While recognizing the criticality of achieving net zero business practices, respondents in one survey were not ‘walking their talk’, it seems
In a survey of 3,000 businesses across 15 markets, including 748 businesses across the Asia Pacific region (APAC) regarding sustainability and related leadership trends, a gap has been discerned between awareness and action.
While many respondents indicated their acceptance of the fact that sustainability is important, only a portion of this group had acted towards net zero and reducing carbon emissions.
Despite customer and investor demand driving the need for implementing sustainable practices, respondents faced barriers such as the lack of maturity of key sustainability technologies; lack of greening skills; and lack of understanding on how to improve sustainability within their organizations.
The APAC findings from the sample size of 748 businesses include:
- 70% of respondents in the region viewed sustainability as a necessary or important strategic goal, with 24% of this group indicating they agree that had “a well-developed plan in place to tackle climate change”
- 74% of respondents reported higher profits had a formal ESG program in place
- 50% of respondents cited customer demand as the top factor driving ESG as a key competitive differentiator, with 34% of them indicating customers were willing to pay more for environmentally sustainable products and services
- 41% of respondents cited that technology innovation was needed in three areas: adoption of renewable energy (41%); improving data connectivity (41%); improving traceability (using data analytics and blockchain) to make better supply chain decisions (41%)
According to Bhupinder Singh, President (Asia Pacific & Middle East) Vodafone Business, which commissioned the new annual survey: “Technology plays a key role in helping businesses overcome the barriers and move towards sustainability goals,” and he reiterated that more can be done during business planning to account for climate change to meet net zero targets, with technology and collaboration playing a key role.