In our role as the national innovation agency, Luxinnovation helps companies become more sustainable through innovation. We expect that one trend that will impact the B2B services market in 2023 is the growing demand for support to make businesses more sustainable.

Sustainability is about people, planet and prosperity. To better understand the aspects that are most relevant from a business perspective, Luxinnovation has identified key dimensions such as the production of goods and services, purchase and procurement activities and internal support functions. Issues related to strategy and governance, as well as the management of human resources and of infrastructure such as buildings, plants and machinery, are also very relevant.

Our role at Luxinnovation is to raise companies’ awareness of how they act in these areas through innovation and, in many cases, digitalisation. Opportunities abound. A quite obvious topic is replacing fossil fuels with renewable energy, or optimising production processes with the help of digital tools. Other examples include innovative solutions that can help companies improve the use and charging of their electrical vehicle fleets, enhance the energy efficiency of their offices, or benefit from blockchain to ensure the traceability of raw materials so that they can be sure that what they purchase is environmentally friendly and fairly produced.

Much can also be done on a strategic level. I want to highlight business model innovation, which has a great potential to help businesses find new ways of generating revenue from a more sustainable use of products and resources. Data-driven business strategies can help foster sustainability, and some companies could benefit from artificial intelligence-powered systems to monitor their global environmental footprint. Artificial intelligence can also be used to remove bias in recruitment processes.

However, in many cases, companies do not have all the skills and expertise needed to carry out these actions on their own. They need technology providers, consultants and advisors, as well as investors focusing on sustainable investment. We also see a growing market for companies issuing labels or certificates confirming the sustainability of business activities to third parties.

Luxinnovation is an accelerator and facilitator of digitally enabled and sustainable economic development through research and innovation. We work with companies across Luxembourg’s economy to identify innovation challenges and opportunities. We are also about to publish a mapping of sustainability solution providers in Luxembourg who are already available to support companies in their sustainable transition.

I’m convinced that the increased awareness of sustainability is a real game changer, and that it will give rise to a multitude of B2B business opportunities in the near future.