The rate at which fossil fuel companies are decarbonising their portfolios is not fast enough to meet the goals outlined in the Paris agreement to mitigate the irreversible effects of climate change on human life. Their shareholders do not have the capacity to visualize the pathway to a low carbon future. Using virtual reality, we give shareholders an experience of how to shift their current investment strategy to enable the energy industries’ transition while making money for their clients.
Shareholders of the top GHG emitting companies need tangible and accurate analysis about low carbon transition scenarios for their respective companies because business as usual will incur sever economic loss for the company and shareholders despite the proven long-term gains of being aligned with the Paris Accords.
VIRCIS is a social enterprise that uses virtual reality (VR) technologies to increase the understanding of fossil fuel company shareholders on how to make investment decisions that are aligned with global climate objectives. Through a tailor-made VR experience, shareholders will experience the financial and environmental costs of their investment decisions in the current Business as Usual scenarios as well as the economic benefits of a Paris aligned energy industry. By translating the latest scientific research on climate scenarios into energy transition pathways for leading fossil fuel companies into a user experience, shareholders will be able to see how their investments can drive company management and fellow shareholders to enable the fossil fuel industries’ low carbon energy transition while making money.
Our innovation is centered around developing energy transition scenarios for major fossil fuel companies which equip their shareholders with understanding of how to invest in the energy transition. Currently, the information for these scenarios exist in disaggregated form, so the analytics of VIRCIS meets an unmet need by bringing them together on the company level. Through delivering the scenarios via a Virtual Reality experience, we believe the shareholders will be impacted to make new decisions and apply the necessary pressure to fossil fuel companies to decarbonise at the rate needed to meet the Paris accords. The innovation lies in connecting the energy transition scenario analytics with the VR delivery model, tailored to the shareholders information needs.
71% of global emissions are produced by the top 100 fossil fuel companies. Influencing their shareholders to systematically invest in a Paris accord aligned energy industry contributes on the global scale to mitigation of the global climate emergency while simultaneously contributing to sustainable development. Additional impacts include increased investment into renewable technologies, more resilient infrastructure, higher levels of economic productivity through technology and innovation and sustainable management of natural resources (SDG 7.3, 9.1, 9.5, 8.2, 12.2, 13).
Our first step is to develop company transition scenarios for the top emitting fossil fuel companies, and work with leading global VR companies and academia to realise the first set of content and educational tools. Then we aim to deploy the VR at investment conferences to develop the shareholder network.
Startup funding of 100,000 $, VR content development support, Entry points to launch partnership with relevant investor networks