A Sustainability Index created by Schneider Electric has found that over 75 percent of corporate executives believe pivoting towards sustainability offers a competitive edge.
Over 500 corporate decision makers took place in the survey. 86 percent of respondents believe a sustainable operation results in profitability, with 75 percent believing benefits outweigh costs.
Gareth O’Reilly, Schneider Electric’s Pacific Zone President, says the research reveals a positive future for corporate sustainability.
“Australia is at a tipping point for corporate sustainability,” he says.
“Most companies support reaching net zero, and they know energy efficiency will make sustainability profitable, they just need the data, technology, and expertise. Now is the time to act on reducing emissions to not only reduce impact on climate change, but also to help manage operational risk and meet stakeholder expectations.”
Nearly 80 percent of respondents indicated that digital technologies are key to achieving sustainability goals, with more than half stating they had increased their spending on digital technology over the past three years.Over 70 percent of respondents plan to invest in monitoring and reporting energy, resource efficiency and data automation in the next two years.
Unfortunately despite the benefits of sustainable operation, 11 percent have no intention of reducing their carbon footprint, with 45 percent of respondents shelving plans until 2030 or later, mainly due to a lack of expertise or data.
37 percent of respondents are making changes to reduce their own emissions, with 45 percent having a plan in place to do so.
“Most businesses want to act on climate issues, but many are constrained by a lack of skills, expertise, technology, and the data to take the steps needed to cut emissions,” O’Reilly says.
“However, the technology is available today for businesses to make substantial emission reductions.”
“Setting a net zero target is a critical step, but it is the planning and operational changes a business makes to achieve these goals that really matters. Digital monitoring enables us to see how we use our energy, thereby driving efficiency and eliminating waste. Adding smart devices and software enables us to deploy energy more efficiently.”
“The data shows us that all the pieces for net zero are falling into place,” O’Reilly says.
“If businesses listen to the market, public and their stakeholders and embrace the future of energy, we can create a greener future for Australia.”
