Have you ever found yourself in a situation where people are throwing fancy Sustainability- and Tech Buzzwords around? We definitely have and we all know that it's not always easy to keep up with the ever-changing lingo. That is why we have created a glossary so we can all keep up with the discussion!

Part 1: Sustainability

Biodegradable 

Simply put, if something is biodegradable, given the right conditions, the certain thing will eventually degrade to its basic components and blend back with the earth - ideally by leaving no toxins behind. The best biodegradable material will break down quickly, instead of taking years. 

Carbon Footprint

Carbon footprint is a calculation of the total amount of greenhouse gas emissions generated by an organization, event, or product. The global carbon footprint needs to be under 2 tons by 2050 to best avoid a 2℃ rise in global temperature. The average global carbon footprint today is closer to 4 tons.

Carbon Leakage / Carbon Export

This refers to a situation in which a business were to transfer production to another country with more relaxed emission constraints due to costs related to climate policies in the initial country. This could potentially lead to increases in their total emissions. Such a situation is referred to as carbon leakage/carbon export. 

Carbon Neutrality

Carbon neutrality refers to accomplishing net-zero carbon dioxide emissions. Its purpose is to have a balance between the emission of carbon and absorption of carbon from the atmosphere. 

Carbon Offset 

Carbon offset refers to the action of reducing the damage caused by activities that produce carbon, such as planting trees. Examples of carbon offsetting projects are found here. 

Carbonomics 

Carbonomics is essentially the economics of net-zero carbon. Also referring to investment opportunities created by decarbonization - which in turn refers to the reduction or elimination of carbon dioxide from energy sources. Interested in knowing more? Access this site to get more insight into carbonomics.  

Circular Economy

A circular economy refers to economic development with the aim to benefit businesses, society, and the environment. A circular economy is designed to restore, renew and/or repair, to gradually disconnect growth from the consumption of finite resources. 

CSR 

Corporate Social Responsibility (CSR) is a concept/model in which companies voluntarily combine social and environmental aspects in their business operations. Companies are obliged to follow certain legal obligations regarding social and environmental concerns. CSR basically refers to actions beyond these obligations. It supports companies in being socially accountable, to themselves, to stakeholders, and the public through being aware of the impact their actions have on economic, social, and environmental aspects.

Climate Capitalism 

Climate capitalism is a quite difficult word to define. We have not found a single unified definition, but we hope this will give you the hang of it. For instance, climate capitalism refers to the attempt of redirecting fossil fuel investments to renewable energy investments. Other great examples are found in this book, where the authors present stories and examples of how profit-seeking corporations contribute to a green transition.  

Climate Change 

Climate change refers to the long-term change in the average weather patterns. Since the 20th century, the observed changes in Earth’s climate are also driven by human activities, especially the burning of fossil fuels. This also increases the heat-trapping greenhouse gas levels in the Earth’s atmosphere, resulting in a rise in the average surface temperature on Earth. 

Climate Compensation

Climate compensation is related to carbon offset (see above). Climate compensation refers to companies, organisations, and individuals who make voluntary financial contributions to projects that seize greenhouse gases at the equivalent level to the emissions caused by us. 

Climate Crisis 

Climate crisis refers to the global threat of climate change that is currently happening. According to the Cambridge dictionary, the climate crisis is defined as “serious problems that are being caused or likely to be caused by changes in the world's weather, in particular the world getting warmer as a result of human activity increasing the level of carbon dioxide in the atmosphere.” Read more about the climate crisis here.

Climate Neutral 

By contrast to carbon-neutral, referring specifically to carbon, climate-neutral refers to greenhouse gases. It is a combination of organisations development of a clear reduction strategy and the requirement to account for their greenhouse gas footprints. The aim is to reduce the net climate impact to zero. Read about the UN climate-neutral initiative here. 

DNSH = Do No Significant Harm 

According to the European Commission, any economic activity that makes a considerable contribution to climate change mitigation or adaptation needs to be assessed in order to make sure it does not cause significant harm to any remaining environmental objectives.

Doughnut Economy 

The Doughnut Economy is a concept that basically refers to the challenge of meeting everyone's needs. That is, ensuring that no one falls short on essential things in life (like food, housing, healthcare, political voice) while at the same time making sure that we collectively do not overshoot pressure on Earth’s life-supporting systems (like keeping a stable climate, protecting the ozone layer). Watch this video where Kate Raworth explains what the Doughnut Economy is about.  

ESG Framework 

First of all, what does ESG stand for? Well, let’s focus on each element of the ESG framework. The E stands for Environmental aspects, the S for Social aspects, and the G for Governance. In many cases, the ESG framework is also referred to as sustainability. In business, sustainability is linked to the business model and how a company manages risks. That is, in what manner a company’s product and services contribute to sustainable development and how the operations are managed to minimise negative impact.

ESG Investing Framework 

The ESG investing framework evaluates environmental, social, and governance aspects when making non-financial valuations of a company's performance and risk profile. The framework helps to understand how considering the elements of ESG creates value for businesses. 

The non-financial aspects are what is included in the ESG framework: 1) Environmental, 2) Social, 3) Governance. Environmental includes the use of resources, the waste, and pollution that a business is responsible for. The Social aspect refers to a company’s view and how it acts concerning labour & human rights, equal opportunities, and diversity. Governance includes internal systems or practices, controls, and procedures. It refers to how a company eliminates corruption and bribery and how it complies with the law.

Global warming 

Unfortunately, humans are changing Earth's natural greenhouse effect. With the burning of fossil fuels (like coal and oil), more carbon dioxide is released to the atmosphere - making the Earth’s temperature rise above its natural level. Global warming refers to the long-term heating of the Earth as a result of human activities, especially the burning of fossil fuels, which increases the greenhouse gas levels in our atmosphere. This has been observed since the pre-industrial period (between 1850 - 1900).

Green Bonds 

Green bonds mobilise resources for climate change adaptation, renewable resources, and other environmentally friendly projects. They exist to fund projects which have a positive environmental impact and/or climate benefits. 

Green Economy 

Green Economy is a phrase with no unified definition. According to the UN Environment Programme, a green economy refers to an economy defined as resource-efficient, low carbon usage, and socially inclusive. Employment growth and income are driven by public and private investments in economic activities, infrastructure, and assets aiming to reduce carbon emissions and pollution, increasing energy and resource efficiency, and preventing losses of biodiversity in our ecosystem. See five principles of a green economy here. 

Greenhouse Effect 

The greenhouse effect refers to the process that occurs when the sun’s heat is trapped by gases in Earth’s atmosphere. In turn, this makes Earth much warmer compared to what it would be without an atmosphere. So, the greenhouse effect is one of the reasons behind the Earth being such a comfortable place to live. 

Greenwashing 

Have you ever been fooled by a company’s “sustainable” image? If so, that company is most probably engaged in something called greenwashing. Greenwashing refers to companies’ attempts in conveying a false impression or even providing misleading information about the company’s sustainable products or processes. The company wants you, as a consumer, to believe that it is concerned about the environment, which will hopefully make them seem more attractive to you.

Impact Investing 

Impact investments are investments made into companies, organisations, and/or funds with the intention to generate positive, measurable social and/or environmental impact alongside a financial return. Basically, the investor’s intention is to generate positive social or environmental impact by making the investment.

Renewable Energy 

Renewable energy (or clean energy) comes from natural sources or processes that constantly replenish. Examples of these are sunlight or wind, as both keep shining and blowing. You can read more about different types of renewable energy here. 

Sharing Economy

Sharing economy involves various arrangements for renting, sharing, or borrowing things instead of owning them yourself. Opportunities to take part in services (e.g. ride-sharing), exchange (e.g. home-exchange), and the act of giving away things are also included in the concept. 

Socially Responsible Investing (SRI) 

Socially responsible investing (SRI), also referred to as social investment, is the practice of making investments while taking into account the ESG framework (see above). It refers to the discipline of investing money in companies or funds that generate positive social impact while generating long-lasting competitive financial returns. 

Sustainability-Linked Bonds (SLB) 

Sustainability-Linked Bonds (SLB) are any kind of bond instrument for which the financial and/or structural characteristics can vary depending on whether the issuer achieves predefined sustainability/ESG objectives. 

Sustainable Development

Sustainable development refers to a development that has the ability to meet the present needs without compromising the needs of future generations. Read about the 17 UN Sustainable Development Goals here.

Sustainable Finance

Sustainable finance refers to the action of taking environmental, social, and governance (here it is again - the ESG factors) into account when making investment decisions in the financial sector. By taking these factors into account, more long-term investments in sustainable economic activities and projects are made, such as education, agriculture, and clean transportation. 

Triple Bottom Line 

Triple bottom line refers to companies' efforts to create economic, social, and environmental value. It refers to the process of reporting financial and non-financial key figures side by side by creating economic, social, and environmental value. 

Upcycling & Recycling 

Upcycling is often used interchangeably with recycling. Though it looks like two very similar words, they do not have the exact same meaning. Recycling refers to a process in which objects are transformed into new materials - either to make the same product again or to make something else (such as something made from plastic). Upcycling is the process of making something new out of old/used things or waste material. It refers to improving or making an item that is essentially seen as waste useful again.

Waste Management 

Waste management/waste disposal refers to managing and disposing waste, such as collecting, transporting, and disposing garbage and other waste products. The key objective is to reduce the number of useless materials and avoid potential health and environmental risks. 

Zero Waste

Zero waste refers to the design and management of products and processes aimed to reduce both the volume and toxic chemicals in waste and other materials. This can be done through conserving or recovering resources instead of burning or burying them. By implementing zero waste, all discharges to land, water, and air that threaten the well-being of our planet, humans, and animals are eliminated. 

Part 2: Tech

Algorithm

An algorithm is an old mathematical concept that has gained new key status in our digital age. Algorithms can be described as mathematical recipes, or well-defined instructions for solving various tasks, formulated in code. For instance, algorithms determine what information you see when you log into Facebook as well as help you find what you are looking for when searching on Google. 

Artificial Intelligence (AI) 

Artificial intelligence, abbreviated AI, is a program that mimics human thinking. It is non-biological intelligence that is human-like in the sense that the thinking of machines can be logical and creative - to name a few aspects. Artificial intelligence has already begun composing music without human intervention (search for "Daddy's Car" on YouTube), but above all, it has become extremely accurate in drawing conclusions based on large amounts of data. 

If you want to know more about AI, read more in our AI-reports.

Augmented Reality (AR) 

Augmented Reality refers to the real (or physical) world combined with a visual digital layer of information. For instance, have you (or your kids) ever played Pokémon GO? When playing, we walk around the physical world and collect virtual things via the mobile, such as eggs and Pokémon balls. The physical world is the starting point, but on the phone screen, different types of Pokémon become visible when you are in the right place and point the mobile screen in the right direction.

Biotechnology

Biotechnology, shortened to biotech, is technology based on biology using living processes and organism to improve quality of human life. Modern biotech provides solutions to, among other things, combat diseases, develop more resistant crops and reduce our environmental footprint.

Blockchain technology

Blockchain technology decentralises the way to digitally store information and conduct transactions, where the technology itself guarantees trust. Blockchain has been called "The Internet of Trust". Virtually anything of value can be traded and stored on a blockchain, the most well-known application being cryptocurrencies such as Bitcoin and Etherium.

BYOD - Bring Your Own Device 

A buzzword referring to that more and more people in working life want to work by using work tools (e.g. computers and mobile phones) that they are used to. Advocates for BYOD believe that you become more productive and can work with greater flexibility. Skeptics rather refer to the paraphrase “Bring Your Own Disaster”. 

Cloud and Cloud Services 

Ten years ago, we stored information on computers hard drives. Today, we often store the information in the "cloud" using services such as Dropbox. Cloud services is simply about us working with servers over the internet instead of locally on our computers. 

Dark Web / Darknet 

Dark web is a part of the deep web (see separate description) which requires special software (such as Tor) to access. Some people describe it as the back of the internet. The communication is encrypted and users are anonymous. This dark part of the network is largely used for illegal activities. Most things can be bought here - and with Bitcon as currency, transactions will also be impossible to track. But the dark web is also a place of freedom, and acts as one opportunity for people in countries where the internet is greatly reduced or censored.

Data 

Data is a concept that simply refers to a lot of gathered information. Such information is important for social media, apps and today's internet to function. You may have heard that Facebook and Google collect data about you to show relevant ads and expose you to the right message. Very large amounts of information are usually called big data. Without these large amounts of data, the internet would look quite different - they have the conditions. The digital transformation is about taking advantage of the new opportunities that digitalisation brings, but also about coping with the change that customers demand. 

Disruptive Technology and Disruptive Innovation 

The concept of Disruptive Technology/Innovation was created by Clayton Christensen at Harvard Business School. It refers to technologies and innovations that dramatically change the rules of the game in a market and are based on solutions that are simpler, cheaper and more accessible than the established ones. Disruptive innovation occurs when technological advances occur faster than our needs as users evolve. An example of a disruptive technology is Swish, which overnight made it easier to transfer money to each other.

Deep Web

The Deep Web is the part of the web that search engines do not index (find). This can be company information and information from authorities that is not searchable. The deep web is appreciated in the example of the taxi service Uber. It has become easier for freelancers to find assignments through, for example, networking via social media.

Information and Communication Technology (ICT)

The definition of the part of IT that is based on communication between people. This is what the third industrial revolution, or IT revolution has evolved around. 

Internet of Things (IoT)

IoT is a collective term for gadgets, vehicles, clothes and other things in our environment that are connected or equipped with small built-in sensors. These can perceive the world around them and communicate with it. For instance, you might have a connected fire alarm at home that sends a signal to your mobile in case it should be triggered. 

Nanotechnology

Nanotechnology, shortened to nanotech, is a field of research and innovation conducted at the scale of atoms and molecules. Nanotech has the potential to, for instance, increase the efficiency of energy production, making it possible to develop more efficient fuel cells, solar panels and batteries. This field will also play a critical role in transforming health care and medicine.

Quantified Self

A movement that uses technical gadgets to measure different aspects of our daily lives. It was initiated in 2007 by Gary Wolf and Kevin Kelly of the magazine WIRED and on the website QuantifiedSelf.com, they present their mission as ‟to support new discoveries about ourselves and our society, based on careful observation”. Basically, it refers to learning about ourselves through data.

Robot

A robot is a technical thing that performs a physical task. Today's smart robots are those that are also controlled by artificial intelligence. That is, AI with a body. At the forefront of manufacturing such robots is the company Boston Dynamics. Among other things, they can with good precision fill a dishwasher with dirty glasses and plates (search it on YouTube if you have not seen these before). 

Virtual Reality (VR) 

In contrast to Augmented Reality (AR) which amplifies reality, Virtual Reality (VR) creates a whole new world. Through VR glasses, we can disconnect from reality and jump into completely different worlds. VR has already had a major impact in the gaming industry, but can also be used in a number of other areas such as education. If you have a few minutes left, try relaxing by listening to the chirping of birds in Italy (or at least an experienced Italy).

Wearable Technology or Wearables

Wearable Technology or Wearables is built into portable products such as training bracelets, smart watches and connected clothing. The technology can be used for medical purposes or as a way to, for example, train smarter and measure our health. 

5G

5G is the fifth generation telecom network and the new global wireless standard. Compared to 4G, 5G it is much faster, has higher capacity and is more reliable for machines, objects and devices connected to the network.