emissions reduction and financial implications. The goal is to help organizations identify the most effective changes they can make to reduce their carbon footprint while also supporting profitability.
Aksenov highlights that there are many beneficial changes organizations can make that will boost their bottom line. Energy efficiency, for example, can lead to significant cost savings in addition to reducing carbon emissions. Net0’s technology identifies energy efficiency initiatives that will deliver the greatest improvements. In addition to accurately measuring emissions and providing a roadmap for reduction, Net0 also equips organizations with the necessary information to report on their performance. This transparency enables better disclosure to stakeholders like investors, regulators, customers, and employees.
Net0’s value proposition has garnered significant attention since its launch in February 2022. Aksenov and Fominova have already signed up over 200 organizations that are implementing their technology, including seven government clients. Monaco, for instance, is using Net0 to measure the carbon impact of tourism. While Net0 is mostly self-funded, Aksenov mentions plans for a fundraising round next year to support further expansion into the US. They aim to open a New York office in addition to their existing offices in London, Monaco, and Dubai.
As the clock continues to countdown, Aksenov and Fominova are poised to make a significant impact at COP 28. By harnessing the power of AI to accurately measure and reduce carbon emissions, Net0 is playing a crucial role in addressing the global climate crisis.
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