Sustainable development measures will be maintained between companies’ top three priorities for the next few years. Pressure from consumers and governments led some big tech companies to commit to achieving net zero carbon emissions over the next 15 to 20 years.
Whether companies deliver on their promises to reduce carbon emissions for the sake of the environment or to increase profits and please the public remains to be seen. However, companies are taking the necessary steps to grow successfully.
According to a survey from technology analytics firm Gartner, 87% of business leaders want to strengthen their company’s sustainability measures. And according to executives surveyed, 80% say they’re going green because of pressure from customers.
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Following pressure from customers, 60% of executives said they felt pressured by investors to ramp up sustainability initiatives, and 55% attributed this pressure to regulators. . However, a looming recession and political interventions affecting raw material and energy prices are factors when a company considers its sustainability measures.
Kristin Moyer, Distinguished VP Analyst at Gartner, said in a press release: “Economic uncertainty, geopolitical conflicts, and escalating raw materials and energy costs are forcing businesses to Businesses must review all forms of spending.
“This focus on essentialism, combined with the growing desire of stakeholders to see progress on environmental, social and governance (ESG) goals, creates new opportunities. for organizations to grow while minimizing costs and risks.”
According to 86% of executives surveyed, companies are particularly interested in investing in sustainability because it protects them financially from disruption. Sustainability initiatives also reduce business costs, especially energy consumption (65%) and business travel (42%).
Executives also view sustainability as a vehicle for innovation, as 42% of those surveyed said sustainability increases business differentiation and growth through sustainable products.
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But it is essential for companies to invest the time and money necessary to comply with their sustainability goals. Moyer warns of greenwashing, a deceptive marketing strategy that makes customers perceive a product or company as environmentally friendly when it is not.
“Investing in sustainability can aid product differentiation but be wary of wipe out risks – there are no shortcuts to sustainable growth,” says Moyer.
“Focus on product attributes that matter to customers and how these priorities shape purchasing decisions. When viewed through a strategic lens, sustainability can bring a ray of sunshine to a business. in difficult market conditions.”
